Tag Archive | Insurance
Product Lifecycle Management and Guided Selling Tools for Services Companies: Part 2
Today we continue our previous discussion about how sales teams in services companies can utilize PLM to improve performance. Now we will discuss multichannel issues and specific tolls that can be used to help in this endeavor.
Product Lifecycle Management and Guided Selling Tools for Services Companies: Part 1
Sales tactics in the service sector can be quite different from those when selling a physical product. We humans tend to have more of an emotional connection to things we can see and feel. This means service providers need to work extra hard to differentiate themselves and develop a loyal following.
For services companies, such as telecommunications providers, insurance companies or financial services firms, Product Lifecycle Management (PLM) is an essential activity with a big effect on the bottom line. With increased regulation (or deregulation), technological innovations, evolution of consumer behaviors, and more competitive pressure, it is necessary to have an agile marketing strategy for launching new offers across different channels including call centers, agencies, retailers, and online. This agility must also be present in the sales field through guided selling tools in order to guarantee the best customer experience.
Guided Selling Tools in Insurance Companies
No matter their origins, today’s insurers are all generalists, offering the same product range to customers and prospects. Market niches have disappeared and the market is more competitive than at any previous time. Most insurance products are pretty much identical, so I know when I’m shopping for insurance at least, price is usually the essential factor. Due to these consumer views and market conditions, there is a significant opportunity for real product differentiation and innovation (See Gartner Research Report: Predicts 2010: Insurers Must Invest in Growth and Transformation Projects to Stay Competitive ). Additionally, in the coming months and years there is going to be continuously increasing demand for products that are customized to specific demographics.
