The Benefits of Social Media for Financial Insurance Companies

Word of mouth will only take your insurance business so far, and at some point, you’ll want to head to the Internet to start attracting a wider audience. The potential the online world holds is almost limitless, thanks to the 4.26 billion reported social media users in 2021 — a figure predicted to reach nearly 6 billion by 2027. 

Social media for financial insurance companies offers a unique alternative to cold calls and flyers, meeting potential customers where they’re comfortable. Plus, while they may change and adapt to the times, the Internet and social media are here to stay, offering reliable avenues to reach consumers. 

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What are the benefits of using social media for financial insurance companies?

Let’s look at some benefits your insurance business can reap to better understand why you should be using social media. 

Increase your brand awareness

Brand awareness is how familiar your audience is with your business and products, and social media plays a crucial role in establishing this level of knowledge. If people know who you are and what you do, you can draw in new customers and grow your services. 

Social media enables you to get your name out into the world, creating a buzz and interest. You can regularly post content and naturally position yourself in front of users, growing your relationship with them and interacting with customers at the right time. 

Whether you post photos, videos, or infographics or even promote blogs on your website, you allow users to interact with your company. All it takes is a few seconds for them to gain some meaningful exposure! 

Offers value for your marketing budget

One of the best things about social media is its free use. You can fit a social media campaign into your daily operations no matter how expansive or limited your budget is. Creating an account on any platform takes minutes, and you’ll soon be ready to start posting content that engages your audience. 

Plus, you can even receive free advertising after posting content encouraging people to share or engage in conversation. The more you can get people talking about your company, the more successful your social media campaign will be — but we’ll discuss that later.

If you do want to put some money into social media advertising, that’s great! Paid advertisements can be an excellent way to reach people interested in your services, helping you generate qualified leads who will hopefully create sales. You’ll have total control over how much you spend, with some advertisements only requiring payment when clicked on, like pay-per-click (PPC) campaigns. 

Target specific groups of people

Like with any business, only specific people will be interested in your insurance services. Some younger individuals are still on their parent’s policy, while others are locked into a plan they’re comfortable with. But, those aging out of their parent’s policy or looking for one more specific to their needs are who you’d likely want to target. 

Social media can help you find these people through intuitive target audience controls. These features allow you to display ads only to people you think might be interested in what you offer. Your company can target people on social media based on age, gender, location, interests, and browsing behaviors. 

Effortlessly track your progress

When you invest so much time — and potentially money — into your marketing campaign, you want to ensure it’s performing at its best. For your benefit, most social media platforms include intuitive tools to help you understand what’s working and what isn’t. 

By tracking the performance of your posts, you’ll gain better insight into metrics like: 

• Engagement, including likes, shares, and comments
• Clickthrough rates
• Conversions

Based on these statistics, you’ll equip yourself with the knowledge to make adjustments to optimize your social media presence, enhance your content, and help your business thrive. 

How can you use social media to promote your financial insurance business?

Ready to kick your social media presence into action? Here are some valuable tips to keep in mind. 

1. Use your real voice

Insurance can be complicated and confusing for the average person to understand. To get people to trust your business, you want to use an authentic voice to build a caring and compassionate brand identity. Social media is your time to stand out from other insurance companies competing for the same customers. 

You’re more than just an insurance business, and that’s the side that people want to get to know. Use your wit, display your kindness, and become approachable to everyone. Being relatable and forming deep relationships with your followers will go much further than only relaying statistics or promoting your services. 

2. Show your value

Consumers want to work with companies that are the best at what they do. But, the only way they’ll know you are a qualified financial insurance group is if you show them. One of the best ways to establish yourself as an industry authority is to share your knowledge on social media. 

Post informational and educational content your audience will get value from. You can do this through many forms of content, including photos, videos, and polls. Doing this will fit nicely into your existing content marketing strategy, if you have one, and allow you to share your blog posts to drive traffic to your website. 

With all this educational content, you’ll begin attracting more interested users to your business. It’s also wise to create posts and offer knowledge for individuals at every stage of the sales funnel. Someone starting their hunt for an insurance provider will need different information than someone ready to commit. Keep that in mind when crafting your posts. 

3. Focus on your audience

To get the most from your social media marketing campaign, be strategic about which platforms to focus your energy on. If you’re targeting males over 55, TikTok might not be the ideal avenue since only 1.7% of active users are of that age group and gender. Consider conducting A/B tests to find the perfect channel for your insurance business. 

Once you find the platforms your target audience frequently uses, ensure you’re thoughtfully interacting with these users daily. Answering their questions, responding to their comments, and addressing their concerns will help you build a relationship and begin forming a meaningful community. 

With an established community, your audience will be more likely to recommend your business to others, like your posts, and share your content. This increased engagement will lead to more people knowing who you are, plus enhanced conversions, followers, and website traffic. 

4. Post frequently

Users’ feeds are filled with all sorts of posts and information, from what their friends did last weekend to other businesses they’re interested in. Posting regularly will help you keep up with this saturated environment and meet online algorithms’ ever-changing demands.

You can post multiple times every day if you want. Try to post a couple of times a week at minimum to stay fresh in your followers’ minds. It will likely take some time to figure out the ideal number of posts and even the best time of day for the channels you’re active on. Consider creating a social media calendar to stay organized and avoid rushing at the last minute to get everything ready to go.  

74% of people use social media when making a purchasing decision.

Make their decision easy with a stellar social media presence. See how your brand can level up by requesting a no-obligation proposal today.

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Enhance your social media presence with WebFX

By interacting with your audiences and sharing educational content surrounding your business on social media, you’ll increase your visibility and attract new customers to your financial insurance firm. 

If you want to get your social media marketing strategy up and running, WebFX is ready to help. We are a digital marketing agency with a 28-year track record of driving meaningful results for businesses like yours. Over the last five years, our team of over 500 specialists has driven more than 24 million leads, resulting in over $10 billion in revenue. 

Reach out to our team online or call us at 888-601-5359 to learn more about our proven social media advertising services. We can’t wait to watch your financial insurance business grow!

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