When it comes to insurance company slogans and mascots, scarcity is not an issue—we all have our favorites. Some companies run several different advertising campaigns simultaneously, each as recognizable and identifiable as the last. Many feature characters that are household names, and a few have even gone on to become cultural icons. In fact, it can be argued that no industry has done a better job winning over the hearts minds of consumers than insurance. But is a market saturated with brand awareness enough to drive a proportional number of conversions?
To find out, Rocket Fuel recruited a panel of 500 adults (all exposed to advertising of high-profile insurance companies) to measure top-of-mind awareness for brands of auto and homeowner’s insurance. The respondents, who were asked about their TV viewing and internet usage habits, showed an expectedly high level of brand awareness. But the surprising part was how that awareness influenced their purchasing habits.
The results (compared to market share data for auto and homeowner’s insurance provided by the NAIC for 2011, and advertiser spend data from Kantar from 2010-12) beg the question: When insurers spend the vast majority of their advertising dollars winning recognition, are they being efficient? Download the study to find out how these companies can start optimizing their hefty budgets to get the conversions needed to make the most of each dollar.
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