Brick & Mortar – Store Front SellingWholesale via Related IntermediariesIndependent Agents, Banks, Travel Agencies got involved in wholesaling insurance.Cost of sale is much higher, but wider reach with more human touch.Direct Sales via WebsitesCut out the middle man. Go direct to the client. Reduction in cost of sale.Low barriers to entry: Increased Competition – Comparison between products made simple.New strategy: Product Differentiation. Every company launched many types of insurance products (Gold, Silver, Platinum & Different Add-Ons like Winter Sports Cover, Volcanic Ash Cover) To make it difficult to compare.Comparison WebsitesMade comparison between websites simple. Fill in one form. Crawlers will do the job.Customers feel that they are choosing between many competitive products but still end up buying from the same company.Why is Social Media Presence important?Personalize your product to suit the client + Make client identify with your brand.Control of your biggest PR Channel. Any bad publicity is nipped in the butt.Ability to maintain brand presence on the channel that people access the most dailyIdentify your biggest advocatesGenerate critical marketing feedback
In a business that requires a high level of trust, the human touch is vital.Mascots help to establish the relationship with the client and to converse with them.Examples are:-
Personality CampaignGives a “face” to the brandCreates hype & buzzActs as salesperson on website
Launch of ComparetheMarket.com 2006. Very quiet until its subsequent TOTAL MEDIA STRATEGY in 2009 that raised the chatter and totally brought attention to the insurance industry to a whole new level.Loss of human touch is an issue. Trust is an important element when selling a personal & sensitive product like insurance. Done thru mascots in Social Media that converses with the end consumer.AleksandrOrlov (Russian: Александр Орлов) is a CGI fictional anthropomorphic Russian meerkat. He is portrayed as being of aristocratic stock, and the founder of www.comparethemeerkat.com. The character is central to an advertising campaign on British commercial television for comparethemarket.com, a price comparison website. It launched in January 2009 and centres on his frustration that people keep coming to his website looking for car insurance, not meerkats, due to the similarity between the words 'Market' an
TV Ads. Youtube Channel (Showing extras like Bloopers)
On Social Media PlatformsToday, Aleksandr had more than 800,000 Facebook fans and 22,000 followers on Twitter, while on photo-sharing site Flickr there is a popular gallery ofAleksandr's family.Used to subtly collect info on customers and prospective customers on their preferred colour, lifestyle, buying behaviour, favourite holiday destinations.
Marketing of ComparetheMarket started to pay for itself.
Downloads: Wallpapers, ringtones, text alerts, voicemail messages, iPhone application containing an extensive database of English phrases in "meerkat“pronunciation, and a mongoose "detector".Cuddly Toys: 2011, any customer purchasing car, home or pet insurance receive one out of six meerkat characters including Aleksandr, Sergei...WIKIPEDIA: Went from 16th most visited insurance website in the UK in 2008 to 4th. Overall sales >doubled YoY as a result of the TV ‘meerkat campaign’.
Each with own TOTAL MEDIA STRATEGY.
Individual Agent PagesAllow direct contact with employees instead of interacting with a brand fan pageEncourage frequent interaction between agent & policyholderDirect enquiries to agent responsibleCentral Marketing Messages passed down from HQ.
Voting CampaignClick on FB app XXXSearch for policy/agentVote for favourite policy/agentEach user can vote up to 3 times
Pledge CampaignClick on Facebook app XXXFill in simple questions about selfFill in the blanks I pledge to ________Pledge is generated as an imageImage is shared on user’s wallView & Vote for other pledgesTop 10 pledges win prizes
Functional Mobile AppsTo aid users in daily lifeMay include ads or sales message at footer/header
Mobile AppsFor easy & convenient claimsFor viewing policy optionsFor health assessmentFor tracking purposes such as time, money, no. of claims etc
Interactive Educational AppsTopics such underinsurance gap, recommended policies etcFB App, Mobile App or Ipad App
Health Assessment AppsClick on FB app XXXAnswer simple demographic questionsAnswer simple lifestyle/habits questionsImage/Short report is generatedDownload/Share image/short reportCall to action (e.g. contact an agent!)
Interactive Educational AppsClick on Facebook app XXXAnswer a few short questionsImage is generated that has a product recommendation/link in itImage is shared on wall
Vote for Cause CampaignsUsers may choose from a list of pre-chosen causes OR campaign may be open to submission for causesUsers vote for causesEach share with a friend is an additional $X donationAt the end of campaign, $XXXX is donated to the cause with most votes
Donation CampaignClick on FB app XXXAble to view total donation countMake a pledge & share on wallVisit donation dropbox and take a picture at donation site Every photo submitted is $1 donation
Facebook Campaign Fan PageEngaging & educational status posts to raise awareness about the causeEncouraging & strong visualsThank you messages
The History of Technology &Insurance Retailing The rise of Competition & the internet Re-intermediation Personalization & Personification25 October 2012 PAGE3
Bringing back the Human Touch - Mascots25 October 2012 PAGE4
Traditional Marketing Progressive Insurance “Flo, The Progressive Girl”25 October 2012 PAGE5
Case Study: CompareTheMarket.com• 2006: Launched• 2009: Total Media Strategy • Compare the Meerkat’s Alexandr Orlov • Russian Aristocratic Meerkat frustrated that people keep going to his website looking for car insurance, not Meerkats• Results (Wikipedia) • 16th to 4th most visited insurance website in 2010. • Overall sales >2x YoY25 October 2012 PAGE6
Case Study: CompareTheMarket.com• Videos • TV Advertisements • Youtube Channel25 October 2012 PAGE7
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Case Study: CompareTheMarket.com • Book Launch • Highest Pre-Order Sales in 2010 • More expensive than Tony Blairs Memoirs • Rank #2 in Amazon UK in first week of sale
Case Study: CompareTheMarket.com25 October 2012 PAGE 13
Successful Mascots / Personalities25 October 2012 PAGE 14
Case Studies from USA, UK, Asia25 October 2012 PAGE15
#5: Measuring…1 2 3 Business Metrics Measure Objectives (online/offline) (customer journey) * Be aware of and consider external factors as well25 October 2012 PAGE45
In summary…Listen to your Customers & ProspectsConverse Creatively & InteractivelyBuild Content & Acquire UsersEngage through Emotional AppealMeasure and Derive Actionable Insights25 October 2012 PAGE46
Bulk Buying Deal o Buy SoLoMo Thursday Tickets @ 4 for $45.00 o Purchase at Reception. Cash Only. o Tickets are transferable.25 October 2012 PAGE48
Arrive Early Next Session 7:00 – 8:00 PM After 8:00 PM25 October 2012 PAGE49
DEAL: Dine in @ 10% OFF o 10% off non-promo F&B items on your next visit o Provide your name to redeem offer o Valid for single use, for one month (until next SoLoMo Thursday)25 October 2012 PAGE50
Next SoLoMo Thursday(29 November 2012)Topic: Changing Trends: Consumer Behaviour on MobileSpeaker:Stewart Hunter (VP of Somo Global Limited)25 October 2012 PAGE51
Thank You! Questions? Powered by techsailor.com tab.com.sg25 October 2012 PAGE52