About Policy Bazaar
Policy Bazaar was founded in 2008 in India. It deals with online insurance aggregators and in a very short span of time after its launch, it has become India’s one of the most prominent online life insurance and general insurance aggregation portal. Starting with a team of three first-time entrepreneurs, today they have a sales force of over 1500 resources across their multiple offices in Delhi, Gurgaon, Noida and Hyderabad. They owe their success to their comparison engine which is a result of exhaustively done research and periodic updation of data received. Their main forte lies in providing comparative analysis of insurance products. These products are offered by over 41 popular brands in the insurance market on a single online platform. The comparative analysis of insurance policies is done based on price, quality and key benefits offered in each policy. This helps the customers to make informed decision of buying an insurance policy after having compared various options available in the market.
Under their portfolio, they cover car insurance, health insurance and travel insurance. They also provide 24 / 7 support in terms of sorting claims from insurance companies Now the company is planning to also get into corporate insurance and loan assistance.
Policy Bazaar’s Business Objectives
Policy Bazaar’s main business objective was to aggregate and make accessible all the various insurance options available in the market under one portal. They wanted to target those customers who currently were using the services provided by agents and brokers to buy insurance products. This way they intended to remove the middle men offering advice to customers on which insurance scheme to buy, depending upon the individual’s needs. They believed that by getting a comparison of all the offerings provided by various insurance companies on a single platform, could help the customer make his or her own decision without seeking help from an agent or broker. This way Policy Bazaar could get conversions and thereby get their commission from the insurance companies. It was in their interest to generate maximum number of leads and get as many conversions as possible.
Approach / Strategy Adopted By Policy Bazaar
In order to achieve their objectives, Policy Bazaar conducted a research to study the requirements of various types of customers and how they could leverage this to make successful conversions. In their study, they found that 70% of the visitors, who were looking for an insurance product, needed to buy a policy on an immediate basis i.e. within 30 days. This window of opportunity was identified by them as they could help the visitors with all the different options available in the market, from which a customer could make a quick decision and immediately buy the product of their choice.
To target these customers, Policy Bazaar decided to go big on online advertising and started dedicating 95% of their advertising budget on the online medium. Of this, they allocated 25% exclusively to advertising on Google Adwords. Their main objective of advertising on Google Adwords was to increase their brand awareness, thereby resulting in generation of leads. They were expecting to generate leads at the rate of Rs. 40 to 60 per lead.
With this in mind, Policy Bazaar decided to set up an Adwords account. They created separate campaigns for different products – Car, Health and Life Insurance. The company started off by using basic keywords which had direct association to their products. They used the Conversion Tracking Tool which was offered by the Adwords platform to analyze the performance of the keywords for bringing in leads. This tool helped them to identify keywords which were not effective in delivering the desired results. Such keywords had to be removed from the list and replaced with more effective ones. In addition to this, they also could experiment with the keywords showing promise and make them more effective in getting conversions. After going through multiple rounds of iterations, they were successful in creating an effective keyword list for each of the campaigns created.
In addition to the support that the company got in tracking the efficiency of the campaign with the help of this tool, the company also received dedicated support from Google account managers, who supported them in tracking the Return On Investment (ROI) generated by the campaign. They also studied and provided valuable tips to improve their performance online.
What is Google Adwords and how does it help in creating successful campaigns:
Google Adwords is a platform which uses a performance based advertising program to enable businesses to advertise and use its network of partner websites to gain additional mileage. It is used by a large number of businesses across the globe. The model used by them is a Cost Per Click (CPC) and Cost Per Impression (CPM) model. Google Adwords is a highly effective platform which can be used by marketers to reach out to target customers. It helps in evaluating the returns received on every penny invested for online marketing.
Results Achieved By Policy Bazaar
With the use of Google Adwords, Policy bazaar was successful in targeting the potential customers and effectively increasing the traffic to their website. This in turn helped them in consistently generating around 100-200 leads per day at a price of Rs. 60 per lead.
It is important to understand the main goal of running an online marketing campaign and strategize the next steps accordingly to achieve the same. It is beneficial to use the tools and manpower support provided by Google to optimize the results. Regular monitoring of the performance of the campaigns must be done and same needs to be optimized to improve the overall performance. Basis the results of monitoring, the keyword list should be kept updated with the options showing good results and the ones lacking potential should be removed. At least 2- 3 campaigns should be used for the marketing activity in order to evaluate the performance and use the one giving the best output in terms of traffic and conversions.
Image Credits: Policy Bazaar