How Marketing and Advertising Help Insurance BusinessesOctober 16, 2018
To survive in today’s competition, every business – large, medium, or small – needs to promote itself. It should make people aware of the products and services it offers. The availability of a variety of media sources like television, radio, print, outdoor media, the Internet, etc., gives businesses numerous opportunities to promote themselves with little effort. Many companies have already understood the importance of marketing and advertising. Businesses in the US spent around $144 billion on marketing and advertising in 2011. Globally, it was $ 498 billion. Marketing and advertising are two unique concepts which are essential for every business to succeed. Many people wrongly assume that they are the same. But, they are not. Marketing involves various activities like identifying the target markets, their needs, and requirements; new product development, promotion, building brand image, etc. Advertising, on the other hand, is one of the marketing activities. It is a kind of publicity to make consumers aware of the products/services available under a brand.
- Marketing defines target markets: Target markets or target customers are a group of people who are more likely to buy products/services offered by your company. Unless a company identifies its target market, it cannot design its advertising strategy that is customized to serve potential consumers. Marketing helps businesses effectively identify their target markets. Marketing involves research to identify people who you want to sell your products and people who need your products.
- Identifies customers’ needs: It is important to continuously monitor and produce products that suit the requirements of your target group. Marketing does this exactly. It identifies customers’ requirements by conducting various polls, campaigns, and research, which enable businesses to produce products that match the needs and wants of the consumers.
Building a Brand for Your Insurance Firm Through Proper Advertising
Building a brand image is vital for credit insurance firms: Good reputation makes an insurance company stand out from the rest. As marketing enables a company to produce credit rating products as per the customers’ demand and helps it conduct various programs to promote the brand and its products, a kind of brand image will be established among the public. Advertising helps publicize business credit insurance company products and services: While marketing involves all the back-end operations like research, collecting opinions, identifying needs and requirements and so on, advertising is associated with publicizing the brand to the consumers. It creates an awareness of the brand as well as the products/services offered by it among people and thus makes the brand well known among the target markets. Besides creating brand awareness, an effective advertisement does have the power to persuade the public to buy the credit insurance products on offer. The different means of advertising include non-electronic media like newspapers, brochures, journals, magazines, banners, posters, etc., and electronic media such as television, radio, the Internet, etc.