Krishen Iyer Explores How Digital Marketing Has Impacted the Insurance Industry
Krishen Iyer knows that the insurance market today has developed and different in many ways. One of the most notable aspects of the industry that has taken shape is marketing whereby companies are shifting from traditional methods of marketing to digital trends. Most consumers today include millennials and this is a group that prefers self-directed approaches while shopping for insurance packages. This translates to eschewing traditional approaches like recommendations from relatives and friends for the digital world to purchase.
Many insurance companies, however, are yet to get things right and their continued investment in traditional methods of advertising is the biggest problem. The rise of digital marketing has offered a new platform where companies can access audience and the support they need to manage their services. As a company that is ambitious and looking to get more buyers, it is vital to consider using digital marketing to reach customers.
Additionally, modern digital marketing platforms offer ad targeting capabilities, so you are able to directly address the right target group instead of spending a lot on a general pool that you are not sure will approve your products. Using digital marketing platforms also allows you to predict shopping behavior, and this information can be used when preparing campaigns.
Driving awareness
The average consumer spends hours online every day and you are likely to meet them when you use digital marketing as opposed to TV. This means increasing the marketing effort on digital platforms could bear more fruits and in the long run allow you to create a solid base of consumers. It makes little impact to only focus on mainstream media because of the diversity of information you have online that can be used to the advantage of your insurance company. Age-based campaigns and ones that target certain geographical regions have been a key driver towards the growth of the insurance industry.
Krishen Iyer knows that engagement is vital and this is what digital marketing gives that you cannot access when you choose traditional marketing methods. While managing your marketing campaign online, you can also access user input and opinions about your products. This information can be used to help you improve some parts of your products that could be barring the company from performing to its best. You could even prepare surveys to see what opinions users have about your products and the kind of changes they think ought to be made.
Another thing about digital marketing that makes it better for your business is that it drives top-of-mind awareness and is a better choice than TV. In fact, as of 2015 digital marketing was 9.4 times more effective than TV and promised better results if implemented with the focus to the right group of consumers. Additionally, there are many tools available online that one could use to control marketing campaigns. For example, Krishen Iyer believes that you could easily schedule when to release information to the market and the sections of the market to reach with this information. Social media marketing is the ideal platform for this kind of automation and the results are clearly visible.