In parts one and two of my series on technology and marketing, I looked at how technology can help marketers meet customer expectations, and how it is bringing about a shift away from wide-net campaigns toward targeted, continual interactions. In this third and final part, I will offer some suggestions as to how to bring it all together while keeping the customer front and center with personalized service.
Marketing platforms like Marketo and Salesforce can help businesses drive sales and improve customer interactions. Marketo provides a platform and capabilities to support marketing operations by enabling businesses to track, generate and measure leads throughout the buying cycle. Salesforce helps companies make the most of every customer interaction, creating personalized, cross-channel customer journeys that deliver brand experiences across email, mobile, social and the web. Some of these tools, like Salesforce Einstein, now even incorporate artificial intelligence (AI).
As well, businesses are building chat bots on Facebook Messenger and Slack to push direct messages to customers via existing platforms and services, and they’re leveraging standalone virtual assistants like Accenture’s myWizard to help employees with software testing and data analysis.
Another avenue for boosting effectiveness and efficiency of insurance marketing is Just-in-Time (JiT) marketing. This type of marketing eliminates wasteful, ineffective marketing practices, creates customer opportunities and shapes the customer experience. It focuses on using the most appropriate channels to reach in-market consumers and offering them the products and services they require at a good price.
Although JiT marketing is comparable to conventional marketing with regard to core investments and degree of digitization, JiT marketing uses different operating models. For instance, JiT marketers do not isolate their digital marketing efforts from the rest of the marketing organization. Instead of setting up separate dedicated teams for mobile, social, analytics or the digital customer experience, they unify their digital and strategic initiatives and execution.
For this integration to be successful, marketing operating models must include an appropriate mix of digital and analytical skills. JiT marketers embed people with such skills in all of their marketing teams, regardless of focus. JiT marketers also make digital and analytics capabilities available in all of their marketing strategies and programs. In addition, JiT chief marketing officers (CMOs) form collaborative relationships with chief information officers (CIOs).
To adopt a JiT marketing approach:
- Analytics and digital capabilities must be integrated into all functions of marketing.
- Marketing and sales strategies must be coordinated geographically and across all channels.
- Marketing must help shape and inform the technology spend.
In summary, insurer CMOs will need to take the lead in reshaping marketing practices. With a high performing operating model and the new digital marketing capabilities working together, organizations can achieve personalized customer experiences. We have never been closer—and technology applied the right way will get us there.
To learn more, register to download the report: Bolstering the Effectiveness and Efficiency of Your Insurance Marketing Strategy.