Why PolicyBazaar prefers TV to digital marketing

It may be an online insurance marketplace, but TV is where India’s PolicyBazaar directs the majority of its marketing, as it aims to acquire customers through building the brand.

Why it matters

The approach goes to the heart of the debate about short-term and long-term outlook, about performance marketing and brand building. For more than a decade, PolicyBazaar has been advertising mostly on television and driving category demand. 

“If you see our advertisements, we don’t really say too much about PolicyBazaar, we tell you why you should buy health, term or motor insurance,” CEO Sarbvir Singh tells the Economic Times. But the business picks up that demand subsequently as customers find it online directly or via search engine optimisation.

Takeaways

• Eighty percent of customers go directly to the PolicyBazaar website.
• Just 20% of business comes through paid search and other means.

Key quote 

“It is impossible for anybody to build a profitable business by acquiring customers through Google and Facebook” – Sarbvir Singh, CEO at PolicyBazaar.

Sourced from Economic Times