Those in charge of digital marketing understand the challenges around figuring out whom to target, where to drive them, and how to manage and optimize digital media. Insurers can find it hard to justify investments in the most exciting advances in marketing technology and analytics—the presence of intermediaries can make traditional demand-gen and lower funnel prospect acquisition hard to execute and optimize.
However, focus on the broader customer journey post-acquisition and deploying marketing methodologies within these experiences could encourage a partnership between marketing, technology, and analytics. This partnership can demonstrate measurable value and could open doors to new marketing optimization initiatives.
The importance of customer retention makes it critical for organizations to provide a seamless and positive customer experience within account servicing and claims management. This is an area where digital marketers can partner with analytics and IT and take advantage of digital marketing technologies and approaches.
Here are some examples where such a partnership could provide tangible results in customer experience management:
-
Improving servicing and claims with analytics. Marketers have driven digital experience engineering through robust digital behavioral measurement, content personalization, and test-and-learn methodologies. Similar implementation of analytics tools (e.g., Google Analytics, Adobe Analytics), together with A-B testing tools (e.g., Monetate, Adobe Target, Optimizely), can begin to improve servicing and claims experiences and brand favorability.
-
Leveraging behavioral data to prevent churn. The methods by which marketing uses behavioral signals to target prospects are applicable in customer experience to target dissatisfied or at-risk customers who might churn. These methodologies vary in complexity. Some larger insurers and financial institutions deploy predictive analytics within internal CRM databases to model churn likelihood based on digital behavior, demographics, and other factors. A simpler and less expensive but effective method is website tagging, which can pinpoint customers looking to cancel whom the organization can then target with mitigating communications.
-
Identifying cross- and up-sell opportunities. A positive, successful servicing or claims experience could present the opportunity for product cross-sell or up-sell. A modern DMP (e.g., Adobe Audience Manager, Google 360) could pick up these signals automatically and deploy business rules that define whom to target and with what.
It’s a mistake—and a lost opportunity—to think that digital marketing stops at the point of sale. Digital marketing, IT, and analytics can partner to focus on customer retention and bring real value to the business while providing customers with compelling experiences.
Add new comment