Other parts of this series:
In the first two parts of this series, we looked at how conventional marketing tenets are becoming increasingly outdated in today’s digital insurance consumer marketplace.
We also highlighted the findings of the recent Accenture research that shows how just-in-time (JiT) marketers across all industries help enterprises reach their growth goals by engaging only in-market consumers with relevant messages. This significantly reduces the substantial waste and ineffectiveness common in conventional marketing. Those hidden values add up to a sustainable competitive advantage.
To build this marketplace advantage, the time has come for insurer chief marketing officers (CMOs) to implement a JiT approach. Here are the six key steps to building a new marketing model:
- Identify and invest in data platforms that will deliver the most valuable customer information.
- Use the new consumer insights to build a go-to-market approach.
- Focus on personalization and customization of content.
- Tailor content across multiple channels based on customer-specific information.
- Find partners that will help expand the insurer’s offerings to engage more meaningfully with customers.
- Integrate all efforts within the organization for a balanced customer-centric operating model.
In order to fully support a shift to JiT marketing, the Accenture report outlined further steps for how insurers should implement an integrated and balanced customer-centric operating model:
- Balance efforts between your product offerings and the customer. While focusing on the tailored solutions that address customers’ needs, passions and interests in a contextually relevant manner, you should continue to track the evolution and competitiveness of your products and services.
- Make sure your go-to-market strategy extends from demand generation to closing the sale. Insurers typically develop and manage marketing and sales strategies in silos.
- Develop a more geographically focused strategy. These programs should be coordinated and aligned at the national, regional, and local levels. Ensure your broader national marketing efforts support your local marketing programs.
- Integrate your sales and marketing channels and avoid executing digital marketing efforts outside of the marketing function, which lead to sub-optimal performance and higher costs.
Companies in various industries across the globe have generated far greater growth than their peers by adopting a JiT marketing approach. By following the steps outlined above, insurers can, too.
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