At Kanetix Ltd., we love to try new things, so when our partners at Google first approached us to test smart (or automated) bidding on our brands’ Google Adwords campaigns, we jumped at the chance. We became one of the first insurance advertisers in Canada to utilize Google’s machine learning capabilities so extensively throughout our accounts.
According to Google, their smart bidding system uses machine learning to take into account millions of user data signals and automatically adjusts keyword bids to optimize how effectively your ads are appearing to the consumers searching for your products. Factors such as device type, location, browser and search queries are all considered in optimizing bids. The machine is far more effective at processing all this data and making better bid decisions than humans ever could – and the results were really astounding.
After seeing such great success with Kanetix.ca on automated bidding, specifically a higher volume of quotes across auto and travel insurance products, at a lower CPA, we decided to take our machine learning capabilities to the next level: our efforts were featured in this month’s ThinkWithGoogle article– “Marketing with machine learning: How brands in Canada can get started”.
We were motivated to achieve more accurate tracking of the entire customer journey via our paid search campaigns and gained more control over the margin from this source of traffic. We collaborated with Google to address the challenge with a technical solution that integrated offline event tracking (phone call conversions, or offline transfers to the insurance provider) into our Google AdWords account, which in turn created new levels of efficiency by feeding the machine more data to optimize the performance.
By allocating more budget to the campaigns that yielded the most effective conversions offline, and gaining more insight into how consumers converted offline by device type, we were able to boost revenue by 20% and increase our margins by 3X.
We are proud to have been awarded the prize for first runner up at the 2018 Insurance Canada Technology Awards last month for our work in this space. There is much opportunity for other organizations in our industry to capitalize on the power of their own data, offline conversion tracking and machine learning. We would be excited to share our experiences and expertise with our partners in the industry, and determine together if this approach is right for your business.
About the author:
As Vice-President of Marketing, Leonie Tait leads the marketing initiatives for Kanetix Ltd. Leonie joined Kanetix in 2011 to develop a results-driven marketing team. Since then, Leonie has taken a leadership role in marketing strategy, brand development and digital marketing as well as building an in-house content marketing team. Leonie has 15 years of marketing experience, most of which has been spent in the financial services and insurance industry.