NATIONAL INSURANCE ACADEMY
PUNE
P636 – EMERGING TRENDS IN
MARKETING FOR MARKETING MANAGERS (LIC)
(2023-24)
Background:
The
dynamic nature of marketplace makes it an ever evolving subject. The marketers,
world over, have to 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 bolster the sales
volumes and also pave way for the increased brand value.
One
of the most important aspects impacting 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 as a whole. 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 activities 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.
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.
Objectives:
At
the end of the program the participants would be able to understand:
Ø
Concepts
of Digital Marketing & E-commerce
Ø
Concepts
of nurturing a brand
Ø
Customer
Behavior
Ø
Global
trends in life insurance
Ø
Social
intelligence.
Ø
Components
of market intelligence
Ø
Market
research to drive organization strategy.
Ø
Consumer
expectation
Ø
Emerging
trends in distribution
Ø
Products
of competitors
Ø
Dynamics
of the country’s economy
Ø
Regulation
updates.
Ø
LIC
in the listed environment
Ø
Opportunities
in the current and future financial markets.
Ø
Demographic
changes and Life Insurance
Ø
Customer
Engagement
Ø
Business
Communication, Ethical Communication and Business Ethics
Ø
Corporate
Governance
Ø
Change
Management
Ø
Digital
& Social Media Marketing
Ø
Social
Marketing
Ø
Brand
management
Ø
Blue
Ocean Theory
Ø
Leading
a Marketing Team
Ø
Managing
the opportunities in multi-distribution channels
Ø
Global
Trends in Marketing- Moving towards digital
Ø
Market
Research (Data Collection, Data Analysis and Practical Way of Implementation)
Ø
Current
Economic Scenario.
Ø
Regulations
Update on Marketing -Standardization of Pension, Micro and Health Insurance
Products
Ø
Consumer
Buying Behavior
Ø
Changing
Customer Profile
Ø
Competitive/
Competitor Intelligence
Ø
Leadership
Skills – Overview
Participants’ Profile: Marketing
Managers to be nominated by HRD Department of Zonal offices of LIC of India.