Health insurance advertisers are clearly not fully leveraging their opportunity to engage 4.9 million prospects.
Newspapers are a valuable advertising tool for all advertising sectors, with the automotive and home & garden industries, respectively, allocating $301 million and $128 million of their off-line ad spend to print each year.
Research shows, however, that the traditional print medium is under utilised by insurance advertisers – which invest only $9 million, or 3 per cent, of their $300 million total budget on newspapers. Conversely, they are spending $254 million on television, with a further $37 million on magazines and radio ad spots.
This is a small amount compared to auto (retail), home & garden retail and charity advertisers, which spend 58, 29 and 24 per cent of their off-line budgets on newspaper advertising, respectively.
Health insurance advertisers are clearly not fully leveraging their opportunity to engage 4.9 million prospects. Advertisers in this category should consider branding and messaging that is targeted to this segment of news media readers.
Referring to the pie charts below, of 16.3 million Australians who read news media across both print and digital, 6.9 million already hold health insurance. While 4.7 million of them intend to continue with their current provider, there are 2.3 million of them who intend to review their policy. The latter readers are prospects, but advertisers can also target 2.6 million readers who intend to acquire health insurance or have not thought about it – these readers are prospects too.
Now breaking down the prospects in more detail (right hand pie chart, above) we see 940k news media readers currently without health insurance who intend to acquire it in the next 12 months. Another, 470k readers are looking to switch providers and 580k intend to acquire health insurance, but as yet have not had the chance. The remainder of the prospects currently intend to drop out (250k), are unsure what they will do with their current policy (1.6m) or haven’t yet thought about health insurance (1.1m).
For more specific targeting, advertisers should consider the 860k prospects that earn equal to or more than $80k per annum and the 1.2 million readers who are aged 35+ and are looking to review their current plan, but are unsure what they will do with it.
As an indication of how they might best be engaged, relative to those who do not read news media, the 4.9 million prospects are more worried about diabetes and digestive problems. It is especially of more concern for the higher earning prospects.