Market disrupter, BizCover, wanted to use search to expand quickly in the ultra-competitive insurance market. When it comes to insurance, however, competition on search platforms is intense. Global insurers, local banks and aggregators vie for top spot on rankings, and insurance-related terms are some of the most expensive in search marketing. BizCover faced a huge challenge when it entered the business insurance market in 2007.
In early 2014, BizCover began marketing on the Bing Ads search platform to reach a previously untapped audience beyond advertising on Google. With Bing deeply embedded into all Windows 10 devices, they can reach even more potential customers. Working with the support from Bing Ads experts, the company refined its search campaign, optimising spend via Sitelink Extensions and advanced keyword match strategy. By running a bid optimization report, BizCover was able to eliminate keywords that were under-performing and focus their spend elsewhere. BizCover schedules increased Bing Ads spend during periods when they know business insurance interest peaks. This enables BizCover to avoid wasting spend during non-peak periods and allows them to schedule staff to respond efficiently during those times and maximise their acquisition potential.
Overall cost per click (CPC) was lowered, as well as the overall cost per acquisition (CPA). BizCover also created Enhanced Sitelink Extensions for 25 terms. With more space to engage customers and up to six sublinks, these extensions raised click-through rates (CTRs). During the period November 2015–February 2016, the average CPA on Bing Ads was 10% lower than on Google AdWords, and the average CPC was 30% lower. For one principal insurance type, the Bing Ads CPC was 68% lower than for AdWords. “Our investment in the Bing Ads campaign is definitely increasing,” says Sharon Kenny, Head of Marketing, BizCover. “We are getting very good leads and Bing Ads is a highly effective channel for getting to new customers. With campaign optimisations, Bing Ads now attracts greater investment and a larger share of overall marketing spend.”