The importance of internet and social media to connect with consumers on a one on one basis has recently been verified in a report shared by GoogleIndia, which measures the influence of internet on the purchase decision of financial products by Indian users. The report points out that 7 out of 10 Internet users change their mind about products and brands after online research for financial services. The report also reveals that during the research process - Internet plays an important role at various stages of the buying process with over 42% users saying they became aware of new products and brands, 58% said that Internet helped in their initial research and over 62% used Internet for intense research before deciding on their final purchase.
This proves that the focus has now shifted from paid media to earned media, which is considered almost 10 times more influential. What the consumers say about the brand, who they consider as advisors, customer opinions and reviews and the kind of products they are searching for become an important part of devising the communications program as this is the real opportunity that marketers have to establish a direct connect with an audience that is interested in their brand.
This insight in particular is important to a sector like insurance, where brand loyalty is largely a factor of great customer experience, unique products, sound counsel and trust in the corporate brand. Listening to customers, creating unique products that can be served through web and mobile for a greater impact in a cost effective manner and advocacy of insurance as a category will form the basis of an effective marketing program.
Looking ahead, I believe that personalization will be the buzz word of the marketer of tomorrow where robust ORM, social CRM and mobility solutions will play a bigger role across all segments as corporates delve deeper into the choices and preferences of the customer of tomorrow. Integrated marketing channels which plug in customer experience, social media channels and deliver personalized content will form the crux of evolved lead nurturing programs that will help brands to build better relationships with consumers
Article written by Mr. Gaurav Rajput, Director Marketing, Aviva India