New data from comScore measured computer purchases during the 2013 holiday season and found that consumers spent $42.8 billion online from desktop devices—an increase of 10% when compared to the same timeframe the previous year. Considering in-store visits are plummeting, these numbers are significant for agencies.
Another year is upon us, and with it comes the obligatory New Year’s resolutions.
Of course at a personal level, we have the usual promises to eat healthier, exercise, spend more time with family and friends and get involved in our communities. But when it comes to business resolutions, what might be a good focus?
Some recent data might be helpful in framing a response. ComScore, one of the top 25 market research firms in the world, provides the following chart depicting online shopping trends for the most recent holiday season, based on online desktop computer purchases for the first 52 days of the Nov.-Dec. 2013 holiday season. The results indicate that consumers have spent $42.8 billion online from desktop devices, an increase of 10% when compared to the same timeframe last year. Considering in-store visits plummeted 21%, according to data compiled by ShopperTrak, these numbers are significant.
What is the message for independent agents? “Evolving consumer preferences.” Buying homeowners and auto insurance is not the same as purchasing a sweater, but people are quickly becoming more comfortable with shopping online. While 7 out of 10 consumers that start their insurance purchasing process online still buy from a local agent, that behavior is not cast in stone. More than ever, independent agents must employ a conscious and meaningful strategy to drive consumers to their website.
That was the impetus for the formation of the Consumer Agent Portal—to assist agents with a variety of related online needs, including digital marketing, comparative rating tools and meaningful consumer content.
So this time around, don’t settle for a droll New Year’s resolution like “work harder” or “work smarter”. In 2014, plan instead to focus on an online strategy for your agency by devoting the appropriate resources. You don’t have to go it alone—consider who has enthusiasm and skill sets to help the agency execute an effective plan.
Every year at this time, financial pundits expound on what will be the best investment for the coming year. Will be Twitter stock? Bitcoin? For most agency owners, the best investment is your own agency. Make 2014 the year you resolve to make a meaningful investment in your agency’s online strategy.
Dave Evans is a certified financial planner and an IA contributor.
