Other parts of this series:
In the wake of this trend toward accelerated competitive obsolescence, it is not at all surprising that customers’ brand loyalty is waning: According to Accenture Interactive research, 56 percent of consumers report that the number of brands they consider before making a purchase has increased significantly over the last decade.
In addition, nearly half (46 percent) of consumers say they are more likely to switch providers today than they were a decade ago.
These findings indicate that consumers have grown accustomed to the newer, differentiated, customized and cheaper offerings that the transformed market is making available.
What is going to put a stop to this waning customer loyalty; and how can insurers continue to attract and retain customers in the increasingly competitive marketplace? A new Accenture survey of 532 chief marketing officers (CMOs) pointed to some answers.
An overwhelming majority (89 percent) of the high-growth companies that participated in the survey had one thing in common: focusing on the customer experience by turning to just-in-time (JiT) marketing strategies.
What’s more, 69 percent of these high-growth companies reported that they prioritized investment in the customer experience. Low-growth participants, on the other hand, reported lower numbers on both counts: Only 60 percent focus on the customer experience and less than half (40 percent) prioritize investing in it.
The survey found that JiT marketers outperform their peers with regard to three key skills:
- More customer knowledge,
- Better channel capabilities,
- Greater marketing agility.
In order to win back customer loyalty, insurance marketers need to learn more about their customers. They need to create new customer opportunities across multiple channels. It’s up to insurer CMOs to take a leadership role within their organizations to shape the customer experience required in the digital age.
To learn more, register to download the report: Bolstering the effectiveness and efficiency of your insurance marketing strategy