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Companies are always looking to get the highest returns from their investments, and insurance firms are no different. SEO or search engine optimization is, of course, one of the most potent marketing tools available, which is why so many companies utilize it.
But SEO campaigns require plenty of time and financial resources to implement, and the costs can be considerable. Therefore, owners of insurance firms expect to derive the most benefits from the insurance SEO strategy they are paying for.
The role of SEO is even more crucial, considering the limited budgets that many organizations work with. Along with the need to stay within budgetary constraints, SEO specialists also have to produce results that justify the added expenditures. Specifically, they will have to show significant returns on the search engine optimization services they provide.
The profit potential is one of the most important considerations when deciding to implement a full-blown SEO campaign. Figuring this out will require some math, but the formula is fairly simple.
As an example, take Widgets.com. Initially, the company reached the third spot on Google’s results page for “extra fine blue widgets.” One of the firm’s most lucrative and relevant search terms, it manages a 7% click-through rate for the site’s pages. That comes out to an average of about 500 organic click-throughs per month. And when customers land on the page, there is a 3% possibility that they will purchase the product in question.
Keep in mind that a 7% click-through rate is a bit on the high side for an ecommerce website. In any case, with the cost of the product pegged at $50, the company is essentially pulling in $750 monthly from organic searches for the term.
As for the cost of implementing the necessary SEO, the company’s SEO manager utilizes an all-in-one SEO tool for performing keyword research and competitive analysis. At $179 per month, the tool also helps in the identification of link targets, which is essential for creating highly effective targeted content. The tool is even useful for performing technical audits and obtaining links to the company’s website and product page.
After a few weeks of using the SEO tool, the SEO manager managed to bump the page ranking from the number three spot to number two. Pages in this position typically have click-through rates of about 11%, which works out to about 785 click-throughs monthly.
For the sake of simplicity, assume that the conversion rate holds steady at 3%. Even at that rate, Widget.com is now earning $1200 monthly from that particular page. This is a $450 increase over the revenue from when the page occupied the number three spot.
Keep in mind that the actual conversion rate may well be higher than 3%, considering the improvements to the page made possible by the SEO tool. Even with the tool cost, the company will still clear a monthly profit of $270, which comes to $3,000 for the year.
Of course, the specific figures will vary from case to case. Even so, the above example should illustrate the profit potential of SEO and hopefully help justify its cost to company managers and financial officers.
Most SEO specialists probably already use Google Analytics to gauge the performance of pages they have optimized. But this particular tool can also be useful for forecasting and proving ROI.
Using Analytics for this purpose requires setting it up to track goals and conversions relevant to the business. The tool can further be customized to record specific user actions as completed goals. If a customer scrolls down, clicks on a link, or makes a purchase, for example, they can all be marked as completed goals.
The information gathered with Google Analytics can be even more helpful when monetary values are assigned to specific goals. Doing this makes it much easier to determine the returns that can be attributed to the SEO campaign.
Like most other business strategies, it will take some time before SEO produces perceivable results. It is best thought of as a long-term process that could nevertheless provide significant returns. And considering that the alternative is to remain at the current ranking, the benefits gained by implementing an SEO campaign are almost certainly worth the added expense.
Agency Tsunami is the digital marketing division of Neilson Marketing Services, who has provided the insurance distribution sector with innovative marketing and communication solutions for over twenty-five years. With our Agency Tsunami program, we have implemented an integrated marketing strategy that includes optimized, professional websites supported by high-quality SEO and Social Media for hundreds of insurance retailers and wholesalers. Our goal is to help your insurance business perform and generate new opportunities. Give us a call at (800) 736-9741 to learn more about how we can do that for you.
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