SURE. ENSURE. ASSURE. INSURE
BY JAGDEEP KAPOOR
There are many times in life where a consumer prefers to be sure about certain things. Infact, consumers don’t like uncertainty and are always looking forward to “Sure Shot” Solutions. This is what gives them peace of mind and this is what makes consumers satisfied and relaxed. Infact, there is a huge market which has emerged which is able to provide a certain amount of surety to the consumer.
The consumer wants to ensure that his family, as well as, his property, his materials, belongings and assets are taken care of. The consumer does not want to leave anything to chance.
The consumer looks forward to a certain amount of assurance from companies, from brands to make his life move ahead smoothly without any road blocks or hindrances or shocks. This is a basic desire and need which every consumer has. If this need, to be sure, to ensure peace of mind and to assure oneself and the family, is not met then there is a tremendous amount of tension, which may not make life worth living. Fortunately to meet the needs mentioned earlier, you could actually go ahead and insure.
Insure and you are in a position to get a certain amount of certainty in your life. In these uncertain times, insurance, is emerging to be a very good option for consumers to participate in and reduce, if not eliminate the uncertainty of activities of life. Infact, the insurance sector has emerged over the last two years as a very important component of a category, I call, “FMCS” (Fast Moving Consumer Services)” just like ‘FMCG” (Fast Moving Consumer Goods). There is an emergence of the FMCS sector which has started growing and touching the lives of the Indian consumers. Infact, LIC, as a very strong brand and the leader in the life insurance sector has grown from strength to strength. The insurance penetration has gone up substantially and more and more consumers want to get insured. LIC has emerged as a powerful brand and has helped the market to grow along with the marketing initiative of a number of private players like ICICI Prudential, Birla Sunlife, HDFC, Allianz Bajaj, TATA AIG, Max NewYork Life, Aviva Life, SBI, Om Kotak, ING, AMP and Met Life and many others.
In is interesting to understand, consumer behaviour and to be able to look at this service industry in a brand building mode. In this industry too, consumers will buy brands and not just commoditise services. Consumers will look for both, for tangible and intangible benefits and would be sensitive on all elements of the brand experience.
Life insurance has existed in the country for a long period of time, however, it is just last few years that it has started galloping and moving ahead on the fast track. Who should be insured? When should insurance be taken? And many such questions keep cropping up in the consumers’ minds. I would recommend to brand marketeers that they should follow my 5 Wives and 1 Husband module to understand consumers. The five wives in my module are the 5 W’s (What, When, Who, Why and Where) and the 1 Husband is the 1 H that is How. It is important to understand and appreciate the consumers questions like why should insurance be taken? What type of policy should it be as well as the various assets and aspects of the consumers need. While understanding consumer behaviour, brand positioning can be worked out and developed to build a brand. Apart from life insurance there are multiple needs, which a consumer has, whether it be insuring of one’s home or a car or other assets or even certain tangible and intangible strengths which actually are generating income. All this is opening up a wide scope for the consumer and for the insurance sector.
However, it is important to note that those brands will succeed which are sensitive to consumer needs and go through the process of Sure. Ensure. Assure. Insure.
Happy Insuring !
The author is Brand Guru Jagdeep Kapoor, Managing Director of the successful Samsika Marketing Consultancy Pvt. Ltd.
Tel: 022 28597700/7701 Fax: 28597699
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