As Health Insurers get ready to hike their prices on April 1, Google is seeing an influx of Australians searching for the best deal with the lowest impact.
Google Trends: Health Insurance, Australia
We can see from the Google Trends report ‘Health Insurance’ searches peaked in March 2017 and it’s predicted there will be a 5% increase in 2018.
So what are people searching for and which insurers are winning the Google Auction?
Top search terms
Adthena Estimated Clicks, Health Insurance Search Terms, 06/02/2018-08/03/2018
Generic search terms garner the most clicks and are evenly distributed among desktop and mobile, with ‘health insurance’ being the most searched phrase.
‘Compare health insurance’ at the number two spot reflects consumer desire to shop around for the best plan. Successful ads, such as the one below from Comparethemarket, showcase their range of providers and policies with an aim to win the most clicks.
Also in the top 5 search terms, we see ‘cheap health insurance,’ confirming a market that is driven by price, especially at this sensitive time when premiums are increasing by twice as much as wage growth.
It’s interesting to see that the Google auction is also dominated by comparison websites for this search term, and ad copy uses comparison language as the hook.
Paid Ads, Desktop, Share of Clicks, Health Insurance, 06/02/2018-08/03/2018
Up until the beginning of March, iSelect have remained the dominant advertisers on desktop for health insurance search terms, closely followed by Bupa.
As health insurance search queries begin to rise in March, as seen in the Google Trends graph above, iSelect start to lose their market share to Comparethemarket, Bupa and Choosi.
Paid Ads, Mobile, Share of Clicks, Health Insurance, 06/02/2018-08/03/2018
It’s a similar story on mobile, where Comparethemarket and Bupa start to disrupt the auction but iSelect do manage to fight back and cling on to the top spot.
With a rise in search volume over the next few weeks as more people look to change providers, how are you adjusting your strategy to win new customers?
Understanding where your competitors find success can help you to focus your own campaigns and to capitalize on gaps in the market. When there is everything to play for, it’s important to hold onto market share and maintain your visibility in the SERP.
Want to know more about your competitive landscape? Get in touch with us and uncover your Whole Market View.