Other parts of this series:
Traditionally, insurance chief marketing officers (CMOs) practiced conventional marketing tenets, which encouraged greater investments to achieve the most effective growth results for their carriers.
Yet, according to new Accenture research, only about half of insurer CMOs believe they can meet the growth objectives of their carriers, and only about one-third are satisfied with the value-for-money of their marketing efforts.
By contrast, Accenture’s cross-industry survey revealed that the companies of just-in-time (JiT) marketers were at least three times likelier than others to realize annual growth rates of at least 26 percent.
JiT marketers are distinguished from their peers by their use of actionable consumer data to deliver tailored value propositions to in-market consumers using the optimal marketing mix for these consumers.
How do JiT marketers achieve this, and the accompanying growth rates? With three core strategies: 1) By eliminating wasteful and ineffective marketing practices; 2) Creating customer opportunities; and 3) Shaping the customer experience.
In order to deliver a similarly healthy growth rate to their carriers, insurer CMOs need to move beyond the conventional marketing tenets that guided the industry in the past.
Here is what CMOs in the insurance industry can learn from their successful JiT marketer peers:
- Focus on the right kind of investment tradeoffs;
- Use the most appropriate channels to reach customers;
- Take a leadership role within the enterprise to shape the overall customer experience.
Accenture research shows that among JiT marketers across all industries worldwide, more than 60 percent are very satisfied with their ability to target only in-market customers. A similar number are very satisfied with their ability to deliver the right message at the right time. In comparison, approximately 40 percent of non-JiT marketers globally feel very satisfied on both counts. Looking specifically at insurance marketers, the findings are similar.
In the evolving digital landscape, the JiT approach helps marketers provide a superior consumer experience and exceed consumers’ demands. It’s time for CMOs in the insurance industry to seize the opportunities JiT strategies provide in order to bolster growth for their carriers in a digital age.
In the next part of this series, we will talk about the evolution of the insurance consumer marketplace and how just-in-time marketing techniques can help navigate the changing landscape.
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