At the end of my last post, I mentioned the need for data-led marketing to help you launch and scale new products. But I believe that in order to achieve real growth, insurance companies need to do even more with their marketing. To become truly relevant and deliver meaningful experiences for customers, they must adopt a continuous marketing transformation. This will require a more holistic approach to marketing – one that is centered on the experience business (BX).
What does this mean for insurance marketing organizations?
First, it requires a change in mindset, goes beyond the idea that touchpoints are where experiences begin and end. Instead, insurance companies need to think more holistically to address customer needs around a larger purpose.
At C level, managers (not just marketing managers) need to change their thinking as follows:
Growth leaders must instill customer experience thinking throughout the organization at all levels.
Second, you should do experience innovation an everyday habit. Almost 80% of BX leaders said they were very confident in their ability to link their innovations to actual business results. Maturity comes from increasing the level of – starting with feature innovations to gradually improve the experience of existing products, moving to service innovation to create new services and products, and finally to business innovation to create radical and disruptive changes. At the level of business innovation, experience innovation is embedded throughout the business.
Last, synchronize your technology, data and human agenda. A holistic view of technology investments and business models will help you maximize your return. Our research showed that 61% of BX leaders have a clear picture of which technology platforms they need to use to remain competitive and relevant. Transforming the business to eliminate silos makes it easier to streamline processes, become more cooperative and build in flexibility and agility to meet customer needs.
Transform marketing from end to end
For those in insurance marketing organizations, I recommend a transformation that focuses on three areas:
- Experience. Establish a unique brand purpose and realize it with creative concepts and marketing strategies with great impact. Engage customers everywhere with dynamic, database-driven content and a consistent brand story.
- Performance. Identify new growth areas using AI and analysis. Create a powerful marketing model. Optimize campaign and channel performance by experimenting and iterating quickly across channels.
- Efficiency. Utilize the cloud to build a future-proof digital infrastructure with a 360-degree real-time view of your customers. Quickly produce high-quality, large-scale content, with automated content customization for each market, repeated and optimized using machine learning. Run data-driven marketing and media campaigns, automated with AI to increase resource efficiency.
If you want to speed up your transformation efforts, contact me directly or read our report: Growth: It Comes Down to Experience
In my next post, I will look at how digital commerce and sales can be used to drive growth.
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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.