Aug 04

Types of Life Insurance Marketing

Marketing is a means of communication by which a product’s value or the value of a service can be communicated to consumers.

Americam Marketing Senior LeadsThe concept of Marketing could often be elucidated as an art. It could be called as an art of selling a product or a service. But selling a product or a service is only a portion of the marketing process. The word Marketing could essentially replace the word advertising in many situations. Marketing is in essence the comprehensive strategy and functional payout by which a product or a service can be promoted to a consumer. American Marketing Association or the AMA as it is commonly known provides a definition of Marketing. As per this definition, Marketing is a combination of activities, institutions or organizations, as well as the processes involved in the creation, communication, delivery, and exchange of products and services that have potential benefits for consumers, clients, any partnerships, and the community at large.

Looking at it from a society’s viewpoint, marketing would be the link between the material requirements of a community and its economic response patterns. Marketing fulfills these needs of the community or society. Marketing also fulfills the wants of the society through processes of information and product/service exchange. Marketing also helps build relationships that can be sustained over long periods of time. Marketing is the process by which the benefits of a product or service can be communicated to the customer or set of consumers by positioning the product or service appropriately.

Marketing is a function of an organization. It can also be defined as a set of processes that help with the creation, delivery and communication of the product’s or service’s value to customers. Marketing can also help manage customer relationships. This could prove beneficial to the organization, its stakeholders as well as any shareholders.

Marketing is a science. It is the process by which target audience markets can be chosen. This is done by thorough analysis of the market and also segmenting the market to study the various segments. Marketing including life insurance marketing is all about understanding the purchasing behavior of the customer audience. This is to be done so that superior value of the products and services can be provided to the customer.

There are five different concepts through which companies can choose to run their business.

These five concepts often compete with each other. The five concepts are concept that has production as the primary factor, the product concept, the concept that has selling as the primary factor, the concept that has marketing as the primary factor, and the holistic or the comprehensive marketing concept.

There are also four different components within holistic or comprehensive marketing. These four components are marketing based on relationships, internal marketing, integrated or combined marketing, and marketing based on social responses. The following actions are imperative to be successful at marketing management. This includes identifying and recording marketing insights, building customer connect, establishing strong brands, shaping the product and service offerings to the market, delivering marketing messages to the audience, communicating the value of the product or service, creating, developing and sustaining long-term growth as well as developing strategies and plans around marketing.