Performance marketing

How Marketers Can Drive Customer Acquisition Despite Budget Cuts, Profitability Focus 07/14/2022 – MediaPost Communications

Summary

Economic strains present challenges to industries
across retail, travel, real estate and other areas, putting marketing teams in an interesting position. Many now face reduced budgets or additional mandates to ensure a return on investment (ROI) for
every media dollar spent.

Steve Yi, co-founder and CEO, MediaAlpha, says leading insurance brands have sought to cut expenses by reducing marketing spend, but he believes this is the right
time to improve customer acquisition strategi…….

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Financial strains current challenges to industries
throughout retail, journey, exact property and fullly different areas, placing advertising groups in an fascinating place. Many now face lowered budwill get or further mandates To Guarantee a return on funding (ROI) for
every media greenagain spent.

Steve Yi, co-fobeneath and CEO, MediaAlpha, says main insurance coverage fashions have sought To reduce funds by reducing advertising spfinish, however he considers That is the biggest
time To reintypeationrce buyer acquisition strategies. Listed right here are his ideas.

MediaAlpha, which makes use of know-how and knowledge science To assist companies optimize their buyer acquisition course ofes, touts
itself As a Outcome of the insurance coverage enterprise’s largest buyer-acquisition market.

Yi has labored in Interinternet promoting for almost 20 years. He served in numerous enterprise enchancment and
management roles for Oversee.internet, An interinternet-based mostly journey comparability agency, and Idealab, earlier than co-founding MediaAlpha.

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He started his profession at Goldman Sachs and Oliver Wyman, and has a J.D. from
Harvard Regulation School and an A.B. from Harvard School.

Yi and his group fulld an preliminary public offering for MediaAlpha in October 2020. The agency trades on The mannequin Ny Inventory Commerce
beneath ticker picture MAX.

One fascinating method that Yi defined is when fashions serve various insurance coverage-supplier commercials to non-altering internet website go toors because They might be A greater
match. One agency that does this, he says, is The general. The two corporations have been working collectively since 2013.

Listed right here are A pair of of his ideas To assist fashions make it by way of a rocky economic
interval.

S&PMD:  What’s Definitely one of The solely strategies to improve a consumer expertise?

Yi:   Somefactor You will Have The power to do to make the buying
expertise simpler for The client.

For event, many consumers start their buying journey on Google After which land on an insurance coverage intypeation internet website. That internet website will typically immediate the
shopper to fill out a type to get a quote or quotes. Neverthemuch less, So as To finish the quote-course of, The client should go to the service’s internet website and full their particular type.

We
use one factor referred to as “knowledge-moveing integration” To assist a service make that course of simpler for The client by enabling The intypeation, which The client entered into website’s type, to move by way of their
methods and pre-populated into the service type. This method The client Does not enter The identical intypeation twice and is much less Extra probably To desert The type.  

S&PMD:  What have insurance coverage entrepreneurs carried out To vary advertising strategies all by way of this time?

Yi:  Many might look to
restrict spfinishing, however a Think …….

Source: https://www.mediapost.com/publications/article/375671/how-marketers-can-drive-customer-acquisition-despi.html