A presentation on financial services distribution models (with an emphasis on Bancassurance and Life Insurance) that I gave a little while ago in Thailand. I\'m happy to discuss if any one is interested.
BMW introduced the MINI Cooper into the US market with a small budget and staff, facing competition from SUV sales. They broke from traditional auto advertising by mounting MINIs on SUVs in 22 cities as part of an integrated "Let's Motor" campaign using unconventional media. The campaign was a success, growing brand awareness from 2% to 53% of US consumers and exceeding sales projections by over 80%.
The document discusses strategic vs tactical decisions and competitive advantages in business. It explains that strategic decisions are made by top management and involve long-term planning around key questions of what business to be in and how to develop competencies. Tactical decisions are operational and focus on short-term goals. Competitive advantages can come from supply advantages like proprietary technology, demand advantages like customer loyalty, or economies of scale that lower costs as production increases. Barriers to entry like brand loyalty or switching costs help companies maintain advantages.
Hanging on: A new look at commercial insurance customer retentionAccenture Insurance
Core market strategies around consistent underwriting risk appetite and pricing are critical drivers of high customer retention. But in themselves they are not sufficient to achieve strong retention. Instead, carriers need to define and execute a dedicated strategy that includes four distinct areas: distribution management, customer stickiness, the renewal experience and M&A responses.
The document discusses how direct mail marketing can be an effective strategy during economic downturns. It notes that direct mail is affordable, flexible, and targetable. It allows marketers to scale down budgets while still maintaining reach. Direct mail also enables measurable results through tools like promotional offers, coupons, and the ability to test different campaigns. The document recommends that during recessions, companies should not decrease their direct mail efforts but instead send higher quality, more relevant direct mail pieces to connect with consumers who are more price conscious and hesitant to purchase.
The document provides a direct marketing plan for the American Cancer Society to increase donations. It recommends focusing efforts on current members through tactics like email, mail, social media, and web personalization to activate non-donors and reactivate past donors. For new members, it suggests acquiring customers through email, mail, social media, SEO, and mobile then activating their donations. Key tactics include targeted messages, personalized experiences, and micro-donations. The plan outlines communication calendars, budgets, and metrics to measure success.
This presentation shall help you with the basics of the Direct Marketing to boost Revenue. As a management faculty this presentation was prepared for academic purposes having practical insights.
How to measure your customer experienceDanielaGuido
TeleFaction offers companies tools to increase customer satisfaction, loyalty, and sales through real-time customized feedback. They listen to customers to understand their experiences. The presentation discusses why managing customer experiences is important, compares customer experience management to customer relationship management, and provides a case study of how Danske Bank uses feedback to improve customer satisfaction. It also provides tips on how to successfully manage customer experiences.
This document discusses promoting a business cost effectively through strategic marketing. It emphasizes the importance of understanding customers' needs and motivations for buying. Traditional marketing theories may no longer be effective due to factors like increased choice and less time. Instead, marketing should focus on relevant customer conversations and aligning communications with the customer's buying cycle. The document provides tools for segmentation, developing unique selling propositions, and the marketing mix (product, price, place, promotion). It stresses that differentiation now occurs through interactions with customers and that marketing messages must be customer-relevant to be effective.
BMW introduced the MINI Cooper into the US market with a small budget and staff, facing competition from SUV sales. They broke from traditional auto advertising by mounting MINIs on SUVs in 22 cities as part of an integrated "Let's Motor" campaign using unconventional media. The campaign was a success, growing brand awareness from 2% to 53% of US consumers and exceeding sales projections by over 80%.
The document discusses strategic vs tactical decisions and competitive advantages in business. It explains that strategic decisions are made by top management and involve long-term planning around key questions of what business to be in and how to develop competencies. Tactical decisions are operational and focus on short-term goals. Competitive advantages can come from supply advantages like proprietary technology, demand advantages like customer loyalty, or economies of scale that lower costs as production increases. Barriers to entry like brand loyalty or switching costs help companies maintain advantages.
Hanging on: A new look at commercial insurance customer retentionAccenture Insurance
Core market strategies around consistent underwriting risk appetite and pricing are critical drivers of high customer retention. But in themselves they are not sufficient to achieve strong retention. Instead, carriers need to define and execute a dedicated strategy that includes four distinct areas: distribution management, customer stickiness, the renewal experience and M&A responses.
The document discusses how direct mail marketing can be an effective strategy during economic downturns. It notes that direct mail is affordable, flexible, and targetable. It allows marketers to scale down budgets while still maintaining reach. Direct mail also enables measurable results through tools like promotional offers, coupons, and the ability to test different campaigns. The document recommends that during recessions, companies should not decrease their direct mail efforts but instead send higher quality, more relevant direct mail pieces to connect with consumers who are more price conscious and hesitant to purchase.
The document provides a direct marketing plan for the American Cancer Society to increase donations. It recommends focusing efforts on current members through tactics like email, mail, social media, and web personalization to activate non-donors and reactivate past donors. For new members, it suggests acquiring customers through email, mail, social media, SEO, and mobile then activating their donations. Key tactics include targeted messages, personalized experiences, and micro-donations. The plan outlines communication calendars, budgets, and metrics to measure success.
This presentation shall help you with the basics of the Direct Marketing to boost Revenue. As a management faculty this presentation was prepared for academic purposes having practical insights.
How to measure your customer experienceDanielaGuido
TeleFaction offers companies tools to increase customer satisfaction, loyalty, and sales through real-time customized feedback. They listen to customers to understand their experiences. The presentation discusses why managing customer experiences is important, compares customer experience management to customer relationship management, and provides a case study of how Danske Bank uses feedback to improve customer satisfaction. It also provides tips on how to successfully manage customer experiences.
This document discusses promoting a business cost effectively through strategic marketing. It emphasizes the importance of understanding customers' needs and motivations for buying. Traditional marketing theories may no longer be effective due to factors like increased choice and less time. Instead, marketing should focus on relevant customer conversations and aligning communications with the customer's buying cycle. The document provides tools for segmentation, developing unique selling propositions, and the marketing mix (product, price, place, promotion). It stresses that differentiation now occurs through interactions with customers and that marketing messages must be customer-relevant to be effective.
Check out this presentation from Qubit's Predict Analytics Webinar where you will learn how to use predictive analytics to solve for customer retention. Learn what predictive analytics is, and how you can utilize the data you already collect about your visitors to predict intent, and optimize the experience. Essential is being able to identify the risk factor of different users and personalize their experience to make them stay.
Today's Recruiter Must Think Like a Marketer WebinarTincup & Co.
The document provides an overview of marketing strategies that recruiters can adopt from B2B marketing. It discusses tactics like editorial calendars, direct mail, guided voicemails, lead nurturing campaigns, incomplete offers, testing marketing mixes, readership surveys, segmentation, and win/loss surveys. The discussion then focuses on making these strategies practical for recruiters by thinking of ways to enhance the candidate experience through relationship building, personalizing the candidate journey, and using data and technology to engage candidates.
This document discusses the importance of lead nurturing for B2B sales. It provides insights from a case study where a company was able to generate 37% of new customers from leads over 3 months old and 20% from leads over 1 year old through effective lead nurturing. It outlines best practices like becoming an industry expert to nurture leads, tracking marketing activities, using call scripts and emails, not wasting leads, and tracking results. It also discusses nurturing leads through different stages of the sales cycle with a combination of communications like email, telemarketing, direct mail and webcasts.
In a B2B scenario, with longer lead times, higher value outcomes and complex decision making units, telemarketing can help build the depth of relationship and
level of trust needed to take a prospect through to a sale.
UK ONLY - Our All In One Marketing System is simple but very powerful. 2 steps - Build A List And Market To The List
Call 07800 501715 for a chat to see if it can help you
5 Data-Backed Tips for Better Phone Based Sales PresentationsRebecca Matias
Up your game in phone presentations because there’s just no substitute for the convenience and efficiency that it delivers. Phone calls still plays a key role in the selling process
This document discusses seven factors that can build extreme customer loyalty: 1) Emotional Dependence, 2) Structural Dependence, 3) Business Dependence, 4) Satisfaction, 5) Performance, 6) Economic Value Proposition, and 7) Alignment and Fit. It provides examples for each factor and suggestions on how organizations can create dependence and loyalty for customers in relation to each factor. The document is published by Profiles International and authored by experts in customer loyalty.
Multichannel Retention Strategies: A Steady Diet of Low Hanging FruitVivastream
The document discusses identifying customer churn and measuring lifetime value. It provides a real-world example of an effective multi-channel retention campaign utilizing analytics and a cost-progressive channel strategy. Specifically, it describes how a wireless provider used business intelligence to target likely churn customers and employed a multi-channel strategy including text, direct mail, and calls to increase retention rates and ROI. The campaign resulted in a 5.6% reduction in churn and a 180% increase in ROI compared to a basic segmentation strategy.
50 Facts That Will Make Businesses Rethink their Customer ServiceDesk
Take a look at these cold, hard facts that might persuade you to rethink how you run your organization's customer service.
Curious about Desk.com? Download this free kit to get started: http://bit.ly/FreeCustomerServiceKit
The document discusses the evolution of customer relationship management (CRM) strategies over time, including targeted marketing, database marketing, event-driven marketing, and loyalty and retention programs. It then defines CRM as an integrated business strategy focused on acquiring, retaining, and growing profitable customer relationships through coordinated policies, processes, technology, and people. The key aspects of a successful CRM program are also outlined.
Direct marketing involves using media like direct mail, telemarketing, and the internet to directly solicit customers. It has grown due to factors like credit card usage, list syndicates, and technological advances. Direct marketing combines elements of advertising, PR, personal selling, and sales promotion. Database marketing uses customer information to improve targeting and relationships. Direct mail, broadcast media, print ads, telemarketing, and email are common direct marketing media. Each has advantages and disadvantages regarding things like costs, reach, and response rates. Measurement is also a benefit of direct marketing.
The document discusses performance marketing and affiliate marketing in Australia. It provides an overview of different performance marketing models and how the industry has evolved from early ecommerce models to more sophisticated approaches. It also outlines six rules for success in performance marketing, including the importance of trust, transparency, accountability and partnerships between publishers, networks and advertisers. Looking ahead, it predicts continued growth in the performance sector in Australia and changes to business models.
The document discusses how customer experience is transforming business-to-business sales due to the rise of social media. It argues that companies must shift their focus to downstream customer interactions in order to build loyalty and competitive advantage. A good customer experience is crucial as negative feedback on social media can now be easily shared with large audiences, while positive experiences help build trust and advocacy.
This document discusses how customer experience is transforming business-to-business selling due to the rise of social media. It notes that social media allows customers to easily share their experiences, both positive and negative, with large audiences. This means companies must focus on delivering a positive customer experience at every touchpoint to build loyalty and avoid negative feedback being widely shared. The document also discusses how customer experience management programs can help companies improve sales effectiveness by shifting their focus to downstream customer interactions and relationships rather than just product development.
Marketing Analytics Meets Artificial Intelligence: Six Strategies for SuccessMiguel Mello
This document outlines six strategies for using artificial intelligence (AI) to enhance marketing analytics and improve understanding of customers. It discusses using machine learning and automation to enable real-time decision making and next best offers. It also covers using AI and machine learning to improve cross-selling and up-selling efforts. Additionally, it discusses using cognitive computing and sentiment analysis to better understand customer feedback and using cognitive computing and natural language processing to enhance customer service. The document also outlines transforming web analytics into digital intelligence and optimizing marketing with analytics and machine learning.
Insurance companies are great at acquisition but bad at retention. Jack Morton offers our unique POV and 5 ways insurance brands can keep more customers.
1001 Things About North Bengal , North East India & Bhutan - Business PlanInspiria
This document provides an overview of 1001things.org, an initiative to create a comprehensive tourism portal and guide for North Bengal, Northeast India, and Bhutan. The portal currently includes information on over 100 places, including details, tips, images, videos, and transportation options. The initiative aims to solve tourists' problems in finding accommodation, travel options, and attractions by providing all necessary information online. Goals include launching a magazine and mobile app to further promote tourism in the region and generate revenue through advertising. The only current competition is improving upon previous work, as no other initiatives specifically aim to boost tourism across North Bengal through high-quality online content and services.
Gino Burner Co. is a leading burner manufacturer based in France that wants to expand its market share in China. It currently distributes products through distributors like Jinghua. A new opportunity arose with Feima proposing to be an OEM customer, but this could damage relations with Jinghua. Two alternatives were considered: 1) maintaining relationships with distributors or 2) signing a deal directly with Feima. Financial analysis showed the Feima deal would boost revenue and profits for both Gino and Jinghua. Thus, alternative 2 of directly supplying Feima while offering discounts to Jinghua was recommended to penetrate the industrial segment and meet growth goals in China.
This document provides examples of branding, advertising, marketing, and web design projects completed for insurance agencies and companies. It includes developing logos, websites, email campaigns, content like blogs and newsletters, brochures and other collateral. The goal is to engage insurance brokers and promote various niche insurance products and companies.
This document provides an overview of Anand Rathi Commodities Limited, an Indian financial services firm. It details the company's vision, business lines including wealth management, investment banking, brokerage and distribution. It lists the company's locations, corporate structure, board of directors, key business heads and awards. It outlines the brokerage and distribution services offered across equities, derivatives, commodities and other asset classes. The document highlights the company's research capabilities, client base and presence across India as well as internationally.
Check out this presentation from Qubit's Predict Analytics Webinar where you will learn how to use predictive analytics to solve for customer retention. Learn what predictive analytics is, and how you can utilize the data you already collect about your visitors to predict intent, and optimize the experience. Essential is being able to identify the risk factor of different users and personalize their experience to make them stay.
Today's Recruiter Must Think Like a Marketer WebinarTincup & Co.
The document provides an overview of marketing strategies that recruiters can adopt from B2B marketing. It discusses tactics like editorial calendars, direct mail, guided voicemails, lead nurturing campaigns, incomplete offers, testing marketing mixes, readership surveys, segmentation, and win/loss surveys. The discussion then focuses on making these strategies practical for recruiters by thinking of ways to enhance the candidate experience through relationship building, personalizing the candidate journey, and using data and technology to engage candidates.
This document discusses the importance of lead nurturing for B2B sales. It provides insights from a case study where a company was able to generate 37% of new customers from leads over 3 months old and 20% from leads over 1 year old through effective lead nurturing. It outlines best practices like becoming an industry expert to nurture leads, tracking marketing activities, using call scripts and emails, not wasting leads, and tracking results. It also discusses nurturing leads through different stages of the sales cycle with a combination of communications like email, telemarketing, direct mail and webcasts.
In a B2B scenario, with longer lead times, higher value outcomes and complex decision making units, telemarketing can help build the depth of relationship and
level of trust needed to take a prospect through to a sale.
UK ONLY - Our All In One Marketing System is simple but very powerful. 2 steps - Build A List And Market To The List
Call 07800 501715 for a chat to see if it can help you
5 Data-Backed Tips for Better Phone Based Sales PresentationsRebecca Matias
Up your game in phone presentations because there’s just no substitute for the convenience and efficiency that it delivers. Phone calls still plays a key role in the selling process
This document discusses seven factors that can build extreme customer loyalty: 1) Emotional Dependence, 2) Structural Dependence, 3) Business Dependence, 4) Satisfaction, 5) Performance, 6) Economic Value Proposition, and 7) Alignment and Fit. It provides examples for each factor and suggestions on how organizations can create dependence and loyalty for customers in relation to each factor. The document is published by Profiles International and authored by experts in customer loyalty.
Multichannel Retention Strategies: A Steady Diet of Low Hanging FruitVivastream
The document discusses identifying customer churn and measuring lifetime value. It provides a real-world example of an effective multi-channel retention campaign utilizing analytics and a cost-progressive channel strategy. Specifically, it describes how a wireless provider used business intelligence to target likely churn customers and employed a multi-channel strategy including text, direct mail, and calls to increase retention rates and ROI. The campaign resulted in a 5.6% reduction in churn and a 180% increase in ROI compared to a basic segmentation strategy.
50 Facts That Will Make Businesses Rethink their Customer ServiceDesk
Take a look at these cold, hard facts that might persuade you to rethink how you run your organization's customer service.
Curious about Desk.com? Download this free kit to get started: http://bit.ly/FreeCustomerServiceKit
The document discusses the evolution of customer relationship management (CRM) strategies over time, including targeted marketing, database marketing, event-driven marketing, and loyalty and retention programs. It then defines CRM as an integrated business strategy focused on acquiring, retaining, and growing profitable customer relationships through coordinated policies, processes, technology, and people. The key aspects of a successful CRM program are also outlined.
Direct marketing involves using media like direct mail, telemarketing, and the internet to directly solicit customers. It has grown due to factors like credit card usage, list syndicates, and technological advances. Direct marketing combines elements of advertising, PR, personal selling, and sales promotion. Database marketing uses customer information to improve targeting and relationships. Direct mail, broadcast media, print ads, telemarketing, and email are common direct marketing media. Each has advantages and disadvantages regarding things like costs, reach, and response rates. Measurement is also a benefit of direct marketing.
The document discusses performance marketing and affiliate marketing in Australia. It provides an overview of different performance marketing models and how the industry has evolved from early ecommerce models to more sophisticated approaches. It also outlines six rules for success in performance marketing, including the importance of trust, transparency, accountability and partnerships between publishers, networks and advertisers. Looking ahead, it predicts continued growth in the performance sector in Australia and changes to business models.
The document discusses how customer experience is transforming business-to-business sales due to the rise of social media. It argues that companies must shift their focus to downstream customer interactions in order to build loyalty and competitive advantage. A good customer experience is crucial as negative feedback on social media can now be easily shared with large audiences, while positive experiences help build trust and advocacy.
This document discusses how customer experience is transforming business-to-business selling due to the rise of social media. It notes that social media allows customers to easily share their experiences, both positive and negative, with large audiences. This means companies must focus on delivering a positive customer experience at every touchpoint to build loyalty and avoid negative feedback being widely shared. The document also discusses how customer experience management programs can help companies improve sales effectiveness by shifting their focus to downstream customer interactions and relationships rather than just product development.
Marketing Analytics Meets Artificial Intelligence: Six Strategies for SuccessMiguel Mello
This document outlines six strategies for using artificial intelligence (AI) to enhance marketing analytics and improve understanding of customers. It discusses using machine learning and automation to enable real-time decision making and next best offers. It also covers using AI and machine learning to improve cross-selling and up-selling efforts. Additionally, it discusses using cognitive computing and sentiment analysis to better understand customer feedback and using cognitive computing and natural language processing to enhance customer service. The document also outlines transforming web analytics into digital intelligence and optimizing marketing with analytics and machine learning.
Insurance companies are great at acquisition but bad at retention. Jack Morton offers our unique POV and 5 ways insurance brands can keep more customers.
1001 Things About North Bengal , North East India & Bhutan - Business PlanInspiria
This document provides an overview of 1001things.org, an initiative to create a comprehensive tourism portal and guide for North Bengal, Northeast India, and Bhutan. The portal currently includes information on over 100 places, including details, tips, images, videos, and transportation options. The initiative aims to solve tourists' problems in finding accommodation, travel options, and attractions by providing all necessary information online. Goals include launching a magazine and mobile app to further promote tourism in the region and generate revenue through advertising. The only current competition is improving upon previous work, as no other initiatives specifically aim to boost tourism across North Bengal through high-quality online content and services.
Gino Burner Co. is a leading burner manufacturer based in France that wants to expand its market share in China. It currently distributes products through distributors like Jinghua. A new opportunity arose with Feima proposing to be an OEM customer, but this could damage relations with Jinghua. Two alternatives were considered: 1) maintaining relationships with distributors or 2) signing a deal directly with Feima. Financial analysis showed the Feima deal would boost revenue and profits for both Gino and Jinghua. Thus, alternative 2 of directly supplying Feima while offering discounts to Jinghua was recommended to penetrate the industrial segment and meet growth goals in China.
This document provides examples of branding, advertising, marketing, and web design projects completed for insurance agencies and companies. It includes developing logos, websites, email campaigns, content like blogs and newsletters, brochures and other collateral. The goal is to engage insurance brokers and promote various niche insurance products and companies.
This document provides an overview of Anand Rathi Commodities Limited, an Indian financial services firm. It details the company's vision, business lines including wealth management, investment banking, brokerage and distribution. It lists the company's locations, corporate structure, board of directors, key business heads and awards. It outlines the brokerage and distribution services offered across equities, derivatives, commodities and other asset classes. The document highlights the company's research capabilities, client base and presence across India as well as internationally.
Evolution Of Distribution Channels, 22nd Jan 2009Nirajjain
The document discusses the evolution of distribution channels in the insurance industry. It begins by defining distribution and distribution channels. It then outlines some of the key challenges in distribution, including developing multiple cost-effective channels that build trust with customers. The document traces the history of distribution in India from ancient times to the present. It analyzes different current distribution models like brokers, bancassurance, and microinsurance. It concludes by predicting future channels such as online aggregators, mobile technologies, and affinity groups.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
The insurance industry in India has grown rapidly in recent years. Life insurance premiums grew at a CAGR of 20.1% from 2003-2012, while non-life premiums increased at 18%. Private sector participation also increased substantially over this period. Key growth areas for the insurance industry include health, motor, and crop insurance. The government has introduced several policies to support the development of the insurance industry in India.
Tata AIG (now known as Tata AIA Life) is a joint venture between Tata Group and American International Group, Inc. (AIG) that offers both life insurance and general insurance products. Some of its major life insurance products include term plans, savings plans, retirement plans, health plans, and children's plans. It also offers various general insurance products for individuals, small businesses, corporates, and rural customers covering motor, health, property, crop and livestock insurance. The company aims to be India's most preferred insurer and create value for customers, employees and shareholders through consistent, fair and transparent service.
American International Group (AIG) is a major global insurance company founded in 1919 in Shanghai, China. It has operations worldwide and a diverse portfolio that includes insurance, asset management, and real estate holdings. AIG ran into significant financial troubles in 2008 when its credit default swap portfolio incurred large losses, leading to a downgrade in its credit rating. This put pressure on AIG and threatened its solvency.
1. The document discusses the insurance industry in India, providing an overview and details on marketing strategies.
2. It outlines the 7 P's of insurance marketing: product, price, place, promotion, people, process, and physical distribution. Examples are given for how two insurance companies, Bharti AXA and Bajaj Allianz, implement their marketing strategies based on the 7 P's.
3. A comparison of Bharti AXA and Bajaj Allianz is provided based on how each company approaches the 7 P's of insurance marketing.
This document discusses the marketing mix in the insurance sector. It outlines the 7Ps of marketing: product, price, place, promotion, people, process, and physical evidence. For each P, it provides examples of factors to consider such as mortality rates, interest rates, expenses, branch locations, advertising channels, relationships with agents, customer-friendly processes, and using technology and intermediaries.
This presentation provides an overview of bancassurance in India. Bancassurance involves the distribution of insurance products through bank distribution channels. It allows banks and insurance companies to leverage each other's large customer bases. In India, major private sector banks and insurance companies have formed joint ventures to engage in bancassurance. While it provides benefits like increased market reach, there are also risks like potential conflicts of interest if banks prioritize their own products over insurance. Overall, bancassurance is beneficial as it creates new revenue streams for banks and insurers while offering customers more convenient access to an integrated set of financial services.
The document discusses the Customer Development methodology for startups as an alternative to the traditional Product Development model. It argues that Customer Development should be treated as equally important as Product Development from the beginning. The Customer Development process involves four steps: Customer Discovery, Customer Validation, Customer Creation, and Company Building. The goal at each step is to learn about customers through experiments and feedback rather than assume the business model is correct from the start.
This document discusses the potential for bancassurance - insurance sales through banks - to grow substantially. It provides examples of successful bancassurance partnerships in India between insurance companies and two large banks: Bajaj Allianz Life Insurance partnering with Standard Chartered Bank and Syndicate Bank. The case studies describe the distribution models used, products sold, and financial results achieved, demonstrating that bancassurance can significantly increase banks' fee-based income and insurers' market penetration when implemented effectively.
The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
1-Insurance Marketing
AGENTS AND BROKERS
A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.
Agents:An agent is someonewho legally represents the principal and has the authority to act on the principal’s behalf.
Brokers:A broker is someone who legally represents the insured even though he or she receives a commission from the insurer.
2-TYPES OF MARKETING SYSTEMS
Life Insurance Marketing
Distribution systems for the sale of life insurance have changed dramatically over time.
Major life insurance distribution systems:
Personal selling systems
Financial institution distribution systems
Direct response system
Other distribution systems
1-Personal Selling Systems:
2-Financial Institution Distribution Systems
3-Direct Response System
3-Property and Casualty Insurance Marketing
Independent agency system
Exclusive agency system
Direct writer
Direct response system
Multiple distribution systems
This is the presentation from our Exclusive Sydney CBD Event 7:30am August 24th 2017 as Industry Leaders shared their insights and thoughts on how to achieve scale and success with Social.
Todays top performing companies compete based on customer experience. Todays customers want a SMARTER customer service experience through their social channel of choice — one that is both FAST and PERSONAL. In fact, 64% of customers expect companies to respond and interact with them in real-time or they will take their business elsewhere.
What was covered?
* Social Customer Service & Crisis Management - How to offer a ubiquitous and robust service experience across social
* Social Listening - How to drive strategic decisions across your business based on customer and competitive insights
* Social Leads - How to generate Social leads for your sales team to nurture
* Command Centre - How to drive change and awareness within an organisation by making your internal stakeholders aware of everything that's happening on Social, Email, Web, Ads, Journeys and through Sales Leaderboards
At this exclusive event we learned how major brands are able to listen to their customers at scale, control communications in a crisis, and engage with their customers with personal service, in an instant... creating advocacy in this culture of immediacy.
Agenda:
* 7:30am Registration and Networking
* 8:00am Opening Remarks
* 8:05am Presentation: Adam Brown
* 8:45am Panel Discussion
* 9:05am Closing Remarks
* 9:15am Networking
Presenter
Adam Brown is Executive Strategist for Salesforce Marketing Cloud. He and his team deliver integrated social marketing strategy to customers and work with product teams to develop the best marketing products and solutions in the industry. Before joining Salesforce in May of 2013, Adam was Executive Director of Social Media at Dell, where he led the company’s consumer strategy around social media marketing, engagement and social commerce initiatives. Adam joined Dell in 2010 after spending four years creating and leading the Office of Digital & Social Media at The Coca-Cola Company.
All of these questions are answered I just need you to read the an.docxnettletondevon
All of these questions are answered I just need you to read the answers, understand them and paraphrase them in your own way with keeping the same idea. Just rewrite it with the same idea but in a different phrase than these.
Essay Questions:
1. Identify and discuss reasons why firms become so infatuated with pricing. Why is pricing given a great deal of attention?
Answer/ ANS:
There is no other component of the marketing program that firms become more infatuated with than pricing. There are at least four reasons for the attention given to pricing. First, the revenue equation is pretty simple: Revenue equals the price times quantity sold. There are only two ways for a firm to grow revenue: increase prices or increase the volume of product sold. Rarely can a firm do both simultaneously. Although there are literally hundreds of ways to increase profit by controlling costs and operating expenses, the revenue side has only two variables—one being price and the other being heavily influenced by price.
A second reason that firms become enamored with pricing is that it is the easiest of all marketing variables to change. Although changing the product and its distribution or promotion can take months or even years, changes in pricing can be executed immediately in real time. Likewise, product, distribution, or promotion changes can also be quite expensive, especially if research and development (R&D) or production must be rescheduled. Conversely, changing prices is a very low-cost option.
The third reason for the importance of pricing is that firms take considerable pains to discover and anticipate the pricing strategies and tactics of other firms. Salespeople learn to read a competitor’s price sheet upside down at a buyer’s desk. Retailers send “secret shoppers” into competitors’ stores to learn what they charge for the same merchandise. In this age of e-commerce, tracking what competitors charge for their goods and services has become so daunting that an entire price-tracking industry has emerged.
Finally, pricing is given a great deal of attention because it is considered to be the only real means of differentiation in mature markets plagued by commoditization. When customers see all competing products as offering the same features and benefits, their buying decisions are primarily driven by price.
Having a solid understanding of these issues is important because far too many firms and their managers use a seat-of-the-pants approach to pricing by guessing the best price for their goods and services. Guessing is never a good strategy in marketing; it can be downright deadly when it comes to setting prices.
2. In many (if not most) circumstances, cutting prices to increase sales volume is not a good idea. Explain why this is so. What are some alternatives that are preferable to cutting prices?
Answer/ ANS: All marketers understand the relationship between price and revenue. However, firms cannot charge high prices without goo.
Retaining Customers In An Economic Downturn03Paul Greenberg
The document discusses strategies for customer relationship management (CRM) during economic downturns. It suggests focusing on customer retention rather than new customer acquisition since retention costs are much lower. Engaging loyal customers through communications and providing value can help a business acquire new customers through word-of-mouth promotion. The document also discusses adjusting pricing, payment options, and loyalty programs to meet customer needs and retaining customers as partners through the downturn.
The document provides guidance on convincing a CEO to invest in a customer loyalty program. It outlines the benefits of loyalty programs, including retaining valuable customers who spend more and refer others. The document then gives a 10 step process to build a business case, including proving expected profit increases, using customer data to show growth opportunities, and addressing potential objections. It also recommends running a pilot program to test the concept. The conclusion presents a quick pitch focusing on using data to measure success and showcasing examples of loyalty programs that increased profits.
Life cycle marketing for the automotive services industryCatalyst
Whether your goal is to increase ticket size, boost cross-sell, get customers to visit more often, or all the above, an effective life cycle marketing strategy can deliver the competitive difference you want.
Convincing your CEO to invest in a loyalty programmecolinjones001
This document provides guidance on building a business case to convince a CEO and senior management team to invest in a customer loyalty program. It outlines the benefits of loyalty programs, including retaining valuable customers who spend more and drive revenue. The document recommends a 10 step process to build the case, including proving expected profit impact, using customer data to show growth opportunities, and addressing potential objections. It also suggests running a pilot program to test the concept and demonstrate results before full implementation.
This document provides strategies and recommendations for marketing in a down economy. It discusses maintaining or increasing advertising budgets during recessions as studies show this leads to higher sales growth. It also discusses shifting consumer behaviors in recessions to focus more on value and rational benefits. The document recommends focusing on digital marketing strategies like search marketing, social media, email marketing and mobile marketing which consumers are increasing spending on. It provides checklists to audit websites, email programs, social media presence, SEO/SEM efforts and consider mobile marketing. It also lists free online marketing tools that can be leveraged when budgets are limited.
The document discusses customer retention and why it is difficult. It states that overfocus on customer acquisition can teach customers to switch brands easily. While most companies recognize the importance of customer retention, few have specific retention strategies or dedicate funds to retention. Truly understanding customers through segmentation and creating customer personas is key to retaining customers. Developing passion for the brand and meeting customer expectations to build trust are important aspects of an effective retention strategy.
The document discusses customer relationship management (CRM) and electronic customer relationship management (eCRM). It outlines several key aspects of CRM, including acquiring and retaining customers, increasing customer satisfaction and loyalty, understanding customer needs and behaviors, and using marketing campaigns and technologies like data analysis to improve customer interactions and relationships. The document then discusses how eCRM uses electronic channels like websites and messaging to connect with customers and enhance the customer experience across different customer touchpoints. It emphasizes integrating online channels with traditional channels to implement a holistic CRM strategy.
This document discusses services that agencies can offer clients to build long-term relationships, including SMS/text services, website hosting and management, pay-per-click tracking, CRM and social data mining, brand publishing, and social media monitoring. These "tethered services" are fee-based rather than media-focused, long-term rather than one-off projects, and difficult for clients to transition away from once established. The document provides examples and suggestions for how agencies can implement and sell such services.
2016 Lead Nurturing Report In Partnership With Salesforce PardotVeena Glover
Lead nurturing is a powerful marketing strategy and it is evident that marketers would like to continue reaping the rewards of their nurturing programs by setting a variety of objectives that revolve around this indispensable tool.
emedia and Pardot set out to discover the latest and greatest lead nurturing strategies currently deployed by the top tier marketers to drive their prospects through the buying cycle.
This report draws its conclusions from a 2016 survey that polled a large sample of B2B marketers based in EMEA and US/NA.
Insight into the mind of your peers: Discover the benefits that marketers have reaped, challenges they've faced and the future goals that they're now aspiring to.
You'll find top tips on numerous topics including segmenting data, personalising programs and marketing automation. This report will fuel your future plans and help you to design and implement successful lead nurturing campaigns.
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, productivity, and more.
A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.
Consumer packaged goods companies are facing challenges in traditional markets and need to adjust their marketing strategy. They must embrace digital and multichannel approaches to engage consumers who now shop anytime, anywhere. Data-driven, direct-to-consumer initiatives can increase engagement by sending personalized messages through the right channels. To successfully engage consumers, companies should take five steps: define objectives; obtain appropriate consumer data; ensure relevance through segmentation; put insights into practice with tailored communications; and measure, learn and adapt strategies.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
From the 2009 Camp Niche Publisher's Conference: how to leverage investment in print infrastructure, deliver pre-qualified, permission based leads and calculate ROI.
The document discusses implementing a multi-channel marketing strategy to improve email marketing performance. A successful multi-channel strategy targets customers across multiple communication channels like email, print, online, and direct mail. It is important to collect customer data to send personalized, relevant messages through the channels customers prefer. Testing different channel combinations can provide insights into the most effective marketing approaches for different customer segments.
This document discusses frontline marketing, which refers to marketing done by local franchises and outlets of big brands. It provides advice on optimizing frontline marketing to better connect national and local campaigns. This includes developing targeted, localized approaches; empowering local outlets as marketing experts; and establishing efficient systems for local content creation. Frontline marketing is important for customer retention and growth. The document also profiles an expert who discusses challenges in balancing corporate and local messaging and the need for easy-to-use marketing tools for local teams.
This document discusses account-based marketing (ABM) as an important B2B marketing strategy. ABM focuses engagement on a defined list of prospective accounts rather than a broad market. It has been effective because it allows for highly personalized, high-touch marketing through integration across channels. The document outlines how ABM can build affection, relevance, and trust with target accounts by delivering the right personalized messages and content at the right time through various online and offline tactics. It concludes by providing a five-step process for implementing a successful ABM program.
Similar to Doug Sumner Distribution Models Presentation (20)
3. ..But companies are often slow to adapt What’s intriguing is the ‘internal focus’ and the low importance attached to channel strategy US Snr banking exec survey Source - LIMRA
24. Checklist for a Bancassurance branch Q: Can we identify what a ‘good’ Bancassurance branch looks like? To answer the question we undertook a mystery shopper survey of 50 branches and completed a questionnaire about the experience 6 main issues 10 Sub-Issues 1. Entry experience 1.1 position of insurance advisors 2. sales 2.1 Lead Generation 2.2 Sales Person 2.3 Product 2.4 Handling objections 3. Marketing 3.1 Promotional Activity 3.2 Marketing Materials 4. Service 4.1 Service Quality 5. Systems 5.1 Sales System 6. Others 6.1 Customer Contact
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26. Branch Checklist Good branch if ‘yes >5 Poor branch if ‘no’ greater >4 Main Does the target branch match the following description Yes Avg No 1. Entry experience Position of insurance advisors is easy to identify and an inviting and clear procedure is in place to hand clients to them 2. sales Advisors are skilled in identifying insurance needs Advisors are enthusiastic and professional in appearance and conduct Advisors clearly explain product recommendations and how they meet customers needs 2.4 Handling objections 3. Marketing Promotional activity is clearly displayed and advisors are aware of bank promotional programmes as they occur Marketing material are clearly displayed and actively used by advisors 4. Service Branch provides a comfortable ‘financial services’ environment, all services are easily accessible and fit out is modern and professional 5. Systems Advisors have CRM, Presentation and quotation systems to present financial services products 6. Others Sellers ensure to obtain consent for next appointment and have a procedure in place to ask for referrals
The third key factor driving the performance of the Bancassurance channel is the extent to which operational integration is possible. For example in the US; operational integration was not possible till very recently; because of the Glass Steagall Act which created barriers between banks and insurance companies. The data on the slide is room a 2002 JP Morgan report which survey Bancassurance partnerships in Europe. Of the 18 partnerships surveyed in 8 countries – and using the number of policies per agent per annum – as the benchmark, it is clear that integrated Bancassurance relationships lead to higher productivity. The low integration model involves a sales process where the bank serves more as a lead generator with the agents of the insurance company being responsible for closing the sale. A close parallel to this in the Indian market is the referral based relationships of ICICI Prudential. Among the companies surveyed, all the insurance partners had a multi channel strategy and relatively low levels of orientation towards the banking partner. Partial integration is a hybrid strategy. There are two parallel sales approaches mirrored by a two pronged product strategy. The sales approaches involve bank agents generate and close sales linked to simplified issue products with insurance company agents closing the sales of fully underwritten agency-type products. In both cases the bank is still responsible for lead generation. In the fully integrated model; the insurance company provides backstage support to the sales process; but is NOT involved in any part of the customer-facing sale. In most of the companies surveyed, the bank ’ s agents had been targeted as being the initial customers – via a discounted pricing policy. This served two purposes: one) it gave the life insurance company the opportunity to streamline its operational processing including medical uw and policy conversion and two) it gave the agents the chance to go through the buying experience and ensured that they were able to manage customer expectations in the future. Because they were convinced about the product and the process, this created a “ multiplier ” effect with the agents being able to empathise with customers as well as provide references to their own buying experience.