It’s been said for years that mass marketing is on its way out. Personalization has become commonplace, and in order to compete effectively, it is important you embrace personalization and marketing customization in your efforts to attract new customers and drive greater sales.
It is particularly imperative if Millennials are a part of your target market. And, they should be. As reported by CNN, the number of Millennials in the U.S. surpassed the number of Baby Boomers in 2014. The Census Bureau says those born between 1981 and 1997 total 83.1 million, as compared with 75.4 million Boomers.
Younger generations are comprised of tech-savvy individuals with a different view of marketing. According to research, they want to know the individuals and organizations with whom they do business are paying attention to their specific needs. One way to reach them is through social media like Twitter, LinkedIn, and Facebook. Another way is through the use of marketing personalization.
More businesses and individual marketers are embracing personalization, because it is a proven differentiator. It can help you improve your customer acquisition, retention, up-sell, and cross-sell opportunities. By contrast, the lack of it could cost you, since research shows 41% of consumers switch brands when personalization is absent.
Know Your Customers
Using personalization in your communications with prospects and clients means you must have solid information about them. If you’re pursuing employee benefit sales to businesses engaged in a specific industry or market segment (for example, a retailer with 11-20 employees or an agricultural firm with 50+ workers), your approach for each is likely to vary somewhat. The more information you have, the more personalization and customization you can use in your marketing efforts.
According to an insurer study by Accenture, 80% of insurance consumers are looking for personalized offers, messages, pricing, and recommendations from their auto, home, or life insurance providers. It’s likely many health insurance buyers feel the same way – particularly business owners and benefits managers who are looking for insurance for their employees.
The Right Mix
Using the right blend of personalization enriches the customer and prospect experience. It can also help you reduce defections and increase sales and renewals. According to McKinsey, 70% of purchase decisions are driven by how the customer “feels” about how they are treated, and 89% have stopped doing business with a company (or representative) following a poor customer experience.
Consider using custom fields (like first name) on emails as well as personalizing sales materials (like brochures, PowerPoint presentations, and mailers). However, you need to be careful not to over-do it. Too much of a good thing isn’t always a good thing. Customization overuse can turn off your prospects and customers. Use common sense. If you think it’s too much, it likely is.
Word & Brown Can Help
For more than 30 years, brokers have turned to Word & Brown to help them be more successful. We offer a variety of materials that you can customize for your outreach to prospects and clients.
Our partnership with Broker Pop also gives you access to a wide range of do-it-yourself marketing tools as well as help with a direct marketing list targeted to your specific needs and goals. Read our post from earlier this year on all of the services available from Broker Pop.
For even more marketing tips download a copy of our Marketing Guide for Brokers.
Health Insurance Broker
Our simple step-by-step guide will help you market your business and fire up your sales in any economy!