Insight
The following observations were made on the behaviour of people purchasing travel insurance: 90% of transactions are done within the first three hours of research. If a user starts research and comparison on travel insurance, it is likely that the purchase will be done in the next three hours.
Brand Searches and direct website traffic have the least CPA and the highest impact on overall business. Purchase paths reveal that the most important thing is to capture the user in that very short three hour window. If Resultrix could target the consumer outside this duration, the chances of converting reduce drastically. For Tata AIG, the agency realised that achieved cost per action (CPA) was close to maximum permissible CPA. Scalability can be only achieved through SEM (brand keywords), SEO (brand keywords), direct website visitors, SEO (non -brand keywords) and referral traffic.
Except, SEO non-brand keywords, all sources have 100% share of voice. Hence to generate a significant increase in conversions from them, increasing brand searches and direct traffic becomes absolutely necessary. Hence, what Tata AIG needed was to increase brand searches and direct traffic, and maintain close to 100% share of voice post first click during the decisive three hours of the consumer purchase journey.
Strategy
A correlation study was done for Tata AIG. This study checked the correlation between traffic generated from a keyword theme and brand impressions. Correlation shows whether two variables are related (or not), how strongly, and in what way. In statistical terms the relationship between variables is denoted by the correlation coefficient, which is a number between -1.0 and 1.0. All SEM keywords were categorised into multiple themes. Now to check the influence of these keyword themes on brand impressions and direct traffic, a correlation study was done. This study checked the correlation between traffic generated from a keyword theme and brand impressions.
Correlation shows whether two variables are related (or not), how strongly, and in what way. In statistical terms, the relationship between variables is denoted by the correlation coefficient, which is a number between -1.0 and 1.0.
Execution
Based on the Correlation Coefficient values, the communication strategy was decided. High Correlation implies that the user is more likely to convert. Target #1 Ad rank with customised communication and a call to action focusing on Buy Now. Low Correlation implies that the user is less likely to convert. Decrease bids and budgets for these keyword themes by lowering the ad ranks. Transfer the money saved from these keyword themes to high correlation ones. With communication customised as per the search query, top rankings on high correlation keyword themes, more users were clicking on the ads and converting. Along with this, there was also an increase in assisted conversions through SEM which further proves the success of the campaign.
As per the findings of the study, the focus of the campaign was on maximising high correlation keyword theme clicks by taking following actions: Maximise Reach & SOV - Maximise impression share across high correlation keyword themes. Also, Target rank #1 for Google ads across categories to increase ad visibility. Maximise Relevancy - Customised ad copies and ad extensions based on the search made by the users.
Results
By implementing the execution plan, Resultrix was able to achieve the below quarter on quarter result improvements:
1. 67% Increase in brand searches (for ex. Tata AIG Travel Insurance)
2. 74% Increase in travel insurance transactions
3. 42% Increase in direct traffic for travel insurance pages.