How do you get started on the path to establishing ROI?
To create the customer journey we must use consumer data to build and insure how the customer will act at each stage of his insurance life cycle. Insurance marketers are still in The early stages of understanding the internet and all that it means. We need to be positioned with innovative products, distribution methods, partnerships, and omnichannel marketing to take affinity marketing to the next level. Create and build trust with your target audience and establish an emotional connection with consumers. Educate and create curiosity thru social media to get all ages out of their seats and engaging g with your brand. Tell a cohesive story across all media channels so your customers can like it tweet it and be your brand ambassadors. Humanize the relationship. Walt Disney said it best: “…we must keep moving forward opening new doors and doing new things because we are curious and curiosity keeps leading us down new paths…”
To that point, I spoke at this years PIMA Mid Year Meeting and enjoyed participating in a Q&A session, the content of which I will share with you in a serialized manner, over the coming weeks.
Moderator: How do you get started on the path to establishing ROI?
ADREA: To get started on the path, there are 4 Ps of Marketing to consider:
People– recruit, educate talent whose work will support customer engagement.
Processes-develop and refine internal workflow and informational feedback internally and to key partners
Platforms-to have a continuous customer dialogue with technology. Analytics, campaign, data and content management, are critical
Partners – 3rd party solution providers are critical to a successful multichannel campaign. They consult on creative, best practices, database mgmt, data procurement, and analytics. Analytics and technology are important tools when establishing ROI. As we have mentioned, internal resources are often the first challenge to overcome when creating an omni channel campaign. Lead attribution is critical to measure any success and establishing ROI. Each carrier needs to identify and understand what your resources will allow. You need to determine what can be done internally vs. what you will need help with from third party sources.
Our experience has shown that many insurance carriers do not have the internal tools to properly measure cross-channel attribution. In addition to the systems, internal relationships will need to be solidified. How the different internal groups work together is as important as any technology or marketing efforts. Together, the internal groups must establish what each channel is expected to contribute and what the measurements are, including contribution vs. expense, lead generation vs. sold policies, and type of policy and benefit level. It is also important to make sure that the messaging used in each channel is appropriate to the media and is cohesive across the entire campaign. The right message will create better sales, response, lifetime value and persistency. The responsibility of measurement, and success, falls within the carrier – not the affinity group. Creating tracking tools, such as unique phone numbers, URLS and other methods of response are critical for any campaign.
For a carrier to be truly omnichannel in the affinity space, they must plan, execute, measure and optimize thru every consumer touch point. Sell and service the customer or prospect no matter what the channel is.