While retail brands garner a majority of the attention when it comes to mobile technology, other verticals are finding mobile devices to be a key part of their business model as well.
Marchex, a mobile advertising technology company, has released its latest study on the results of the financial services and insurance brands’ mobile advertising efforts.
Of the many interesting findings from the study, perhaps the most interesting is that millennials are the most likely to respond to a mobile click-to-call advertisement for both insurance and financial services companies with those in generation X coming in second. Another interesting note is that of all those who clicked on the mobile click-to-call display ads 31 percent were prospective customers while 24 percent were existing customers.
Also, the Marchex study found that the median conversion rate for financial services and insurance companies to be 9.5 percent with some campaigns reaching as high as 15 percent.
“Our data shows that financial services and insurance brands are already experiencing profound changes related to the broader online-to-offline trend: that it is now typical for a consumer to search on their mobile phone for an insurance provider or bank and make a phone call or an in-person visit based directly on that search result,” said Marchex SVP of Consumer Insights, John Busby.
“Millennials are playing a huge role in this trend that mobile-influenced offline purchases are expected to be the biggest portion of consumer spending from mobile, twenty times larger than m-commerce.”
