How important is marketing for insurance businesses? Can it significantly boost your sales? What is the value of in-house or external marketing content writers and creators?
In this episode of the Insurance Broker Podcast, we’re thrilled to be speaking with the brilliant Lucy Mowatt, founder of bespoke agency Method Marketing. In conversation with Boston Tullis’ Sarah Myerscough, she explains why marketing is generally undervalued in regulated industries like insurance, and highlights five key...
How important is marketing for insurance businesses? Can it significantly boost your sales? What is the value of in-house or external marketing content writers and creators?
In this episode of the Insurance Broker Podcast, we’re thrilled to be speaking with the brilliant Lucy Mowatt, founder of bespoke agency Method Marketing. In conversation with Boston Tullis’ Sarah Myerscough, she explains why marketing is generally undervalued in regulated industries like insurance, and highlights five key challenges to marketing insurance products. She emphasises the personal element of marketing content as a potentially powerful means of humanising your brand, and how a combined marketing and sales strategy can create a significant impact in your business.
Quote of the Episode
“[In many insurance businesses] there is not necessarily a strategy from the top-down. So, marketing is more of a reactive activity rather than a proactive activity. There's no consistency with what's happening. Then things happen at the last minute, so it really does feel like there is not enough time to get everything done, because it's not in the plan or there's no time set aside for it.”
Lucy identifies a key problem with the marketing practices of many insurance businesses; that being that there is often a lack of an instructive strategy. It is often left to the last minute, reacting to changes in customer behaviours or broader industry trends, rather than remaining a step ahead. Hence, she argues that marketing must become more cohesively integrated into how insurance businesses conduct sales, and that the results of doing so are often highly fruitful.
Key Takeaways
Both Lucy and Sarah suggest that marketing and sales can hugely complement each other, if done well. However, marketing is arguably often undervalued and under-prioritised in insurance businesses, as it can be considered somewhat wishy-washy, while sales has a direct impact on the business’ bottom line. This is a significant underestimation of the value of marketing, but it must be done well in order to have a sizeable impact. It needs to be consistent, be it through social media posts on a regular basis, blogs uploaded to your website, or e-shot material. You cannot simply send out the same emails or upload the same posts and expect improved sales results. Conversely, your business needs to be constantly trying to expand who is receiving your message, and reiterating and re-expressing that message in new and interesting ways to maintain high engagement and thereby facilitating consistent or improved sales.
Is there a value to content writers? Or is AI-generated content such as that produced by ChatGPT and similar software the future? For Lucy, content writers aren’t going anywhere. The need for well-informed research and editing remains paramount. In a regulated industry, you need to know your sources and to be very careful with the information you put across. ChatGPT, by contrast, uses Wikipedia and other untrustworthy sources to generate ostensibly factual information, which in a regulated sector can be dangerous. Furthermore, the content it produces is collated from blogs, articles and posts that are already in the online ether. As such, it cannot provide any new takes, or offer any original insights or opinions. The human element to good marketing is key – it can be the difference between making and missing a sale.
Lucy highlights five key challenges to marketing insurance:
- Finding time – for your marketing to make a significant impact, it needs to be a priority within your business, and integrated into your broader sales strategy.
- Tech integration vs legacy data – CRM data analysis can be hugely beneficial to creating targeted marketing content, but many insurance businesses rely on old technology, and retain huge banks of legacy data. Transitioning to the use of this new software and streamlining your data can facilitate smoother client communications, and enable your marketing to be much more fruitfully focused on your target market.
- Use of jargon – it is key to make sure that your communications are clear and informative, but the insurance industry deals with concepts and terminology that is often unfamiliar to a layperson, and which can be alienating and confusing if found in your marketing content.
- Reporting marketing statistics – it is difficult to determine exactly how well your marketing spend is being delivered upon. Lucy argues that the engagement rate of social media posts and the subsequent traffic to your website can be a very strong indicator of good marketing material.
- Compliance – your marketing and compliance teams need to communicate with each other to ensure that the right message is always being put across to your existing and prospective clients.
Best Moments/Key Quotes
“A lot of times with our clients, what we'll say is, ‘You are the experts in what you do in insurance, but we are the marketing communication specialists. So, if we work together, we can help create something that will speak to the layperson who's not in the industry in a way that they will understand and be able to apply it to their life or their business.’ So, they understand the benefits. Sometimes you don't realise that not everybody knows about a particular term or what a particular term means.”
“If your readers don't get it, you switch them off. A lot of the time, people won't persevere because they don't want to feel like they’re stupid. You lose them at that point.”
“I think the average is something like 3% engagement rate on most social media channels. So, if you can get anything above that, that's fantastic. We've seen like certain posts do 45% engagement rates, or like on a one off, which I think is fantastic. Aiming for 5% or higher, I think is a good aim, and [you can] learn from what works.”
Resources
Solve For Happy: Engineer Your Path to Joy by Mo Gawdat, former Chief Business Officer at GoogleX
About the Guest
Lucy Mowatt is the founder of Method Marketing, a content marketing agency based in Norwich. The agency specialises in working with clients in regulated and compliance-heavy industries, because they have very specific needs around writing articles, website content, and podcasting. Before establishing Method, her previous role was in-house marketing at an insurance broker.
Lucy’s LinkedIn Profile: https://www.linkedin.com/in/lucymowatt/
About the Host
Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector. Boston Tullis works with insurance brokers to offer solutions to business development ceilings, particularly in the rapidly developing fields of video marketing and thought leadership.
Website: https://bostontullis.co.uk/v
Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation
