Facing Marketing Challenges In The Insurance World Today
With a fast changing world, regulatory developments that never seem to end and interest rate risks, the insurance industry is facing enough challenges - Marketing shouldn’t be one of them. So as the role of marketer continues to expand, let’s lay out 5 ways to come to grips with the marketing challenges vexing the insurance world today.
1. Embrace the new and let go of the old.
It’s the age of the Millennial and adapting to technology is no longer optional. If you want to remain relevant you need to have a strong online presence. Research shows that in addition to your website 84% of people expect your business to be on Facebook (95% of Millennials have this expectation).
Your clients assume their online experience mirrors the offline experience, so ensuring their online experience is positive is extremely important.According to Ryan Hanley, Vice President of Marketing at TrustedChoice.com and the Managing Editor of Agency Nation, “Consistency between online and offline experience builds trust with clients researching your agency.”
Incorporating online tools and features that make doing business easier (like online policy management, mobile apps, and eSignatures) will increase your client retention.
2. Know your target audience.
It may seem much easier to send a blanket message to everyone, but in reality you’re causing yourself more work and reaping fewer rewards. Your message doesn’t apply to everyone and you’ll end up losing over half of your audience when you do this. Don’t miss a prime opportunity to truly sell your product to those who want to hear your message.
With the tools available today, like data management systems, variable data composition software and improvements to analytics you can easily develop a more complete picture of your target customer and tailor a personalized message accordingly. If you target your audience you’ll get a much greater return on your marketing investment.
3. Customize your content.
Once you get to know your target market, you can start creating customized content that speaks directly to that market. We know that personalized content drives response rates higher than their generic counterparts. How much higher you ask?
Well, research shows that clients expect personalization at every step of their buying experience. About 75% of people say they’re frustrated with content that isn’t specific to them or their interests. And according to the Aberdeen Group, personalized emails result in a 14% increase in clickthrough rates and a 10% increase in conversion rates. Those stats translate to a big boost in sales. Personalized content yields a 20% increase in sales.
4. Increase time to market.
Utilizing tools like process automation and omnichannel marketing can help speed up the sales process. When you provide your clients and prospects with a seamless online and offline experience plus deliver personalized messages in a format they prefer, like email, social media, mobile or print – response rates will rise and revenue will increase more quickly.
In fact, research shows that without omnichannel strategies in place, 56% of clients will not continue to do business with you on average. Companies that utilize omnichannel marketing retain 89% of their clients. And if those numbers weren’t compelling enough, further research tells us that companies with strong omnichannel client engagement see a 9.5% year-over-year increase in annual revenue, compared to 3.4% for weak omnichannel companies. Similarly, strong omnichannel companies see a 7.5% year-over-year decrease in cost per contact, compared to a 0.2% year-over-year decrease for weak companies.
With the communication process streamlined and personalized, you save time and energy allowing you to both strengthen and shorten your sales process.
5. Keep compliance in mind.
As an insurance marketer, you can’t just create engaging content. In this industry you have to be sure the content you produce meets compliance standards. Failing at this not only damages your clients’ trust; it can lead to a slew of legal troubles for your company.
According to the Harvard Business Review, the best ways to maneuver marketing in a regulated industry include:
- Getting executive buy in.
- Setting up the right processes and resources.
- Partnering with your legal department.
- Having a strategy for sharing content, not just creating it.
There are also tools you can put in place, like content management solutions, that can make compliance a lot easier by applying the required regulations and guidelines to your branded templates. With automated processes in place, you can spend more time focusing on your brilliant content and less time sweating over rigid regulations.
To learn more about getting the most out of your marketing and communication strategy, contact us today!