1273577 Monika, F1, Q47 – Comment on making sales and marketing more responsible and answerable in Insurance industry

Question 1- 

http://youtu.be/FZIUypW3mhg

Question 2-

Introduction

The importance of promotion in marketing is gradually increasing. Marketing specialists have mentioned that use of sales promotion has dramatically increased in past decade. The producers have spent much more amount on sales promotion than on advertisement. Sales promotion is equally important to producers, middlemen and consumers.

 There are insurance marketing strategies that can take any insurance agency from mediocre to success when utilized correctly. Breaking into a new business climate and finding customers is hard work, but when equipped with innovative ideas and proven techniques, financial markets sales personnel can become extremely successful. Getting an education and training is very important in insurance industry, sales is certainly no exception.

Discussion

Key insurance marketing strategies will always include an in-depth review of the  value of follow-up.

 Follow-up says to a consumer that they are important, thought of, and that their business would be greatly appreciated. The consumer today not only wants a product at a great price, they also want a personal relationship, especially when it comes to financial system sales, such as various insurances. Letters and phone calls are gentle reminders that the salesperson intends to serve with his or her whole heart. And, once a sale is secured, a thank you call is strongly advised. 

Various Strategies for making sales and marketing more responsible and answerable- 

Create an Insurance Marketing Parthenon-An insurance company needs for insurance marketing Parthenon. An Insurance Marketing Parthenon means having multiple different sources of insurance revenue and lead generation instead of relying on just one.

Consistency-Insurance company needs to create a marketing plan and a marketing budget for the year, and stick to it.

Sequenced Mailings-An insurance company can arrange sequential meeting with their clients.

Monthly Newsletters-An insurance company can send newsletter to their existing clients.

Prospecting-Selling anything begins with prospecting -- finding people who are interested enough in your product to listen long enough for you to make a sale.

Niche Marketing- Your life insurance niche could be a specific kind of policy, a population or region, or simply being the insurance guy in an interest club.

Finding Value-When selling to a new prospect, don't talk about the policy itself. Insurance is boring and death is scary. Instead, focus the conversation on what the policy represents.

Conclusion-An insurance company need to analyze the success of marketing efforts. An insurance company needs to manage their budget for sales and marketing efforts. In meeting the significant potential, the industry has an increased role and responsibility. Three areas of focus could be — a) product innovation matching the risk profile of the policy holders b) re engineering the distribution and more significantly c) making sales and marketing more responsible and answerable. An insurance Company needs to identify the most valuable customers. An insurance company needs to align strategies and actions in order to make sales and marketing more responsible and answerable.