Mastering Digital Marketing – Cognizant Whitepaper
Article Synopsis :
In the digital world, carriers must learn how to be heard above the noise, converting (costly) brand awareness campaigns into contextually relevant customer interactions and, ultimately, transactions. Digital marketing is on the rise due to the deepening influence of technology on customers purchasing behavior. How can insurers tackle this issue? How should they strategize and which pitfalls must they avoid while re-imagining their overall marketing strategy?
“The New Insurance Imperative: Mastering Digital Marketing,” from Cognizant explores the expanding role of digital marketing, from its unique place in the marketing mix through its larger impact on Chief Marketing Officer (CMO)-level marketing strategy.
Digital influences all aspects of the insurance value chain. The customer journey is no longer linear, hence marketing has shifted from a traditional sales funnel to a dynamic customer model. Factors such as “top of mind awareness” play a very important role in insurance purchases. So insurers must focus on creating awareness through all stages of the research, quote, and repurchase cycle.
|Based on a Rocket Fuel survey, auto and life insurers can generate better ROI from marketing programs by shifting budget to digital, which is currently under-utilized by most providers.|
The first step is for marketing teams to understand how digital marketing can be integrated into existing channel strategies. Once this is done, steps are then taken to transform people, processes, metrics and technology.
The role of the CMO is also changing with increasing demand for marketing involvement across the value chain as well as organizational functions. This has resulted in the proliferation of new roles such as Chief Digital Officer and Chief Customer Experience Manager. Cross-collaboration across C-levels helps develop business intelligence which typically translates to better decisions.
|According to a survey by cross-channel marketing company Signal, 96% of marketers said a fully integrated marketing technology platform would help them reach their goals; 88% said it was crucial for driving innovation.|
The top focus areas for digital marketers striving to build personalized marketing content include:
- Build a brand that resonates with customers, invokes positive associations and converts customers into strong brand advocates. This can be done by leveraging insights from different data sources and designing integrated service experiences.
- Enter new markets and capture new customer segments by designing integrated experiences spanning the customer journey, with content developed accordingly.
- Improve lead conversion, drive cross-sell/ up sell.
- Build customer engagement and drive customer satisfaction with the help of new digital channels such as interactive videos, virtual reality and IoT.
New metrics such as return-on-engagement and return-on-experience are designed to track the effectiveness of marketing campaigns and their impact on customer relationships.
The future of digital marketing is dynamic, owing to advancements in technology and technology adoption. Investments in infrastructure and talent are a must when you consider the payoffs include increased revenues, stronger customer loyalty and better customer engagement.
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Digital Insurer's CommentsThe digital revolution means how you reach your audience has changed forever and is also forever changing.
Insurers need to re-imagine, and in some cases completely overhaul, their marketing strategy, thinking not only about digital today but how to sustain and flourish in an increasingly connected and digital-driven tomorrow. In our view Chief Marketing Officers should be asking themselves three questions:
- Are we focused and targeted in real-time?
- Where are our customers and how do we get there?
- From idea to execution takes us how long? How can we shorten this?
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