For a mutual fund insurance business, a great business model doesn't guarantee solid revenues.
The right market approach lets smaller mutual fund insurance businesses remain competitive with much larger businesses. What small companies lack in resources, they can make up for in marketing intelligence and expertise.
Building A Community Around Your Brand
Does your business have a social media presence? If not, you may be falling behind the rest of the marketplace. Although they invest heavily in other marketing channels, most mutual fund insurance businesses need to do a better job connecting with their customers. Direct mail campaigns featuring mailing lists from a reliable list partner can jumpstart a social media drive by expanding your customer base and alerting them to your social media presence.
Social Media Monitoring
Brand advocacy is a buzzword in marketing circles. What does it mean? Using consumer-oriented platforms to encourage customers to create user-generated content about your products and company, typically through social media. However, social media also has a dark side -- negative mentions. All mutual fund insurance businesses are especially vulnerable to negative exposure through social media. Social media monitoring can be as simple as periodical Google searches or as complex as the application of sophisticated monitoring software. Either way, it's essential to develop a system for regularly monitoring your company's presence in social media, followed by positive customer engagements.
There is no substitute for being able to speak convincingly about your products in a mutual fund insurance business. Whether you outsource marketing or handle it in-house, the more familiar marketing personnel are with your products' distinctive characteristics, the easier it will be to devise marketing strategies that differentiate your mutual fund insurance business from the rest of the field. If you can't articulate your products' unique characteristics, your messaging - and revenue stream - will suffer.
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