Hi there,
Thanks for getting in touch! I'm happy to give you some initial thoughts and guidance on your ad campaigns. I understand you're launching an InsuranceTech underwriting platform and are struggling to land your first ten paying customers. You've tried some basic LinkedIn ads, but the leads are either unqualified or the cost per lead is astronomical.
We'll need to look at the LinkedIn targeting...
First off, LinkedIn can be a tricky platform, especially for niche industries like InsuranceTech. The targeting options are powerful, but if not used correctly, they can lead to wasted ad spend and unqualified leads. It sounds like the main problem here is that your targeting isn't specific enough. Instead of just targeting people in the insurance industry, you need to focus on specific job titles and seniority levels. You want to reach the decision-makers who have the authority to approve the purchase of your platform.
I'd recommend narrowing your targeting to job titles like:
- Head of Underwriting
- Chief Risk Officer
- VP of Underwriting
- Director of Risk Management
- Senior Underwriter
You can also use LinkedIn's company targeting options to target specific insurance companies that are a good fit for your platform. For example, you could target companies that are within a certain size range or that specialize in a particular type of insurance. I would also test segmenting your audience to see which personas are the most effective. And if you find that the problem is less about attracting leads and more about converting them, you should ensure that you're reaching the right people. I.e. you need to focus on decision makers or influencers in specific segments who will be able to advocate on your behalf.
By narrowing your targeting and focusing on the right job titles and companies, you'll be able to improve the quality of your leads and reduce your cost per lead.
You probably should explore other channels...
While LinkedIn can be effective, it's not the only option for reaching your target audience. You might want to explore other channels, such as:
- Industry-specific publications and newsletters: These publications often have a highly targeted audience of insurance professionals. Advertising in these publications can be a great way to reach your ideal customers without wasting money on broader, less targeted advertising.
- Industry events and conferences: Attending industry events and conferences can be a great way to network with potential customers and generate leads. You can also sponsor these events to increase your brand visibility.
- Google Ads: Google Ads can be a good option if people are actively searching for underwriting platforms. You can target keywords related to your platform and reach people who are already interested in what you have to offer.
Think about where your target audience spends their time online and offline, and then focus your marketing efforts on those channels.
You'll need to simplify your account structure...
With a small budget, it's important to keep your ad account structure simple. Don't overcomplicate things with too many campaigns and ad groups. A couple of tightly targeted campaigns should be sufficient to start with. As you gather more data, you can then refine your targeting and expand your account structure.
Here's a simple ad account structure you could use:
- Campaign 1: LinkedIn Ads - Targeting specific job titles and companies
- Campaign 2: Industry-Specific Publications - Advertising in relevant newsletters and websites
Within each campaign, you can create a few different ad groups to test different ad copy and targeting options. But don't go overboard. Keep it simple and focused.
Also, I'd say for B2B, a funnel and fixed offers might not work that well. This strategy usually works better for B2C marketing and/or lower ticket offers. For B2B, you might see better results generating leads, having an intro/sales call, and offering a custom service to address their unique needs.
I've detailed my main recommendations for you below:
| Area | Recommendation | Rationale |
|---|---|---|
| LinkedIn Targeting | Narrow targeting to specific job titles (Head of Underwriting, CRO, etc.) and companies. | Improves lead quality and reduces cost per lead. |
| Channel Exploration | Explore industry-specific publications, newsletters, and events. | Reaches a highly targeted audience of insurance professionals. |
| Ad Account Structure | Keep ad account structure simple with a couple of tightly targeted campaigns. | Simplifies management and allows for focused optimization. |
| Sales Process | Focus on lead generation and intro calls instead of funnel and fixed offers. | Can lead to more qualified leads and higher value deals. |
I hope this initial advice is helpful! Launching a new platform is never easy, but with the right strategy and execution, you can achieve your goals.
You might find it useful to work with a paid advertising expert as getting these basic things right can save you a lot of time and money. For instance, I recall one campaign we ran for a B2B software company using Meta Ads where we saw 4,622 registrations at $2.38 cost per registration. We also reduced the cost per user acquisition from £100 to £7 for a medical job matching SaaS using a combination of Meta and Google Ads. We have a free initial consultation where we review your strategy and account together which is super helpful and gives you a taste of the expertise you'll see going into your project if you decide to work with us.
Regards, Team @ Lukas Holschuh
