Data Driven Marketing

How Insurers can Optimize the Customer Journey

How Insurers can Optimize the Customer Journey

March 12, 2019 | Kevin Leslie

We often simplify “customer experience” to just the point-of-purchase. But it encompasses the entire buying process, from the start of the relationship, to support contacts, to using your company’s goods and services.

The Digital Marketing Institute conducted studies that suggest consumers are 53% more likely to engage with a business that they can contact in realtime.

That's a testament to the vital importance of personal connections in today’s hyper-connected digital age. Yet, with so many touch points to consider, marketers are challenged to appeal to the right customers in a way that isn’t too promotional or bureaucratic.[1]

Understand the Entire Customer Journey

As online and offline touchpoints continue to boom, most marketers face a bumpy ride when mapping, tracking and optimizing the customer journey. They say analytics and marketing measurement can be complicated. Oftentimes, they need help understanding what new solutions can fully track and optimize the journey.

For example, people in the U.S. spend 12 hours a day consuming media. About 50% of that is in a digital format—half mobile, half non-mobile. Marketers can take advantage of multiple environments provided they leverage solutions that align data sets with advanced measurement.

Many marketers are evolving from last-click attribution as the only way of looking at budget allocation. They say many touch points along the customer journey play a role. Yet they haven’t figured out how much to allocate to each one. As a result, marketers often experiment with what the attribution model should look like.[2]

To compete effectively in today’s environment, marketers need a complete understanding of the customer’s end-to-end experience. They also need to know what is working and what can be optimized for better performance by using analytics and marketing measurement tools to measure the entire customer journey.

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[1] https://digitalmarketinginstitute.com/en-us/blog/how-to-humanize-your-organizations-digital-marketing-efforts-corporate

[2] https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/discussions-on-digital-measuring-marketings-impact

Kevin Leslie

Kevin Leslie

Vertical Marketing Leader

Kevin Leslie is the Insurance Strategic Marketing Officer at Equifax. He possesses a strong curiosity and desire to help insurers transform through the effective use of data, analytics and insights. Kevin has spent the majority of his career in the Insurance and Telecommunication industries, gaining expertise in the a[...]