The insurance industry is constantly grappling with new regulations, technological innovations, and economic ups and downs. For those looking to secure a future that maintains a loyal consumer but yet is still attracting new growth, one of the primary insurance marketing challenges is the unpredictability of consumer trends.
Is It This or That?
When you hear the word trend, you tend to think of a constant path or movement in a certain direction. While consumer behaviors are displaying certain trends with regard to insurance, the influence of external factors can make their behaviors a bit more unpredictable. It is easy to market to a certain demographic when you have figured out their language and their needs, but when you see that another category of individuals is completely different in their wants and needs, your marketing plan isn’t a success.
Finding the Sweet Spot
Your marketing strategy must be multi-faceted, as there are a number of things that need to be addressed. It is cost-efficient to go digital, but the older generation is more old-school. The current economic climate has also shifted the perspective on needs and products, making it harder to stick to your same old marketing routine. The future can’t be built on the past.
The toughest part of insurance marketing is figuring out who needs what and how you can meet everyone’s needs in the most economical way. It takes a creative genius to craft a marketing plan that fits all these points.