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First Mobile Advertising Study on Financial Services and Insurance Companies: Millennials, Spanish-Speakers Highly Engaged; Hang-up Challenges Real
Among the findings announced today:
- Mobile advertising can be an especially effective way for both financial services and insurance companies to connect with Millennials. Calls initiated from a mobile search for both categories index very highly toward Millennials, and also index highly for Generation X, indicating that both young groups are searching for insurance and financial services companies from their mobile devices, then calling them based on those search results.
- Spanish-speaking consumers have longer and more detailed average sales conversations with financial services companies than English-speaking consumers, indicating very strong purchase intent. Marchex Call DNA, technology that analyzes phone calls programmatically, found that Spanish-speakers had more detailed, richer conversations with agents through a proprietary metric, "conversation switch count," that signals in-depth phone calls. In addition, the median phone call was two minutes longer than calls by their English-speaking counterparts.
- Hang-ups are a significant issue for both local agents and national call centers, with hold-times being a culprit. 25% of calls to national call centers for financial services and insurance companies end in a hang-up (with an average hold time of 2 minutes) while 20% of calls to local agents or branches end in a hang-up (with an average hold-time of 1:39).
"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," said
"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," added Poom Poochaiyanont, analytics manager at the
Today's study also provides more information about which consumers are actually calling insurance and financial services companies from mobile search results:
- On average 56% of callers that make at least a two-minute call to insurance or financial services companies are new customers. The rest are existing customers.
- Insurance companies tend to reach low and middle-income consumers from mobile advertisements. This is not surprising, as many young people are still in the early stages of their careers. Meanwhile, financial services companies are attracting consumers through mobile advertising who are both younger than the general population and more affluent.
Please visit www.marchex.com,
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Mark Peterson, 206-390-0204
Marchex Investor Relations
Trevor Caldwell, 206-331-3600