Tag: The Team

Digital Branding?

Does an Insurance Agency needs to brand itself and why digital branding is a great way forward?

Source: Wikipedia

Source: Wikipedia

The Malaysia Digital Brand Index (MDBI) reported the following interesting pointers - at least from our perspectives:

1.   Lowyat.net.forum - Kopitiam featured prominently in a recent technology related survey (not surprise as Malaysian are much attached to "kopitiam"...),

2.   Service providers do not usually engage their customers online,

3.   Highlighted the needs to target the right channels and people - more than often, selected online channels failed to reach their target consumers,

4.   Search Engine Marketing is deemed to be important, and

Source: Wikipedia

Source: Wikipedia

5.   Ability to analyse and measure the return on marketing investments in respect of online activities is deemed very important.

The word "Brand" and "Branding" sound like something that are overly sophisticated and hi-tec but insurance agencies are mostly of small proprietary setup. Why then should insurance agencies need to brand themselves?  Insurance agency is a living and dynamic entity, and like any other business entity it needs to grow and eventually spread its wings, otherwise it could be easily phrased out over time by the new and larger players.  Just like any other business setup, an insurance agency represents different thing to different people - thus the issues surrounding "perception" start developing.  With a brand tagged to your agency, it creates an emotional connection, builds loyalty, and helps acquire new customers.

In a nutshell an insurance agency must grow both in terms of business revenue and business image. Ability to grow its revenues means the agency is able to deal with its existing competitive environment, and on the other hand, having a great positive image means it has laid the path for the future, which will eventually equate to consistent growth in future revenues. As a matter of illustration, we can take the small retail shops of our yesteryear as example - these shops are slowing dying off in the larger towns as they are being replaced by chain of convenience shops like 7-Eleven.

Of course branding is not something cheap for any insurance agency to work with. However, with the growing realities of Internet marketing and business transactions done over the world wide web, branding exercises have been made cheaper if it is done digitally or via the web.  The web is therefore a low cost  for marketing channel development and for online branding. If this is already a reality - What are YOU waiting for?