IT has a Marketing Problem and Marketing has an IT problem
Why does marketing have a data problem? IT is sitting on a very rich data set that can be priceless to the company. Marketing knows this, but most marketers feel like they have asked but are not getting what they need. Either data sets are not correct, or pieces and parts from different systems can’t be correlated. So marketing and IT part ways, and marketing returns to what it can control — focusing on acquisition, when in many cases the much more efficient and profitable approach is focusing on retention and awakening dormant customers. Does this sound frustrating to you? As a technology company that builds the software and technology responsible for document output and delivery, InfoPrint Solutions (formerly part of IBM, and now a subsidiary of Ricoh) recognized this disconnection and language barrier with marketing. InfoPrint then formed a partnership with the CMO Council to learn to speak the language of the marketer. The latest research series currently being developed examines marketer’s issues by verticals. Focusing on insurance, the data from the first report in the new series, ‘What’s Critical in the Vertical’ is stunning. CEOs must be pulling what’s left of their hair out. And IT is in a position to be a hero – no telephone booth or cape required. In the recent report on the ‘Insurance vertical’, it is found that over 55 percent of consumers polled have held their existing insurance policies for more than five years and are open to receiving information from their trusted providers on new or complimentary services. And an impressive 21 percent of consumers purchased or increased the value of their existing policies after receiving communications. Unfortunately, only seven percent of marketers in the insurance vertical value up-sell and cross sell tactics as critical route to revenue. Among other key findings, the report benchmarks the critical drivers to customer engagement in the Insurance vertical. Over 100 insurance marketers provided insights on how they market and sell insurance, while over 1,100 consumers provided feedback on their experiences shopping for insurance and selecting providers. The insurance industry’s net premiums in Singapore total more than SGD 671 million (USD 495 million) annually. Sales of regular premium life insurance products in Singapore were up 26 percent year-on-year to SGD 518 million (USD 383 million) in the first half of 2010. Single premium life insurance product sales rose to SGD 2.09 billion (USD 1.54 billion) in the first half of the year, a 36 percent increase over the same period last year, reflecting the strong economy. In the case of marketers, there is a sense of frustration over budgetary constraints that have stalled investment in data analytics programs, which in reality could help jump start robust lead flow through more targeted and engaged prospect and client opportunities. “Any organization’s ability to grow and thrive is highly dependent on IT and Marketing working together to address these challenges and create solutions that really drive bottom-line results.” said Mr. Rohan Vaidya, General Manager for Asia Pacific South at InfoPrint Solutions Company. “It is unlikely that customers will come forth to indicate interest in buying consolidated services and grow the value of their engagement. Nonetheless, this is an invitation to start approaching About Author Rohan Vaidya is the General Manager, APAC South, InfoPrint Solutions Company Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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