Best Practices in Marketing Strategies
To find current (2020) best practices in marketing strategies for insurance companies in order to innovate the marketing strategy of an insurance company and attract the consumers.
Updated Buyer Personas
- It is very important to ensure that a company's marketing efforts resonates with their ideal customers. An insurance company should have an up-to-date outline of different types of consumers for their insurance offerings. This would provide the foundation for implementing the most important digital marketing tactics.
- Online visitors can be retained if they are encouraged to take further action while visiting a website. Using lead magnets is one way of achieving this. Through lead magnets, visitors are prompted to give their contact information in order to receive something valuable.
Examples of lead magnets include reports, courses, webinars, and other valuable content.
Listen to Your Customers
- Most insurance companies still get significant portions of their new leads from referrals. And that cuts across all generations, "including much-desired (and underinsured) millennials".
Also, an insurance company can add more credibility to its brand by being listed on a reputable review site.
- According to the National Association of Insurance Commissioners, 79% of consumers get referrals from family and friends when searching for insurance products, 65% ask social acquaintances and colleagues, and 88% trust online reviews as much as personal referrals.
The company built a robust online presence to provide information, engage, and help consumers' understanding of the success stories of other people in health-related issues. Aetna measure the success of this strategy by viewing the actions inspired through the content and analyzing the claims data. The company tracks leads that are obtained when people contact them to learn more about their product offerings.
Proposed next steps:
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We would propose continued research to find additional 5-7 current (2020) best practices in marketing strategies for insurance companies. For each, we would provide a brief description of the best practice, why it is a best practice, and how an insurance company can implement it to attract consumers.
We also propose continued research to find additional 2-3 case studies of successful implementation of marketing strategies by insurance companies. This would include an overview of the marketing strategies used and metrics of success.