The millennial generation is growing up, and they are going to have a huge impact on the way financial services connect with consumers. So, how should you adapt?
According to US mobile advertising technology company Marchex’s 2015 Mobile Advertising Performance Report
, financial services and insurance companies should be investing in click-to-call mobile search advertising.
“In 2015, consumers will click-to-call directly from a mobile search advertisement more than 1 billion times,” the report says.
“In addition to mobile search, consumers will place a phone call from a variety of mobile publishers. Directories, such as Yelp or WhitePages, receive a significant percentage of their traffic from mobile consumers who will often click-to-call directly from an app or mobile web page.”
The data – which included more than 1,000,000 phone calls from January-July 2014 to Marchex advertisers in the financial and insurance industries – also revealed that more than 31% of these phone calls were from potential customers with purchase intent. Even though most advertisements were “acquisition-oriented”, a further 24% of phone calls were from existing customers.
The median conversion rate – defined as the percentage of callers that become clients or policy holders – is 9.5%.
The most effective type of click-to-call mobile advertising to attract new customers are mobile display ads, with 37% of calls from potential customers with purchase intent coming through this channel.
“Mobile display can be an effective way to attract new customers, especially considering that by definition it is not a brand or category search,” the report said.
This is followed by mobile voice search ads (35%), regular mobile search ads (32%) and mobile directory site ads (11%).
Millennials widely refer to people born between the early 1980s to the early 2000s, although there are no precise dates when the millennial generation starts and ends.