The Accenture Blog on Insurance delivers leading insights about opportunities and challenges in the insurance industry.
Living FS Marketing is a new approach through which CMOs ensure that brands, products and services are hyper-relevant to each and every customer, and are presented as part of a unique, personalised experience that dynamically changes as the customer’s expectations evolve. In Living FS Marketing, the CMOs focus initially on increasing contacts through multiple channels (including social media) and through orchestration and/or participation in ecosystems. They then work to convert these contacts through personalised engagement into sales with the help of tools ranging from state-of the-art customer relationship management (CRM) software to the use of Artificial Intelligence (AI), machine learning and other emerging technologies.
We believe that Living FS Marketing is the key to sustainable growth for Financial Services firms going forward.
Living FS Marketing is not just a new way of marketing; it is a company-wide shift in mindset, behaviors and priorities, as reflected in Figure 1.
Read this report to see who is getting it right, the challenges and opportunities that marketing faces in Financial Services, the building blocks and more.
|FS Marketing Today||Living FS Marketing|
|Trust as one of many Agenda items||→||Trust as main driver|
|Product-or channel-centric perspective||→||Customer hyper-relevance|
|Complex, fragmented offers & conversations||→||Simple & seamless|
|Some relationship with partners||→||Narrative & ecosystem orchestration|
|Brand management||→||Brand values living across touchpoints & behaviors|
|Focus on charity / sponsorship||→||Social agenda as enabler to Trust|
|Use of predominantly (some) internal data||→||Internal + external + inferred data. Also, Trust agenda drives consent|
|Use traditional communication channels||→||Leverage also GAFA / platforms to connect|