Other parts of this series:
According to a new Accenture survey, a growing number of insurance chief marketing officers (CMOs) feel they are falling short of meeting their carriers’ growth objectives. Only 53 percent of insurance marketing executives—less than in any other surveyed industry—felt assured they could meet the performance objectives of their organizations.
Accenture’s 2016 marketing survey also found that only about one-third—36 percent—of insurance marketing executives were very satisfied with the value-for-money of their marketing efforts.
Most striking, however, is the survey finding which revealed only one in 10 insurance CMOs believe they are exceeding customer expectations.
In the first two parts of this series, we discussed how just-in-time (JiT) marketers are showing better results in the customer experience by delivering the right messages at the right times.
What is interesting is that JiT marketers’ capabilities are not a function of spending more on analytics or digital than their peers. Indeed, Accenture research shows that both groups spend 25 percent of their marketing budgets on analytics.
What’s more, while both are expected to increase their analytics budget allocations over the next three years, JiT marketers expect to increase their commitment slightly less.
Their biggest strength is integration: They unify their digital and traditional strategic initiatives and execution. Fifty-eight percent of JiT marketers described their digital and traditional marketing initiatives as “very highly integrated,” while only 19 percent of their peers using conventional marketing practices reported the same.
Insurance CMOs need to take that lesson to heart: Instead of wasting money on marketing investments that do not yield the desired results, they need to integrate all efforts for a balanced, customer-centric operating model.
Embedding digital analytics capabilities throughout the organization; leveraging centers of excellence for digital analytics and skills; and independently choosing and investing in IT solutions are just some of the ways insurer CMOs can move toward that integrated model.
To learn more, register to download the report: Bolstering the effectiveness and efficiency of your insurance marketing strategy