Marchex, the mobile advertising technology company, has just released a new study detailing the effectiveness of mobile advertising for financial services and insurance companies to connect with Millennials. Findings are based on more than one million phone calls analysed by the Marchex Call Analytics platform and show that both Millennials as well as Generation X are searching for insurance and financial services from their mobile devices.
Marchex Call DNA found that Spanish speakers engaged in longer and more detailed conversations with agents than their English counterparts. 25% and 20% of calls to call centres and local agents respectively ended in hang-ups. An average 56% of callers who make at least a two-minute call to insurance or financial services companies are new customers.
John Busby, Marchex SVP of Consumer Insights and co-author of the report, says:
“Our data shows that financial services and insurance brands are already experiencing profound changes related to the broader online-to-offline trend: that it is now typical for a consumer to search on their mobile phone for an insurance provider or bank and make a phone call or an in-person visit based directly on that search result. Millennials are playing a huge role in this trend that mobile-influenced offline purchases are expected to be the biggest portion of consumer spending from mobile, twenty times larger than m-commerce.”
Poom Poochaiyanont, analytics manager at the Marchex Institute and co-author of the study, adds:
“Today’s study also suggests that insurance and financial services companies could consider some pretty basic changes to address long hold times for incoming calls that are currently resulting in more than a 25% hang-up rate. Beyond getting a marketplace snapshot, a big part of the value of a report like this lies in what it can identify in terms of challenges and potential areas of improvement that can impact the bottom line.”
Find the full report here.