Other parts of this series:
In my previous post, I talked about how technology can help marketers deliver market strategy and meet customer expectations with more speed and agility. Yet, there are plenty of vital changes businesses have to make that are unrelated to the technology itself—marketers are being asked to adopt a new pace of operations, new processes and new ways of making decisions. In essence, the transformation of marketing into a more effective, technology-driven discipline requires a reorientation of marketing operations.
Marketers have much to gain from the technological advances that have emerged in recent years. In particular, marketers have the opportunity to reach customers more precisely and efficiently with digital tools and capabilities, such as:
- Social media.
- Advanced data and analytics.
- Mobile platforms.
- Connected devices enabled through the Internet of Things (IoT).
Accenture research has confirmed that the customer experience is central to how marketing organizations can differentiate themselves. But while 74 percent of surveyed insurance chief marketing officers (CMOs) consider it essential or very important to deliver an effective customer experience, only 64 percent believe they are doing it well.
How can marketers win in this dynamic, customer-driven world? It is key to connect with individual customers, create meaningful interactions based on customer preferences and behaviors, and interact continually with customers over time through a process we have termed engagement marketing. The ultimate goal here is a shift from wide-net campaigns toward targeted, continual interactions that drive long-term loyalty. Effective engagement marketing requires organizations to:
- Understand their customers with a high degree of certainty that can be achieved with advanced data and analytics.
- Identify specific customer segments and develop targeted campaigns and messaging to reach these segments.
- Create a distinctive customer experience for each segment by not only tailoring messages, but enabling a consistent, seamless omni-channel experience.
Advances in digital technology have caused the insurance landscape to evolve in various areas from customer expectations to channel choice. Marketers must come to terms with a digital future focused on engagement marketing to drive differentiation through the customer experience. Using engagement marketing strategies allows us to offer personalized, relevant messages to target customer segments on a continual basis.
To learn more, read our latest thinking on Marketing
In my next post, I will take a look at how we can adapt the long-term vision and practice of marketing in light of technological advancements.