Every Insurance Company Needs An Insurance Policy: Media Analysis and Brand Intelligence
The insurance industrys’ advertising spend amounts to three per cent of all advertising spend in South Africa. There is no doubt that the spend is motivated by the unwavering competition and the recurring growth of new entrants in the insurance industry. This substantial investment should be driven by brand intelligence and measurement to ensure that the companies strategically buy ad space. This will give them an edge over their competition and ensure that their advertisements reach the right audience at the right time.
Considering the massive spend investment in advertising; one can assume insurers, especially legacy insurance companies are delivering primal and high-value marketing. Yes, it is with no doubt that their commercials mark a large net and most likely keep consumers engaged and intrigued but are they positioned strategically and yielding a positive return?
Insurance is an essential product, yet at the same time, is quite an undifferentiated product. Brand intelligence and measurement help the insurance providers to get a lead over their competitors, create real value for the consumer and drive down the overall cost of customer acquisition. In essence, the new players in the insurance industry have an opportunity to breakthrough despite not having legacy company budgets if their marketing strategy starts with media and ad spend research and analysis.
Why research should be every insurance marketing starting point
Competitor Ad spend is key. Doing competitor ad spend analysis gives the insurance marketer an understanding of the monetary value invested in advertising by top competitors in the industry and where they spend this investment. Knowing this helps in two ways, one can identify where advertising is overly saturated and impenetrable to avoid costly mistakes. It also enables one to identify gaps in the market, inspiring marketing teams to be creative in developing new ads and exploring new advertising channels.
Understand and measure niche services within the insurance industry. Niche marketing enables brands to differentiate themselves from competing brands. To deploy effective strategies to increase your share of voice, build unique authority, and ensure that advertising resonates with distinct customers, the marketer needs to understand and continuously monitor competing brands and measure the effectiveness of those strategies.
Continued media analysis creates opportunities. Media monitoring and analysis can help insurance companies avert scandals and manage their reputation, but it also helps create opportunities. Yes, we are taking it back to the marketing textbook, PESTEL. Media monitoring and analysis keep in the loop of what is happening in the political, economic, social, technological, environmental, and legal environment. The Covid-19 pandemic came with numerous social issues, with unemployment, a high mortality rate and work from home being on top of the list. This could have endless aftermath, cancellation of policies, uptake of funeral and life covers, or decreased sales due to reduced call centre calls.
There is an increased value of advertising in the insurance industry. Paired with measurement and brand intelligence, insurance companies can increase their return on investment and identify new opportunities.
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