December, 20209 To better understand your customers' motivations and buying habits, you can leverage a customer intelligence platform to quantify and analyse your customers' spending habits based on demographics, analytics, and data mining. Relying on an organized and actionable collection of customer data (customer intelligence) is important to understanding the motivation of a particular group of customers and driving higher ROI from your marketing campaigns.Internally, this customer data can be generated through customer interactions, whether online through browsing histories or in person at different touchpoints. Externally, data can be gathered through several different sources, falling into one of these three categories:· Personal demographics: Age, income level, debt level, educational profile, marital status, etc.· Geographic demographics: Rural areas, big cities, small towns, etc.· Attitudinal data: Survey results, contact centres, reviews, etc.· Situational customer data: Location, time of engagement, and device type.4. Marketing in the Digital WorldTraditional methods of digital distribution may help but will not gain a lot of traction in the consumer society. Enterprises should look at different elements of digital marketing to connect with the digital mobile social consumers.· Video on-demand in-demand· Social media influencers· Social media stories, themes· Content marketingThe crux is to integrate marketing activities into customer lifecycle. Given the way the complexity of marketing and digital marketing has increased, techniques like customer journey mapping for different personas are increasing in importance to help define the most relevant communications and experiences for different touch-points in the customer journey.Reach > Display, Search, PPC, SEO, Content MarketingEngage > Campaign, Offers, Lead Nurturing, Marketing automationConvert > Remarketing, Personalization, CRO5. Measure successNothing better than understanding if the hard work has paid off, which would mean measuring the customer satisfaction levels. There are 3 different KPIs which needs to be measured:Net Promoter Score (NPS) ­ it is a measure of how many customers would recommend (promote) your brand to others. More customers promoting product or service would mean positive score. Customer referral scheme would be a handy way to push the NPS score into the positive zoneOverall satisfaction Index ­ it can be percentile, points or index based rating, wherein you would be able to measure the overall satisfaction (either for offered products or services) has done compared to last the periods. Example, if the satisfaction index has dropped 10% on the claims efficiency, which would mean claims administration process is not efficient and it needs radical customer focus or transformation.Brand Equity ­ it is also a handy measurement to understand how the overall brand has done compared to the competition or historically. Example, if the brand equity research (generally done by the third-party) has shown result that the score has increased from 78% to 85%, which would mean that more people are aware of the product or services being offered.6. Finish off with a surveyCustomer is generally pissed when going through a "canned survey" ­ it's boring, mundane and create no value-add for his time. Key fundamentals of a great survey are:· Be crisp and ask about specific question, rather than throwing platter of questions· Don't project or force organization's point of view· Use ready-made choices· Complete the survey in less than a minute· Send the overall survey results in due course ­ don't just collect and forget to send the resultsThere are great tools available in the market to conduct fly-based surveys, wherein the survey can be initiated in matter of minutes and results can be auto-distributed to the participants. It is not a bad idea to throw some brownies (loyalty points) for customer to invest the time during the survey.The Next StepThe era of consumer engagement in insurance is well underway, and now is the time to seize this exciting growth opportunity. Winners will be those who best connect products and services with the needs of consumers and make the insurance buying experience as natural and smooth as possible. How do you get there? Shashank Singh
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