Insurance is one of the most competitive industries in the New Zealand online space.
This is demonstrated by the high visibility scores achieved in both natural and paid search, as well as the high CPCs Adwords is commanding for various terms – up to $25 per click for the top placement according to Google’s Keyword Tool!
First Rate’s third insights report into the New Zealand insurance industry in the last 12 months highlights a number of trends:
- Some organisations appear to be getting more advanced in their use of Adwords, reducing focus on generic terms.
- The high CPCs are forcing organisations to look to SEO as a more cost-effective acquisition channel.
- With hundreds of thousands of relevant online searches, there exists a significant business opportunity for search marketing to be used as both an acquisition and a retention tool – and many companies are now seizing this opportunity.
- Incredibly, there are still large organisations that have almost entirely failed to either grasp, or indeed exploit, the online opportunity. This allows their competition to gain market share unopposed. Of these, Vero is the most puzzling, scoring an incredible 0% visibility not just for paid search, but for natural search also.
- The gap between those who are “getting” the online opportunity and those who aren’t is getting progressively bigger. Some companies are getting left behind and this will without doubt have an impact on the bottom line.
- The direct nature of the online market means that organisations selling on behalf of others (through brokers or other 3rd parties), need to find the balance between the channel and the direct relationship. For example State‘s Life Insurance is underwritten by Sovereign yet online Sovereign rank second for both Life and Health insurance – whilst State fail to rank at all for this term despite ranking well for many others.
In summary, the “intelligence gap” is getting bigger.
Make sure you are not left behind, download First Rate’s SEO and PPC observations on the insurance industry or contact us to have a chat about your online marketing tactics.