How to craft campaigns that work for the new-age insurance consumer; Sai Narayan's top tips

Crafting compelling insurance campaigns for the modern consumer requires a multi-faceted approach that blends tradition with innovation, writes Sai Narayan, CMO of Policybazaar.

By  Storyboard18May 29, 2024 8:41 AM
How to craft campaigns that work for the new-age insurance consumer; Sai Narayan's top tips
Leveraging sports events like the Indian Premier League (IPL) or the World Cup presents an unparalleled opportunity to engage with a vast audience. But that's just the beginning, says Sai Narayan.

Marketing, at its core, depends on capturing the coveted consumer mindshare - something that’s highly sought-after yet extremely scarce. The north star metric for any marketing campaign lies in its ability to effectively seize the consumer attention span. The process gets even more layered and complex in industries that have traditionally been associated with push categories, such as insurance. While new-age marketing often focuses on creating immersive brand experiences, in industries like insurance, one needs to take a step back and invest in consumer education and trust-building first.

In essence, marketing such categories to the new-age consumer involves battling their inertia first. Crafting campaigns that appeal to the modern insurance consumer is akin to walking the tightrope of balancing awareness with engagement. It needs a phased out approach of storytelling, humour, emotion and topicality with a message that hits home. The goal here is to connect with consumers on a deeper emotional level. Rather than hard-selling the product itself, this approach makes them see the vital necessity that they have overlooked and the reliable mediums they can turn to.

Here’s exploring how a multi-dimensional approach to craft campaigns that resonate with today's diverse consumer base.

Building preference and driving up trust

Building preference and trust are foundational pillars of successful brand strategy. Preference denotes a consumer's inclination towards a particular brand over its competitors, while trust signifies the dependability that consumers associate with a particular product. The brands need to effectively communicate their value proposition, which, in a category like insurance should be the promise of utmost transparency and reliability.

Traditionally, insurance as a category has been riddled with misconceptions and mis-selling. These perceptions can even deter potential consumers from engaging with insurance. It is crucial that the brand messaging prioritises dispelling these notions upfront or at least offers a tangible solution to them. One must bear in mind that building trust and preference are ongoing processes that require continuous effort and investment. By prioritising customer satisfaction and authenticity, brands can foster long-term loyalty and advocacy among consumers.

Category creation for a heavily underpenetrated sector

Creating a new category for a heavily underpenetrated sector like insurance requires a fresh perspective that challenges existing perceptions. Instead of focusing solely on the distress associated with insurance, the communication strategy should highlight the consequences of being uninsured. By shifting the narrative from fear to empowerment, insurance needs to be positioned as a proactive solution that offers security and peace of mind.

Additionally, the focus should be on expanding this category to underserved consumer segments, such as homemakers or low-income groups who often don’t prioritise financial protection. By seeing insurance as a tool for financial stability and resilience, consumers can overcome the negative connotations and see the product in a more positive light.

Additionally, leveraging storytelling and real-life examples can humanise the benefits of insurance, making it more relatable and compelling to potential customers. Highlighting success stories where insurance played a crucial role in protecting assets, livelihoods, and loved ones can help build trust and credibility in the insurance category.

Strategic use of celebrity campaigns and influencer marketing

In a world saturated by celebrity culture and social media influencers, it’s important to cut through the clutter. Merely featuring celebrities or deploying influencer marketing is not enough; a strategic placement and creative use of these resources is necessary to get the message across. Utilising celebrities should go beyond surface-level association and instead focus on aligning their endorsement with a compelling script that resonates with their brand persona. So the focus still remains content-driven and doesn’t dilute the purpose of the campaign. For instance, humour is a universal language that can break down barriers and make complex topics more approachable. By injecting wit and levity into insurance marketing campaigns, brands can capture attention and leave a lasting impression on consumers. This will help humanise the concept and make the consumer more receptive to the concept of insurance.

Similarly, when engaging influencers, the focus should extend beyond follower counts. Instead, it's crucial to select influencers based on their regional diversity and linguistic reach, particularly in areas pertinent to the target consumer base. By partnering with influencers who possess a nuanced understanding of local cultures and languages, brands can establish genuine connections with diverse audiences, fostering trust and loyalty. In short, standing out in a world full of celebrities and influencers means being smart and genuine.

Integration into topical events and popular culture

The goal of any marketing campaign is to maximise its reach. In today's digitally interconnected world, leveraging sports events like the Indian Premier League (IPL) or the World Cup presents an unparalleled opportunity to engage with a vast audience. But that's just the beginning. Pop culture, with its perennial presence, provides yet another avenue for brands to connect with consumers on a deeper level.

By integrating insurance themes into popular TV shows and movies, brands can tap into the attention of audiences across various age groups and interests. Whether it’s a subtle product placement or a storyline that revolves around insurance, such strategic placements not only enhance relevance but also build a stronger emotional connection with viewers.

In a nutshell, crafting compelling insurance campaigns for the modern consumer requires a multi-faceted approach that blends tradition with innovation. As the marketing landscape grows more competitive, it’s imperative to stay relevant by embracing new approaches and being attuned to evolving consumer preferences.

Sai Narayan is the Chief Marketing Officer of Policybazaar. Views expressed are personal.

First Published on May 27, 2024 8:01 AM

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