The Power of Analytics

Considering today’s fierce competitive insurance industry environment, agents, MGAs, and wholesalers must identify ways to differentiate themselves and gain market share. The most successful businesses understand that a robust Digital Marketing strategy is the number one way to do that. They also understand that a successful digital marketing strategy is not a “destination,” per se. It is a journey. Digital marketing best practices change frequently. To use digital marketing to your maximum benefit, you must ensure your strategy takes into account those changes. Case in point: embracing marketing analytics.

How Analytics Can Aid Digital Marketing Strategies

An article in the Harvard Business Review (HBR) succinctly summarizes how Marketing Analytics Can Improve the Customer Experience. Where many businesses fall short, the article says, has nothing to do with a lack of data. In fact, most companies surveyed for the article explained that they collect “mountains” of data on their customers. The problem is that many companies don’t analyze that data in a way that allows them to identify concrete ways to add value customers will appreciate.

How Analytics Can Aid Digital Marketing StrategiesA challenge for marketers, the article said, is to shift from a product-focused to customer-focused marketing approach to get inside customers’ heads and learn what makes them tick. In terms of insurance marketing, for example, there are opportunities to push the envelope beyond the status quo. One example involves mobile marketing. The savviest insurance companies realize that most customers and potential customers access the internet from their smartphones and tablets far more than they do from their laptops and desktops. These companies have embraced responsive web design so their website are user-friendly for individuals accessing them from handheld devices.

That’s a huge step in the right direction, but companies can use analytics to improve the customer experience even further. How? They can analyze what people seem most interested in doing while they’re accessing the website from a handheld device – and making targeted improvements in that area. When one insurance company cited in the HBR article analyzed data from customers mobile use, it discovered customers didn’t only want the ability to request rate quotes from their mobile devices. They wanted the ability purchase insurance from their mobile devices. The company gave customers that option, which makes customers happy and has opened up a new selling channel for the company.

About Neilson Marketing

Could your marketing strategy use help? Since 1988, Neilson Marketing has been implementing innovative marketing solutions and strategies for our clients. Digital marketing is what we do best. Contact us today at (866) 816-1849, to put our talent, expertise, and vast resources to work for you. Let’s make things happen, together!

Start Changing Things Up

Think about where you want to be next year, in five years and even in 20 years as the insurance industry evolves. How will you get there? Do you have the resources in place? The talent? The strategies? Neilson Marketing Services can help you plan for tomorrow today. Give us a call at 800.736.9741 or complete the form on this page. One of our account representatives will contact you to start making results happen.

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