The pet insurance market is a revealing test case for a variety of truths in branding.
- Data indicates millennials spend more on their pets than any other demographic and are likely in the driver’s seat when it comes to growth in pet insurance subscribers.
- Digital and mobile, particularly as it relates to social and streamlined apps are the best marketing tools to drive pet insurance business.
- The ease of a monthly subscription appeals to those most likely to buy pet insurance.
Driven by these factors, the pet insurance industry is forecasted to nearly double to $2 billion by 2022. Implementing a well-rounded, multichannel marketing strategy will be essential to get your share of the projected growth.
Contests, Partnerships And Greater Efficiency Can Grow The Pet Insurance Market
Pet insurer Trupanion’s most recent content on their company blog included creating a tidy space for pets, pie-inspired pet names and content aligned with their product, like recent expansions into coverage for puppies. Their social media presence includes Facebook, Instagram, Twitter and others, and it aligns with the blog content offering a mix of tips, cute animal pics and updates. Feeling connected to a brand can increase brand loyalty, which often translates into conversions. Social media marketing can be an effective way to engage audiences by encouraging user-generated content or participation in a contest.
“Pet insurance companies use social media and their websites to grow consumer awareness for their offerings by sharing information on pet health, dog and cat breeds, and how pet insurance works. As market penetration remains low, these efforts are crucial to continued growth in the number of policies in force,” said David Sprinkle, Research Director at Packaged Facts.
Pet Insurance Marketing Can Streamline The Buying Process And Create Compelling Campaigns With Fully Digital Brands
The market for pet insurance isn’t just pet owners, it’s also what brand and creative agency Traffic called “pet parents” when they were creating an ad campaign for Australian pet insurance company Pet Insurance. The campaign is cute and funny, capitalizing on the pet shaming trend and the scrapes our furry friends get into when we’re not looking —all which may require a trip to the vet. The campaign has a digital and social component and a partnership with Virgin Velocity that aired the commercials during in-flight entertainment, and Velocity members will earn points when they purchase their pet insurance.
Another pet insurance brand, Waggle, is fully digital, with users employing the Waggle app for customized real-time quotes, claim tracking and coverage guidelines. Naturally, Waggle has a well-curated and charming social media presence, and their marketing includes targeted partnerships with pet food companies and luxury pet accessories.
Targeted, multichannel, integrated pet insurance marketing campaigns reflect the media consumption trends of users, often millennials, who are native tech users and increasingly the most likely to spend money on their pets and pet insurance. Using pet insurance should be easy and efficient. An easy-to-use, all-encompassing app and savvy digital advertising sends that message.
Subscription Marketing And Targeted Marketing Strategies Appeal To Millennials Who Are More Likely To Buy Pet Insurance
“Millennials represent the largest pet-owning demographic now and are driving pet spending across most categories,” said Steve Shell, Vice President of Veterinary Services and Partnerships with pet insurance company PetPlan. “And they are the ones driving the subscription economy for things like BarkBox. Pet insurance fits into that subscription economy and helps them do what it takes to make their four-legged children healthy.” As pet ownership numbers grow and the “humanization” of pets continues, the millennial generation is perceived as the one that could take pet insurance, especially purchased on a subscription-basis, to the next level.