Digital media has empowered the individual consumer more than ever before; they now have the ability to control what they consume, as well as when and where they consume it. The ability for insurance carriers to identify and target consumers is changing each day, as is the importance of staying ahead of the curve by developing and integrating new, rapidly accelerating digital platforms. Carriers realize the importance of optimizing these digital investments, yet oftentimes feel overwhelmed and unsure of where to begin.
With today’s empowered consumer taking the lead, you’ll constantly need to evaluate and evolve your digital media strategies and capabilities in order to achieve true competitive advantage. Learning these four steps will put you on the right path to developing a sustainable and scalable digital media portfolio:
Step One: Size digital opportunity relative to the target
Understanding the size of your target by segment is critical to building a successful and scalable digital program. This enables carriers to connect specific audience segment groups with their desired audience platforms to evaluate the total opportunity for each of those associated platforms. Through segment-tailored media plans, you’ll be able to provide unique experiences at scale for every customer and stage of the customer lifecycle.
Step Two: Gain a deeper visibility into media performance
A common and widely accepted attribution strategy enables carriers to measure and make sound business decisions around media spend allocation. Connecting your key metrics is the best way to gain the most consistent level of insight. Measuring your insights should be scalable and flexible so that you can easily add new sources of data or adjust to changes reflected in your current campaigns. A top-down and bottom-up approach is recommended — this will provide you with a fully modeled event stream view, where you can assign values to influential touch points.
Step Three: Optimize around your specific measures of value
Some carriers define value solely based on a credit risk, while others create risk tiers (within behavioral or attitudinal segments) for a more thorough understanding of value. However, value can also be inclusive of the objectives for each segment’s lifecycle stage, such as acquisition, retention, cross sell, or life-time value (LTV). A clear understanding of a customer’s value, or “currency,” is required for each segment and should be aligned with your budgeting and forecasting plans. This alignment makes for easy media spend allocation, development, and adjustment based on the cost of reaching these individuals across platforms.
Step Four: Monetize digital media efforts
After your measurement strategy is in place, it’s time to monetize your media efforts. Here are three critical guidelines to help this process:
- Associated attribution algorithms must feed your targeting systems, such as DSPs, search, and paid social.
- Create a sound marketing plan that not only targets specific segments, but also recognizes the relevant context these audience segments experience through each stage of the sales funnel. Design the customer experience to be contextually relevant to the targeted audience through content, creative, offers, and brand.
- Implement a sound test and learn plan to provide visibility into the impact of shifting or increasing your media allocation as you scale into your digital media efforts.