You have a great insurtech idea. It could change the face of the insurance industry. You have secured funding, developed the necessary technology and business processes and are now preparing for market entry. Regardless of how good your new product or service is, its success depends on how well it’s perceived and understood in the marketplace. Following the steps below will increase your chances of success:
- Know your market
Understand your market’s perspectives and priorities, anticipate their needs and communicate in language that resonates with them. A professional research company can help you gain insights into what drives your market if you can afford it and – if not – it’s amazing what you can learn on Google. In addition, personally speak to as many people in your prospective market as possible. This will give you insight into how they might value your brand’s ability to solve problems for them and increase the chances that you will communicate with them in the right way.
- Know your own brand
Your brand is what your customers think it is, not what you think it is. So be sure you know what your customers think. Many people see branding as simply “the logo,” but a logo is just part of a brand’s visual identify, which also includes design style, photography, fonts and how these are applied to your website, ads and other marketing materials. Your brand is shaped by the total experience it delivers – its performance, its look, its feel, its consumer interfaces, its name, tag lines, copy and more. Less tangible factors such as word of mouth and corporate culture, or how the executive team and employees conduct themselves, are also part of a brand’s DNA.
- Be sure you’re ready
You only get one chance to make a first impression. Nothing will kill your brand – and your business – faster than glitches in performance, distribution, pricing or miscommunication. Make sure everything needed to create and sustain a satisfying brand experience is in place before going to market.
- Stand out from the crowd
If your insurtech product or service is completely new in every way then standing out in the market should not be a problem. But if it shares features with existing products and services the challenge is to identify and promote what makes your brand different in a way that will matter to your customers. Look at what your competitors are doing and then be seen to be doing it in a way that is noticeably different or better. Even if your product is virtually identical to others available on the market, what you say and how you say it can be enough to set you apart.
- Create messaging that counts
Identify the key benefits and value propositions your brand offers customers and describe each of them in the most appealing manner possible. Consider the physical and emotional reaction you want your audiences to have when engaging your brand. What do you want them to do or feel? What do you want your target markets to remember about you? Create messaging customized for each of your target audiences (e.g. potential clients, employees, partners) because each of them needs different things from your brand. If possible and practical, sum up your single-minded point of difference in a great tagline and use it on your marketing assets whenever and wherever appropriate.
- Build a hard working content strategy
Content marketing uses attractive content to educate, nurture and qualify prospects. Whether in text, video or infographic form, the goal of content is to build the reputation and visibility of your brand and make it relevant to your target audiences. More than likely your digital assets (apps and website) will be your most important communication tools. These host your content and enable your audiences to interact with your brand in ways that add value to their lives. Relevant content is also key to your search engine optimization (SEO) efforts.
- Track and adjust
It the hurly burly of start-up life it is easy to get side-tacked, which is why it’s a good idea to create a time-constrained action plan that maps your progress. Did you manage to implement your brand launch strategy planned? What happened with regard to objective measures, such as search traffic and web visitors? How many sales or new leads were generated? Only by tracking the entire process can you make sure you are drawing the right conclusions and making the right adjustments.
Entire books have been published on the steps listed above but, as with most things related to entrepreneurship, practice is more important than theory. Appling the 7-steps above with as much vigor and common sense as you can muster right now will help drive growth and profitability for your new insurtech brand sooner rather than later.