Insurance marketing is one of the most challenging jobs. Marketing professionals have to face different challenges while doing their core job. These challenges include creating demand, accurate segment targeting, getting leads of prospectus customers, converting sales pitches into successful sales, retaining existing clients, and satisfying them.
Insurance companies mostly use an integration model consisting of insurance companies and other financial institutions like banks. This integration model makes marketing campaigns more complicated and challenging for marketing staff. The product’s further nature, i.e. Insurance and its intangible benefits, make it more complex for customers to understand.
What is Marketing Strategy?
A marketing strategy is a set of methods designed to achieve desired marketing goals in the long term. Marketing strategy consists of short-term tactics and plans to drive long-term goals.
Insurance marketing aims to sell insurance policies by pitching the target audience. If the insurance company is new in the market, it will be difficult for the company to get access to target customers through conventional marketing tactics. Further, traditional marketing is expensive and resource-intensive. The insurance company has to face all these challenges irrespective of how beneficial the products are for customers. Brand awareness is the first step in selling your product to the target audience, and this becomes more difficult in the case of Insurance because the final product is intangible, and its benefits are also future-based.
Top Innovative Insurance Marketing Tactics:
Before developing marketing tactics and strategies, the first and foremost requirement is to create an online website enabling prospective customers to interact with the insurance company directly, allowing them to get necessary information about the company, its products, and unique selling propositions. The website must be user-friendly, informative, and concise based on predesigned marketing strategies. It enhances the user experience and plays a vital role in brand image building. You need to develop a strategy to target the right audience based on their needs, geographical position, gender, and preferences.
Promote your Social Content
Social media is an effective and robust channel to connect with existing and prospective customers with emotional factors. It consists of posts/ small advertisements that establish an understanding of insurance products. It creates a sense that Insurance is about something other than claims and policies. Social media provides educational and financial assistance, protects your valuable assets in case of accidental loss, and offers top-notch medical facilities to its customers.
Online Reputation Management
As online platforms evolve, online selling also changes and provides refined solutions to customers before they purchase, either online or offline. Customers heavily depend on online reviews of products and services before deciding. You may adopt a reputation management strategy to develop strong data based on positive reviews about your brand and products across all online platforms where you exist. It also helps in addressing the negative reviews on these platforms.
Online Chat Service
Often, customers need assistance or have queries regarding products and services. As per different human behaviors, some customers prefer to seek help through chatting instead of making phone calls. Further talking is a quick way where a customer doesn’t need to wait in a queue to wait for his turn. Adding Chat Service on your website and other social media platforms provides an instant response to customer queries and reservations 24/7.
Video marketing is one of the most powerful marketing tools. People prefer to watch videos on social media instead of reading long articles about product features and benefits. A customized short video about a product is more effective and result-driven. Create video content to answer the customers’ general queries, eliminate prevalent misconceptions about your products, and share the experiences of existing customers.
Reduction of CPC Through Remarketing
In paid searches, Insurance-related terms are among the most expensive keywords. Developing a strategy based on a remarketing campaign instead of a paid search will help you reduce your paid search budget. Remarketing offers higher conversational rates and costs less. It comes with more customer reach and a limited budget.
Multiple social platforms are available, and campaigns are run across all platforms simultaneously. However, platform selection is based on target audience, budget, and many other factors.
E-mail Automation and Customer Retention
After converting the prospectus into a customer, the next project is to retain the customer and enhance satisfaction through product features and services. Continued customer engagement plays a vital role in customer retention and provides the customer with a sense of superiority.
The e-mail automation system is one of the effective strategies for engaging with the customer. It helps in customer retention and offers cross-selling opportunities for the company.
Optimize for Mobile Devices
Mobiles are the primary devices used for online shopping across the globe. More than 80% of online shoppers purchase through their mobile phone devices. Insurance companies must ensure that their websites are optimized for mobile phones.
You must develop a website that is easily accessible through mobile phone devices, and the response to the website or page must be quick.
Customized Mobile App Development
As online selling and marketing evolve, most companies are developing Mobile Apps for their customers to increase their access to products and services. It’s also a great way to increase the customer engagement.
It offers the company and customers one platform where the company and customer can connect in a customized and personalized way. It takes the customer’s connectivity to the next level and helps cross-selling the products.
Insurance companies use different marketing strategies to cope with the marketing challenges. In this challenging environment, a bundle of digital marketing tools is available for marketing professionals, which helps them create demand and target those segments effectively. The use of these digital marketing tools ensures returns with limited marketing budgets. Digital marketing includes strategy development, market analysis, data analysis, and the evolving nature of marketing tools. The marketing team needs professional expertise to use these tactical tools effectively, which leads to the desired results.