Insurance companies are striving to optimize their digital customer engagement initiatives with the help of digital marketing tools. However, any conversation about improving digital customer acquisition or driving cost savings or instant ROI from marketing, is incomplete without talking about improvements in the foundation of digital marketing.
This foundation revolves around the customer and marketers need to appreciate the changes in customer behavior before they set out trying to market to them. Digital, or otherwise, insurance marketers are increasingly aware that every customer today is an individual with ‘no set pattern’ preferences, behavior and expectations. And therefore, the foundation of digital marketing for insurance must be based on a customer-centric approach.
Honoring this approach that drives leading brands to furnish tailored experiences and content to their buyers, I’d like to reveal a few stirring facts about modern marketing techniques used by marketers at leading insurance companies.
When talking about customer attainment, of the top performers in B2B, today, 69% use marketing automation for customer acquisition and 50% for customer retention. Why do you think more and more marketers are drifting towards automation?
Frankly, as a marketer, having a dip in revenue worth even a bleak percent would leave me in distress. Considering customers’ expectations, changing preferences and general ADHD on digital, delivery of personalized messages that resonate with each audience segment is vital to engaging customers and building business relationships. This is where marketing automation comes into play.
A recent Bain Study identifies that while most insurance companies are investing in technology, they are still pursuing a string of unconnected initiatives layered onto a legacy Information Technology (IT) system and a traditional mindset. However, the crux lies in – change is not just about technology, your thinking plays an equal part in implementing digital marketing transformation.
When surveyed, marketers that use marketing automation say that the biggest benefits are the time savings (74%), increased customer engagement (68%), timely communications (58%) and increased opportunities including up-selling (58%).
A customer looking to buy an insurance product today is likely to use multiple channels to seek the best option that meets needs. As this customer engages digitally across many devices and channels, her experience at every touchpoint needs to be relevant. If an insurance marketer ensures creation and delivery of highly effective brand communications and tailored offers to such a customer across channels, it will help in no measure in differentiation and recognition.
The takeaway here is that customers do and will continue to value personal interaction and expert advice in the form of marketing offers and content across digital channels, especially for matters such as complex commercial and life and health risks. Marketing automation platforms provide marketers with the means to achieve this.