As omni-channel, people-based marketing (PBM) moves to center stage across retail markets, insurance and wealth management companies need to follow suit. This transition is less about keeping up with market trends; it’s essential for staying in business. That’s what the research shows, and that’s why leaders in PBM stand to capture a disproportionate share of category profits. Slow movers, on the other hand, will lose customers, give up share of market, and see their earnings decline.
Established insurance and wealth management companies are uniquely positioned to take advantage of their addressable audiences through their large customer databases, the deep data about those customers, and financial relationships with individuals – all of which provide a great foundation for PBM.
However, shifting toward a PBM approach isn’t easy. Insurance and wealth management companies face challenges that include channel silos, slow-moving compliance departments, and perhaps the most challenging: a lack of offer logic for next-best-action prioritization.
Merkle shares its best practices for insurance and wealth management companies to start on the path of PBM and overcome roadblocks by reviewing a real-life, successful campaign for a leading insurance and wealth management client. You’ll gain insight into:
- The seven processes for developing PBM strategies
- The three components of audience planning
- The tactics for effective conversion funnel planning
