For some insurers, marketing is a billion dollar question. Today, many insurers may dedicate a large chunk of that budget to mass media spend, such as radio, TV, print and billboard campaigns. But as marketing strategies increasingly focus on more personalized channels, such as digital and direct mail, leading insurers are refining their outreach strategies across platforms, and re-allocating budget accordingly.
As insurance executives shift their marketing priorities, it will be critical that they understand the true impact of their personalized outreach. From there, they can develop a better understanding of how to focus their marketing spend, and smartly distribute budget across personalized outreach, mass media marketing efforts, and more for maximum impact. Further, with any form of personalized outreach, there are many different combinations of levers to pull, including communication platform, messaging, cadence, and creative. So how can decision-makers develop an understanding of which campaign variation will be most effective with which policyholders?