Explore the ways Conversion Probability benefits insurance marketers looking to refine ad spend and enhance conversion.
This is the fifth post in our Delve Deeper: Insurance Marketing series, sharing tools to help insurance providers identify their most profitable audience segments, increase their marketing ROI, and drive conversion and revenue growth.
Conversion Probability uses historical performance data such as location and device used to enable the informed shifting of marketing spend from low value prospects to high value prospects. It generates accurate conversion predictions—how likely it is for a prospect to become a customer—based on previous conversions, quantifying and linking that data to ad and site traffic behaviors.
The technique uses machine learning to identify what makes a prospect a good candidate for conversion, and helps users find similar prospects and react to them to them in real time. It’s been two years since Google added Conversion Probability to its Google Analytics platform for retargeting efforts.
Use data used in the analysis process can include the day and time of conversion, the type of browser (mobile or desktop) used, the number of visits a customer made before their purchase, how that user came into the site—if they were brought there by a specific paid search term or display ad—and even where they saw the ad on the page or site.
Why is this important? These insights can help you improve media targeting so that more ads convert. By avoiding audiences that are unlikely to convert, you save money and stretch your media budget even further. You can also improve your conversion performance metrics to demonstrate spend efficiency and build trust with senior management.
In our next article in this series, we’ll DELVE deeper into our next marketing tactic: Attribution Modeling.
Ready to take your ads, and your business, to the next level? Get in touch with the DELVE team today.