Analysis on customer loyalty in the insurance sector marketing essay

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Analysis on customer loyalty in the insurance sector marketing essay

In order for insurance companies to determine methods and strategies appropriate for themselves, they have to identify accurately the characteristics of the market in which they provide service.

They particularly have to ensure customer value, which is defined as providing products and services with qualities different from rival insurances and with most benefit. It is clear that, in addition to insurance cover, criteria such as convenience of paying premium, services and criteria related to comfort such as online services and behavior and attitude of personnel and other service features such as reminders for the payment of premium and meeting special requests are also influential in creating value for customers and ensuring customer loyalty.

In conclusion, in marketing strategies aimed at creating value for customers, insurance companies have to determine the services and criteria regarded important by customers accurately and in line with customer expectations.

Thus, satisfaction level of customers about the services and criteria offered should continuously be measured. As well as creating a benefit for customers, the services and criteria to satisfy the customers and regarded important by them also create a value and loyalty for customer.

The research findings indicate that brand-customer bonds grow stronger as the commitment of the customer for the brand intensifies. Evidence of very high levels of commitment to brands was found among some respondents.

Indeed, Fournier and Yao describe the nature of that commitment as lying in the??? It is important for marketers to understand the reasons why these bonds exist and to attempt to nurture them to enhance the strength of the consumers??

The current research confirms that, where loyalties develop as a result of emotional attachments, strong bonds can form where the brand becomes established in the life of the consumer. The research also indicates that bonds can form where consumers are loyal for cognitive reasons. It could be argued given the research findings that bonds are likely to be stronger where consumers are loyal for cognitive reasons.

Marketing Analysis, State Farm Insurance Companies -

It is probable that it is for this reason, coupled with the swing in loyalty studies from behavioural to attitudinal, that bonding at an emotional level has received more attention in the literature over the past decade, than bonding at a cognitive level.

Researchers have predominantly explored the nature of bonds that are present for deep, emotional reasons. This study however, indicates the necessity to refocus attentions at bonding at a cognitive level, given the many cognitive reasons given for loyal behaviour by respondents to the research.

Progressing this thinking even further, the research findings also indicate that future thinking on brand loyalty would benefit from consideration of cognitive and emotive reasons for loyalty as interdependent determinants.

It can be argued that cognitive reasons for loyalty such as quality and security preference might over time develop into an emotional attachment to a brand, where the consumer develops affection for that brand.

Similarly it can be argued that if a consumer has affection for a brand or buys a brand for reasons of tradition it is probable that they like the security of it and believe of its quality.

In this context it can be argued that cognitive reasons underpin emotional reasons for loyalty. Building on this argument, this research further proposes that cognitive reasons for loyalty can also incorporate an attitudinal perspective.

As such it can be argued that the polarisation of cognitive and emotive determinants of loyalty might be replaced with a study of brand loyalty that moves to a more central position. This model is illustrated in figure 3. Building on figure 3, it can be argued that where bonds develop at a cognitive level, they can develop in intensify if the reasons for loyalty become more emotional as the consumer becomes more attached to the brand.

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For example, over time??? Further to this, it is argued that similar bonds support loyalty at both a cognitive and emotional level. For example, a consumer might be loyal because of the quality of the brand and thus be satisfied with the brand; similarly a consumer might be loyal for reasons of nostalgia and also be satisfied with the brand.

As illustrated in the figure 3, it is also possible that the presence of loyalty might lead to the development of bonds that initially did not underpin that loyalty. Thus, a consumer might have trust in a brand, and as the loyalty that exists to that brand strengthens, other bonds such as empathy and fulfillment might develop.

In this context it must be remembered that while bonds underpin loyalty, further bonds can also develop where consumers are loyal. Thus, both consumer behaviour and marketing literatures should benefit from an in-depth exploration of the nature of brand-customer bonding that recognises that bonds develop for different reasons and in different contexts.

In this way, the important and complex area of customer-brand bonding might receive more attention that it has hitherto, paving the way for an informative insight into the determinants of loyalty. As a result, those interested in nurturing customer loyalty might be better positioned for such endeavours.

Findings from this research indicate that future studies of brand loyalty should focus on both the cognitive and emotional reasons for loyalty, and move away from the either or approach that has dominated recent brand loyalty literature.Vol.7, No.3, May, Mathematical and Natural Sciences.

Study on Bilinear Scheme and Application to Three-dimensional Convective Equation (Itaru Hataue and Yosuke Matsuda).

The financial services and banking facilities industry has seen a growing intensity of competition within the market place over the last decade.

Analysis on customer loyalty in the insurance sector marketing essay

Essays; Factors Influencing Customer Loyalty; Factors Influencing Customer Loyalty The researcher was interested in predicting what the factors influencing customer loyalty toward . This chapter focuses on loyalty cultivation in the insurance sector focusing both on traditional and relationship marketing practices.

It confers the rising importance of relationship building and corporate image in loyalty cultivation in the insurance sector. Marketing Plan For A University Hospital - “University must develop a marketing plan.

Brand Loyalty- Insurance Sector – Free School Essays

A marketing plan is a strategic document that is designed to facilitate the achievement of specific business goals and objectives over a specific time period. Customer Retention: This goal is the crux of the customer loyalty marketing.

Analysis on customer loyalty in the insurance sector marketing essay

It has been seen that the loyalty program usually succeeds in protecting a substantial chunk of company’s proven customer base, which is a important element for the financials of the revenue production. Published: Mon, 5 Dec Introduction. Every industry tries to use an unparalleled, efficient, and effective business strategy that will allow them to remain at a progressive position in the competitive market, especially in the global market.

Factors Influencing Customer Loyalty - Sample Essays