Marketing Automation is basically a software that empowers companies with increased operational efficiency and can potentially contribute to revenue growth by streamlining and measuring marketing tasks and workflows. In other words, creating an efficient and agile marketing machine that otherwise would have required extensive human effort is what marketing automation is typically required for. However, there is much more to marketing automation, especially in the context of insurance marketing.
If one were to analyze the lifecycle of an insurance end customer, it is not hard to decipher that the end customer needs to be nurtured and engaged through each stage of the lifecycle – whether it is early evaluation of an insurance product or comparison between similar products. Because of the general implosion of digital content and devices, it is tough enough to get customers’ attention in a ‘tough as nuts’, competitive industry. However, a customer looking for personalized, 1:1 targeted communication will naturally get wooed by a marketer who can provide that. Now, how does a marketer achieve this? With the help of marketing automation that can drive the definition, scheduling, segmentation and tracking of ‘relevant’ marketing campaigns to the ‘relevant’ prospect/customer at the ‘relevant’ stage of a customer’s lifecycle.
The keywords here are ‘relevance’, agility of communication, a repeatable process and consistent standard messaging/offers/content.
According to a 2014-15 Global Consumer Insurance Survey, only 14% customers seemed satisfied with current outbound communications from insurers. 36% of customers would consider using email, 23% a mobile app and 20% video tutorials and guides for a range of interactions including seeking general information about a new or existing policy, asking for financial advice, checking on a claim and renewal or cancellation of existing policies.
The message is loud and clear for insurance marketers. They need to categorize engagement basis customer preferences and they need to have the right tools enabling them in order to deliver the right content to the right customer at the right time.
Marketing automation not only provides marketers with the ability to deliver content but also do so in near real time or pre-scheduled times. Further, it allows marketers to segment – both the audience and the content/offer to be sent. Most importantly, it sets up insurance marketing to scale up and be super-efficient.
Marketing automation links multiple touchpoints and media including social, email marketing and content marketing and one of the core goals of this technology lies in nurturing prospects for the long-term, which means focusing on goals beyond direct sales such as deeper engagement with customers.