I have authored and published the definitive guide for the InsurTech Marketer (start-up or legacy, carrier or distributor), which is exclusively available to my consultancy clients and staff. To me, as a seasoned marketing practitioner, this is the only practical guide to help any insurance marketer to develop and flawlessly execute a Strategic Marketing Plan (SMP) in this more complex, InsurTech world. So, in this regard, I chose the word manifesto as a written statement declaring the intentions, motives, or views of its issuer, the savvy insurance marketer. No political intention was meant here whatsoever.
A Strategic Marketing Plan combines the strategic aspects of longer term planning with the action oriented annual marketing plan. The SMP is a useful tool for gaining a deeper understanding of the contextual business environment while identifying areas and opportunities for growth, improving capabilities, and achieving economies of scale. The sheer volume and complexity of multi-channel marketing and distribution knowledge has exceeded our ability to apply it consistently. One way to manage this level of complexity is by way of a simple checklist, in the form of an outline, as presented here.
In my experience, marketing people have a lot on their plate already trying to coordinate the tactical realities of the day-to-day campaign development and deliver results with flawless execution. It’s analogous to: “fixing the plane while you are flying it”. The need for speed in a marketing environment that keeps getting more complex requires a streamlined approach to SMP development.
According to an Accenture survey, a growing number of Chief Marketing Officers (CMOs) feel they are falling short of meeting their carriers’ growth objectives. Only 53 percent of insurance marketing executives—less than in any other surveyed industry—felt assured they could meet the performance objectives of their organizations. Their 2016 marketing survey also found that only about one-third—36 percent—of insurance marketing executives were very satisfied with the value-for-money of their marketing efforts. Most striking, however, is the survey finding which revealed only one in 10 insurance CMOs believe they are exceeding customer expectations. Trust me, savvy marketers, I know the feeling.
The foregoing “checklist approach” helps to prompt or remind the savvy marketer of the bigger strategic picture and what content should be included in a Strategic Marketing Plan. It is intended to eliminate short cuts, potential errors and omissions. So, I start with what an Executive Summary should look like (usually completed at the end of SMP development), go through Environmental Assessment, Business Review, then Marketing Plan development and execution and finally, identification of risks. The overarching goal here is to help an insurance marketing professional “future proof” their marketing function with the right balance of adaptive experimentation, innovation and flexibility to be able to scale and grow the business with an acceptable return on the marketing investment. At the end, I offer some solid resources to help you stay current with some of the most forward “marketing thinking” of our day.
It’s not acceptable to hunker down, maintaining the status quo – no, to the contrary – it is time to change things in marketing that need changing!
Available exclusively to clients of Strategic Marketing Plus, LLC. For more information, visit http://www.strategicmarketingplus.com and contact me directly.
About the Author:
Bill Tyson is CEO and Founder of Strategic Marketing Plus, LLC. He has a strong InsurTech background, as well as experience in direct marketing, business development, distribution, sales, and multi-line insurance product familiarity. Bill earned his Bachelor of Business Administration (BBA) in Insurance and Risk and Business Law from Temple University.