Why Giveaways Are An Ideal Home Insurance Lead Source
Posted on May 24th, 2022 by Ryan Egan
Having generated hundreds of thousands of leads and millions in revenue through giveaways for our clients over the years, we've learned a thing or two because we've seen a thing or two. (Thanks Farmers!) There are very specific instances where giveaways are very effective lead source across a wide variety of industries.
These are a few criteria we've identified over the years in which giveaways are an effective medium for growth:
1. The product or service is sold in a direct sales capacity
2. The majority of people in your geographical target market are ideal fits for your product or service.
3. There does not need to be a specific trigger that will cause someone to buy.
Home insurance fits these three criteria to a "T."
1. Most insurance agencies are selling insurance directly to the customer either over the phone or in their office. The relationship plays a key element in the sale.
2. The majority of people in any state either own or rent a home. Everyone with a mortgage (which is most) are required to have homeowners insurance, thus fitting criteria two.
3. There does not need to be specific triggers for people to switch insurance. While many times there are triggers such as rates with current company going up or a poor claims process, this isn't required to motivate a consumer to switch.
For these reasons, giveaways provide an excellent home insurance lead source. Most agencies are simply looking to give people a reason to quote with their insurance company. Many times people simply change due to better, price, better perceived service, or better coverage. Simply having an opportunity at bat to show why YOUR insurance company will better serve their needs is what most insurance agencies need.
Giveaways provide a way to positively incentivize people to review their home insurance on a large scale. Most of our giveaways generate between 1,000 and 3,000 home insurance leads for around $1 each in most areas.
In the past, sweepstakes (giveaways) were really only effective in a large business capacity where they had the ability to pay for a lot of exposure to the giveaway. However, in the past ten years, social media has provided small businesses a way to advertise giveaways at scale.
Better yet, advertising platform algorithms favor well-performing campaigns and giveaways are bar-none the best-performing type of lead campaign. Most of our landing pages convert at a rate of 65-80% giving you a competitive advantage over your competition advertising on any social media platform.
In conclusion, giveaways are an extremely effective way to generate a high volume of home insurance leads at a very cost-effective rate. It provides a positive reason for prospects to get on a call with you and receive a home insurance quote. From there, it's your job to give them a reason to switch.