Google trends is a very useful tool if you are looking for top level trends about what is going on with customer intention, in any given market. Particularly if you buy leads, developing a better understanding of the environment your particular product sits in, is good practice.
I’ve been around financial services marketing and even I was surprised at the level of customer intention, contact and lead volume that seemed to be around last month. A quick look at the five year tracking for the head term “Life Insurance” reveals some fascinating findings.
This is the screenshot for the term ‘Life Insurance’ for the past five years and you can find the exact same data here.
Searches for protection are booming, January represents the most amount of searches for Life Insurance than at any point over the last five years.
Takeaway - What do you need to know?
It is very possible that consumer demand for Life Insurance is overheating. The pandemic, the daily reminder of mortality and extension of the furlough scheme are all factors that are driving consumer demand and intention. These factors are unlikely to be around come the summer.
One life insurance broker told me last week that they are spending almost as much on hiring staff to help them retain the customers they’ve won as they are trying to expand a team to make more sales. That seems like a very sensible course of action; after every boom there is always a bust, and life insurance lead generators and lead buyers should be particularly careful as they plan their business over the next few months.
This article was part of February's edition of The Leader, Contact State's monthly newsletter which you can read here.