The linear sales funnel is giving way to a cycle as customers continually gather information, consider purchases, and use and evaluate services. Accordingly, insurers need new strategies for marketing. Instead of reaching as many people as possible to buy and use a product, insurers need to connect with individuals to create meaningful, personalized and ongoing interactions: engagement marketing.
Connect with customers, don’t market at them
Engagement marketing is about targeted, relevant offers—delivered through the right channel at the right time. Being relevant to a target customer requires insurers to assess their capabilities across three key dimensions:
- Know the customer. Insurers should look beyond demographic data. For example, what is the target customer’s definition of value? Price is a powerful motivator, but to the right customer, convenience, service and coverage may be worth paying a slightly higher premium.
- Reach the customer. Tailored, relevant messaging is key. Insurers must not only understand what a customer needs (for example, homeowner’s insurance or renter’s insurance?) but also the channels they prefer to use (local agent, direct channel, mobile web, or call center?).
- Deliver a differentiated customer experience. Today’s customers expect an omni-channel experience—the ability to interact with an insurer on one channel and pick it up with another, and to have a seamless experience as they do so.
In addition to these capabilities, insurers need three key enablers of engagement marketing: data and analytics, marketing automation platforms and empowered front-line workers. Join me over the next two weeks as I explore these enablers in more detail.
- Read “Engagement Marketing in Insurance Report: Cultivating Customer Loyalty (PDF)“
- Email me to discuss how Accenture can help you connect with customers and foster long-term relationships.