PropertyCasualty360 Marketing Blog
March 2021: Marketing Budgets Increase in 2021
With many companies still working remotely and live events slowly ramping up later in the year, most companies are increasing digital marketing budgets in 2021 to help drive sales.
As almost 70 percent of the buyer’s journey happens digitally, marketing has an even more critical sales support role than ever. So it’s no surprise that market research company Outsell reports 60 percent of marketers recently surveyed are increasing their marketing budgets this year and only 22 percent decreasing.
And the biggest increases in spending are for digital ads, webcasts, brand marketing and content marketing, with more than 50 percent of respondents saying they are increasing these strategies this year.
But this year’s marketing spending is unlike pre-COVID spending. First, Outsell found that 54 percent of marketers are predicting that it won’t be until 2022 or 2023 when their marketing budgets get back to pre-COVID levels. And even when they do, there is a much higher focus on measuring ROI and justifying spend on a regular basis.
One way PropertyCasualty360.com can help: We just rolled out three new high-impact ad units to improve your messages’ engagement with our audience. Our data shows these units get 3-to-6 times higher CTR than standard ROS ad banners.
And we have other suggestions for improving the ROI you are getting with webcasts, brand marketing and content marketing. Please contact me at [email protected].
Trends Property & Casualty Insurance Marketers Need to Know
- Property monitoring technology (proptech) is providing insurers with a new tool to help mitigate emerging risks or possibly limit the scope of their damage. Several companies are offering technology to streamline and safeguard the property management process and limit insurance claims.
- User-based insurance (UBI) is likely to become more popular in light of the pandemic. Policyholders no longer want to pay for coverage they don’t need, but they do want to pay-as-they-go for relevant coverage only when they need it. Insurance experts report that every carrier now wants to roll out some type of UBI product (if they haven’t already).
- The ongoing protection gap has long been a conversation around flood insurance risk, but the pandemic, paired with the recent power/weather crisis in Texas, has revealed that too many insureds either believe they have coverage for most major catastrophes, and don’t, or never had such coverage to begin with.
- M&A activity continues. The pandemic increased insurance agency and brokerage M&A activity as economic pressures forced such businesses to digital operations at a previously unprecedented pace for this industry. As a result, hundreds of insurance organizations turned to M&A opportunities to cut costs and focus on operational efficiency. Layer in growing competition from new market players and the need to drive new revenue streams, and it’s likely that intense M&A activity will continue in insurance throughout 2021. It will be important to watch and analyze how this changing business environment impacts our audience.