Having generated hundreds of thousands of leads and millions in revenue through giveaways for our clients over the years, we've learned a thing or two because we've seen a thing or two. (Thanks Farmers!) There are very specific instances where giveaways are very effective lead sources across a wide variety of industries.
These are a few criteria we've identified over the years in which giveaways are an effective medium for growth:
- The product or service is sold in a direct sales capacity.
- The majority of people in your geographical target market are ideal fits for your product or service.
- There does not need to be a specific trigger that will cause someone to buy.
Home insurance fits these three criteria to a "T."
- Most insurance agencies are selling insurance directly to the customer either over the phone or in their office. The relationship plays a key element in the sale.
- The majority of people in any state either own or rent a home. Everyone with a mortgage (which is most) is required to have homeowners insurance, thus fitting criteria two.
- There does not need to be specific triggers for people to switch insurance. While many times there are triggers such as rates with the current company going up or a poor claims process, this isn't required to motivate a consumer to switch.
For these reasons, giveaways provide an excellent home insurance lead source. Most agencies are simply looking to give people a reason to quote with their insurance company. Many times people simply change due to better price, better-perceived service, or better coverage. Simply having an opportunity at bat to show why YOUR insurance company will better serve their needs is what most insurance agencies need.
Giveaways provide a way to positively incentivize people to review their home insurance on a large scale. Most of our giveaways generate between 1,000 and 3,000 home insurance leads for around $1 each in most areas.
In the past, sweepstakes (giveaways) were really only effective in a large business capacity where they had the ability to pay for a lot of exposure to the giveaway. However, in the past ten years, social media has provided small businesses a way to advertise giveaways at scale.
Better yet, advertising platform algorithms favor well-performing campaigns and giveaways are bar-none the best-performing type of lead campaign. Most of our landing pages convert at a rate of 65-80% giving you a competitive advantage over your competition advertising on any social media platform.
In conclusion, giveaways are an extremely effective way to generate a high volume of home insurance leads at a very cost-effective rate. It provides a positive reason for prospects to get on a call with you and receive a home insurance quote. From there, it's your job to give them a reason to switch.