Reaching multiple customer groups is tricky but if done well can bring great benefits
It’s a fundamental rule of business that if you give your customers what they want, you increase your chances of success. So there’s a strong argument for targeting multiple customer groups.
We’ve found that offering competing brands in the same market is an effective way to achieve greater market share. The benefit for insurers on broker panels is the ability to target several specific risks.
But it isn’t easy. A deep understanding of what your brands offer is paramount.
Certain car manufacturers such as Volkswagen do this well. There’s Volkswagen at the core - the mass-market brand. For the more budget-conscious, there’s Skoda, and Lamborghini models cater for the very top of the market.
If both parties are clear on targeting, insurers and brokers can reap the dual benefits of a tighter customer focus, with a broader market reach.
June Lynch is managing director of Kwik-Fit Financial Services