P636 | Emerging Trends in Marketing (LIC)

The dynamic nature of the marketplace makes it an ever-evolving subject. The marketers, worldwide, must constantly reach out to the customers, especially the millennials playing a big role in almost all business activities. The insurance industry has a big challenge on its turf. The easiest way to reach out to these millennials is to be where they are, and it is on social media platforms. Social media is already a game changer for companies.

Marketing executives need to be equipped with the tools and techniques of digital marketing to integrate digital disruptions into their marketing plans. Insights into digital marketing shall enable the marketing executives to get enhanced performance from their digital activities while reducing the cost of their digital campaigns. Awareness in the trends and practices in digital marketing including social media marketing will equip them to boost the sales volumes and pave the way for the increased brand value.

One of the most important aspects impacting on an organization's ability to stay ahead of the market is to have a comprehensive understanding of its competitors, the state of its industry, and the changing consumer landscape. With this information, the marketers can evaluate their tactics and optimize future campaigns based on their own insights as well as those from across the entire industry.

The Life Insurance industry continues to remain one of the fastest growth markets. It is expected to expand at a CAGR of over 7.00% the FY2019 to FY 2024 after the effects of the pandemic and favorable demographic factors and economic recovery. It is the customer-centric activity which will gain prominence and stay ahead of competitors. Market intelligence systems can be used to identify business opportunities and avoid threats. Huge data and information are available and prioritizing information is vital.

The sound marketing strategy of an organization depends on superior market intelligence. By collecting and analyzing contextual data about customer and industry trends and behaviors, marketers can gain a holistic understanding about what is and what isn't working. This can give businesses an important advantage over competitors, educate them about their target audience, and evaluate insights into their various products. Hence collection and analysis of market intelligence should be done properly.