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improve customer experience strategy

Engagement marketing: how to improve customer experience strategy in the insurance market

In a speech last year, Mark Zuckemberg said that Facebook should be a tool that we use to maintain relationships with friends, family and the people that matter to us. Social media is indeed where people are spending more and more time, and that includes interacting with the brands they do business with. The difference is, they are expecting more than just information about their products, which presents a great opportunity for companies, who understand that Facebook, Twitter and social networks, in general, are strategic tools for all companies that want to remain competitive in the long run. The insurance industry is no exception, and they need a solid customer experience strategy to be able to reach and keep interested customers. Obviously, there is no single formula to achieve this goal, but there are certainly some tricks to build a successful strategy.

 

The insurance market: unique features

The insurance market has some unique features that distinguish it from other sectors. For one thing, insurance is not an immediate satisfaction market: you’re paying for something that you may ever “see” unless you need it. For another, it’s not easy for competitors to distinguish themselves for customers. Today’s insurance customers make their buying decisions based not only on research but especially on reviews–what other users have to say–and they expect responsive, always available service.

 

Different eras, different users

Always available service is important for customers of insurance and every sector, and today’s customers are also looking for above all, personalized service. The customer-user is no longer a passive interlocutor, as in traditional sales models. Every user wants to be involved and have an active role in each phase of the buying cycle and doesn’t want to be thought of as one of many.  This includes commercial content (such as targeted advertising) and entertainment content ( when listening to music or watching a video).

 

Improve customer experience strategy

An engaged customer is a happy customer. Statistically, if a customer-user who has a good experience is more likely to buy and more willing to speak well of that product, sharing their experiences with friends and acquaintances. The same goes for a negative experience–those will be shared as well; customers who have a negative will not hesitate to abandon a brand in favor of the competition.

Therefore, a high-level customer experience is an important factor in increasing the number of customers and strengthening the existing base. Companies should, therefore, improve their customer experience strategy. But what does it mean to guarantee a good customer experience?

Three things:

1) rich interactions: to ensure quality interactions that transmit value in terms of usefulness and knowledge

2) understanding: users must feel that their needs are  heard and that there is someone on the other side of the screen, ready to help them out;

3) digital engagement: Users want to be able to manage and personalize each phase that leads to the purchase.

How to improve customer experience strategy

Customer loyalty must be an essential part of the strategy. Every satisfied user represents not only a receptive customer for new your brand message or for new products, services or content but also an incredible point of contact. Relationships are still the most powerful tool to influence people’s behavior. A satisfied user is a user who is more likely to share their experiences about the quality of a company’s products and services across all of its channels. After all, UCG advertising is the most effective of all.

The next element is customer engagement. A company that invests in engagement marketing and puts its customers’ communication strategy at the center of its business is considered a “good” company.

That’s not all.  Virtual agents have been shown to have a powerful tool for customer experience. Customers who interact with virtual agents over the course of their browsing have been more likely to receive messages and leave their contact details.

Last but not least, companies who focus on their customer experience strategy are perceived as innovative and more competitive.

 

The Three Musketeers

There is not just one way to improve customer experience strategy and maintain a high level of customer engagement and experience. There are three “helpers” who, if used correctly, could prove invaluable.

 

1) Data

Data is one of the most precious resources as well as the starting point to improve customer experience strategy. For this reason, it is necessary to look for more specific and refined ways of gathering data in order to reduce the margin of error.

In this sense, digital engagement can trigger a virtuous circle: the more a user feels involved and heard, the more he is inclined to carry out actions that leave behind relevant data. In marketing, data is fundamental. To make this data even more relevant requires combining it with market research and sector analysis information in order to obtain the reference context.

 

2) Leveraging analytics

All collected data must be interpreted.

The analysis is necessary to identify unique elements, repetitiveness or new trends to be exploited. Data analysis can reveal two important elements: group dynamics and individual needs.

Group dynamics are important because they allow the company to understand who it is addressing and to segment the market according to representative categories. Furthermore, it allows us to think about the effectiveness of the commercial proposal and the competitiveness of the products offered.

Knowing the individual customers’ needs, on the other hand, is essential because it allows companies to target them and identify which services are best suited to them.

 

3) Customer communications

Finally, data and analysis allow us to understand not only what to say, but also how. In other words, once the customer profile is drawn, communication can be perfectly sewn on. Data is critical for improving customer experience strategy. In this sense, the choice of the tool is fundamental. Some users are more sensitive to traditional channels (email, phone calls), others to more innovative approaches (such as contact via instant messaging applications).

Furthermore, based on user behaviors and responses, it is possible to outline specific goals: should we work on awareness or are we already in the retention phase? Is it necessary to focus on sentiment or is it sufficient to maintain the current level of perceived reputation?

 

The fourth musketeer

A fourth essential element is

4) Memorable

Any interaction that you want to build with the customer should be memorable. Data, analysis and timing are three winning ingredients, also in creative terms.

An interesting way to do this can be personalized videos -interactive and targeted video–addressed directly to the user. AXA has chosen Doxee Pvideo® to communicate with its customers in a personalized and interactive way. Download the case study to learn more!

Your customer will know that they are not a one among many, but the recipient of a service designed specifically for him and only addressed to him.

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