Imagine one simple piece of information that you could use to increase the number of leads you receive by as much as six times. Would you be interested? It turns out that if you sell Medicare Supplements and you generate leads online via pay-per-click marketing, such information is available.
When you market online, you face a different set of competitors than you do offline. On the Internet, it’s as easy to market to someone across the country as it is next door. But when it comes to Medicare Supplement products, there can be a drastic difference in costs when advertising online. According to a study we conducted in July 2015 at insurance website firm AgentMethods, the cost to generate a Medicare Supplement lead online can cost as much as six times more in some states as it does in others.
So what’s the most expensive state? Tennessee. According to the infographic published this month by AgentMethods, the average cost on Google for pay per click advertising for “Medicare Supplements” in Tennessee is $35.33. Compare this to the cheapest state, Massachusetts, where the same click only costs $5.95.
Another way to look at this is think about how many clicks you’d get for a set budget in different states. For example, if you have $1,000 to spend, you’d get 28 clicks in Tennessee, 31 clicks in Colorado or Texas, and 36 clicks in Indiana or Nevada. The numbers are quite different in the cheapest states – you’d get 65 clicks in New York, 93 clicks in New Hampshire, and 168 clicks in Massachusetts.
Why such a big difference? Pay per click advertising costs work on an auction model where advertisers bid to have their ad show up. Both the number of searches for a phrase and the number of businesses interested in advertising go into the final price. So states where there are fewer people searching for Medicare Supplement information online, or more agents advertising to reach those people, will cost the most.
As an agent selling in today’s environment, you can use this information to your advantage. With the data in the infographic, as long as you have the necessary licensing and carrier appointments, you can quickly shift your online advertising dollars to states where you will get the most return.
Take a minute to view the infographic Medicare Supplement and Pay-Per-Click now.
• Is information like this enough to make you consider shifting your online advertising dollars to states with lower costs per click? Chime in on this new thread
Aaron Kassover has helped thousands of insurance agents use the Internet to grow their business both as a cofounder of AgentMethodsand a member of American Independent Marketing's Connected Agent Digital Marketing Advisory Team. Aaron began working in the insurance industry consulting with several national insurance carriers, including Allstate, CNA Insurance, Humana, Combined Insurance, and Aon, where he was a driving force in online marketing campaigns, lead generation, and key technology initiatives. Today, Aaron is making the same tools and expertise he provided to national carriers to independent agents.
- Aetna-Humana merger blocked by federal judge; decision on Anthem-Cigna deal up next
- ‘Moneyball’ for InsureTech: How CB Insights crunches data differently to identify what’s next
- Factors driving the growth of the income annuity market
- Lemonade’s ‘Transparency Chronicles’ provide rare look inside a startup carrier’s metrics
- February ‘Insure Your Love’ campaign looking for big social media boost
- Allianz stakes claim as title sponsor for up-and-coming Drone Racing League
- Small business owners have big plans for 2017
- New LTCI rates for a 60-year-old couple increase between 6% and 9% in 2017