Auto insurance brand lowers CPA by 55%

When you think of commercials for car insurance, characters like Flo from Progressive, Jake from State Farm, or the GEICO gecko might come to mind. Smaller insurers are often challenged to find ways to go head-to-head with these household names — with a significantly smaller marketing budget. 

CTV offers an entry point for advertisers with lower budgets to tell their story. This up-and-coming auto insurance company decided to try CTV as their primary advertising vehicle to support their entire marketing funnel, from brand awareness to purchases. Their ultimate goal was to compete with the likes of GEICO to get more customers to sign up for insurance policies.

This insurance brand wanted to reach and convert as many members of their target audience as possible in their home state of Colorado. This meant pursuing a mix of brand awareness and lower-funnel performance KPIs. 

CTV is the perfect medium to achieve both — and they partnered with Madhive to make it happen.

Connecting with relevant audiences at scale

Traditional linear campaigns can be difficult to measure. When your commercial airs next to the nightly news, how do you know how many people saw it? 

With CTV, this auto insurer knew they had unlocked 6 million+ views across Colorado, down to the very impression. Their reports further revealed that their ideal converting audience was males from the ages of 18-44 with positive credit. By leveraging the Madhive platform, the company was able to tap into its ideal audience segments to achieve the granular targeting it needed for this campaign.

Using analytics to define a customer acquisition funnel

For the duration of the campaign, success was defined when a customer completed three major milestones: 

• 💬 Quote: Start a quote (top-of-funnel)

• 👤 Profile: Create a profile (mid-funnel)

• 🖋 Bind: Sign a coverage policy (bottom-of-funnel)

Each milestone was tracked via its own Madhive website tracking pixel. By setting up pixels on pages that reflected each of their goals, the advertiser could track customer behavior. They found that after seeing an ad, customers typically took an average of eight days to start a quote, five days to set up their profile, and five more days to sign a coverage policy. 

Optimizing results with retargeting

With a properly defined funnel, the auto insurer was able to retarget potential customers that had already started the buyer’s journey but got stuck at certain conversion events. Retargeting users who were lingering in the Quote and Bind steps, for example, led to a 19% increase in Quotes and 40% increase in Binds. Overall, this insurance brand found that viewers who saw their ad more than once were 77% more likely to convert than people who had only seen their ad once.

With Madhive, this auto insurer was able to compete with the much larger insurance brands that spend millions in traditional TV advertising. They reached highly relevant audiences and optimized their marketing funnel to achieve impressive and measurable campaign results. Ultimately they achieved:

• 19% increase in Quotes 

• 55% decrease in cost per acquisition

• 129% increase in profile sign-ups

• An 18-day funnel they could leverage to optimize conversions