INITIAL PLAN PARTICIPATION
  
INSURED RETENTION
What marketing changes
have occurred in the last 10 years?
More competition by other affinity groups
Less loyalty by members
Group plans and rates are no longer competitive with many individual policies
Internet communications
Email communications
Resurgence of agents due to complicated products such as long-term care
Print-on-demand programs - more personalized communications
Targeting specific cells (segmentation) within an association
Smaller marketing budgets & higher response goals
Tighter underwriting requirements
What buyer changes have
occurred in the last 10 years?
They have become more savvy about buying insurance through the mail because they now receive many offers other than from their alumni and professional associations
Their employee benefits are shrinking
Employers are offering a wide array of voluntary plans with automatic payroll deduction which saves the employee time
More people are delaying starting a family, and this reduces the need for some types of insurance
Financial Planners are influencing people more now than ever before
More and more people are electronically plugged in and are less likely to response to traditional direct mail
 
What marketing changes
have occurred in the last 10 years?
Mining an existing database of insureds can be easier, cheaper and more productive than member-wide plan solicitations
Internet communications
Email communications
Print on demand programs - more personalized communications
Targeting specific cells (segmentation) within the insured database
New privacy regulations for cross-selling
Little or no budget for retention marketing
What changes have occurred with
your insureds in the last 10 years?
The competition is selling them the same (or better) coverage for less money and they are switching
Economic factors are influencing their buying and retention
The baby boomers are aging and the next generation is all about electronic communication
Plus, many of the items identified under “buyer” changes apply here, as well
Your short- and long-term marketing plans: Do they address these issues?
Topak Marketing can help you evaluate the strength and feasibility of your current marketing plans. We can show you new ways to reach your changing audiences that will give you results, as well as cost-effectiveness.