Marketing Insurance Products

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Marketing Insurance Products Student’s Name Institutional Affiliation Abstract Insurance companies operate within the service industry, meaning that they do not have tangible goods to sell. Regardless, marketing of insurance products is as important as marketing of products in any other industry. Thus, marketing for companies in the industry should be strategic to build the necessary relationship with the consumers and gain an edge on the ever-increasing competitors. Marketing of the insurance products should always begin by creating an effective team of marketers, with adequate understanding of the insurance products being sold. After creating the team, the next step involves collection of information to provide a better picture of the market, target audience and competitors. The information is used in establishing a plan and planning the market campaign to be undertaken. After the campaign an evaluation of effectiveness is carried out using quantitative data from the clients. Feedback is critical in the marketing of insurance products because the word of mouth by the clients is critical for success in the industry. Marketing Insurance Products Insurance companies operate in a service industry, which means they deal with the marking of services as opposed to goods. Thus, when it comes to marketing, the companies tend to hold a very unique position. The marketers within the industry do not have a tangible product to market or sell. As a result, they have to depend on creating strong connections with loyal consumers. Also, they are involved in constant competition with other marketers, suggesting the importance of their sales strategies (Diacon, 2016).

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