Whether you are selling pensions, savings accounts or insurance through your business or website, these can be some of the hardest products when trying to convert new customers.
If you are using Google ads to generate your enquiries, this can also be very expensive, sometimes as much as £50 or $50 to just get a good click on your website.
But being such lifelong and often lucrative products, there are certain marketing techniques that you can implement to help boost your conversion rates and secure the customer for good.
We speak to some industry experts to get their insights.
“One of the most essential things you can do is set up cookie tracking and retargeting for any visitors to your website,” explains Richard Dent of price comparison, Finger Finance.
“You can essentially drop a cookie on the computer or IP address of anyone who visits your website and this allows you to retarget them with adverts across Google’s Display Network, Facebook, Linkedin or other social media channels. Have you ever visited a website and then found their adverts are following you around? This is precisely it.”
“Whilst a good click from Adwords for pensions or insurance might cost $30 to $50, any clicks from retargeting are usually less than $1 - and also your ads can be shown again and again to the same person with no extra cost unless their click. So it is very cost-effective.”
So rather than presenting a long form or asking for money to be deposited immediately, you can try some other types of data capture. You can start by asking for a simple email address, or ask for just a few basic details like name, phone and contact details and state clearly ‘no credit card or deposit needed’ - and this will make users feel less pressured whilst still having their details to complete at a later stage.
“We often run two different pages at once for our key products, known as A/B testing. We experiment with different forms, colours, conversion buttons and also encourage phone calls vs sending an email.”
“You can even be clever with your page layouts to remove any links that take you to other pages, making sure that people stick on that page and are presented with a conversion opportunity, rather than a chance to be diverted elsewhere.”
“As the user tries to leave by pushing the cross on the top of the page, there is a last pop-up that is displayed and offers some kind of incentive, whether it is a free quote, a discount or a strong image of a sales member that they can speak to.”
“Some people prefer to use Live Chat to answer some basic questions and this is another thing that can be presented upon exit with a simple question - ‘is there anything that we can help you with today?’
"Can you offer money off for a certain period of time? Can you offer a discount if they invest for a full year or pay for their entire insurance policy upfront?”
“Some price comparison sites offer nectar points, grocery vouchers or air miles for taking out a financial product like a loan, car insurance or switching bank accounts - and this can sometimes go a long way.”
If you are using Google ads to generate your enquiries, this can also be very expensive, sometimes as much as £50 or $50 to just get a good click on your website.
But being such lifelong and often lucrative products, there are certain marketing techniques that you can implement to help boost your conversion rates and secure the customer for good.
We speak to some industry experts to get their insights.
Using cookie tracking and retargeting
“One of the most essential things you can do is set up cookie tracking and retargeting for any visitors to your website,” explains Richard Dent of price comparison, Finger Finance.“You can essentially drop a cookie on the computer or IP address of anyone who visits your website and this allows you to retarget them with adverts across Google’s Display Network, Facebook, Linkedin or other social media channels. Have you ever visited a website and then found their adverts are following you around? This is precisely it.”
“Whilst a good click from Adwords for pensions or insurance might cost $30 to $50, any clicks from retargeting are usually less than $1 - and also your ads can be shown again and again to the same person with no extra cost unless their click. So it is very cost-effective.”
Quick data capture
Some users might be turned off of your financial product because of the long form or the big decision that is involved. After all, signing up to a new pension or putting money into a savings accounts is often an important decision that could need a few visits to consider or to commit to.So rather than presenting a long form or asking for money to be deposited immediately, you can try some other types of data capture. You can start by asking for a simple email address, or ask for just a few basic details like name, phone and contact details and state clearly ‘no credit card or deposit needed’ - and this will make users feel less pressured whilst still having their details to complete at a later stage.
Carefully designed pages
“There is a real science to the design of pages and what maximises your chance of conversion,” explains Ben Sweiry of Fintech startup, Dime Alley.“We often run two different pages at once for our key products, known as A/B testing. We experiment with different forms, colours, conversion buttons and also encourage phone calls vs sending an email.”
“You can even be clever with your page layouts to remove any links that take you to other pages, making sure that people stick on that page and are presented with a conversion opportunity, rather than a chance to be diverted elsewhere.”
Pop up on exit
“One of our favourite techniques is using a pop-up box upon exit,” Sweiry continues.“As the user tries to leave by pushing the cross on the top of the page, there is a last pop-up that is displayed and offers some kind of incentive, whether it is a free quote, a discount or a strong image of a sales member that they can speak to.”
“Some people prefer to use Live Chat to answer some basic questions and this is another thing that can be presented upon exit with a simple question - ‘is there anything that we can help you with today?’
Sign up incentive
"How do you incentivise someone to sign up on their first visit? One of the most practical ways to do this is offer a sign up incentive,” says Justine Gray of Dollar Hand."Can you offer money off for a certain period of time? Can you offer a discount if they invest for a full year or pay for their entire insurance policy upfront?”
“Some price comparison sites offer nectar points, grocery vouchers or air miles for taking out a financial product like a loan, car insurance or switching bank accounts - and this can sometimes go a long way.”
Featured illustrations by Vectorjuice / Freepik
