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Marketing Financial Services
A focus on Takaful
ByBassel Hanbali
Head of Corporate Communications & Marketing
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Marketing Financial Services A focus on Takaful
By Bassel Hanbali - Head of Corporate Communications & Marketing - Solidarity
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Out Line
• Potential • Challenges • Corporate Communications & Marketing• What to Consider
- Customer Decision Making: Types - Customer Involvement Process - Customer Buying Process
• Analysis • Strategy • Mix (4 Tools or 4 Ps)• Objectives • Promotion or Marketing Communication• Promotion Strategy • Promotion Mix (6 Tools) • Implementation / Three Years Corporate Communication & Marketing Plan
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Potential
• 2006 Total contribution: US$ 1.7 to 2.3 billion
- Middle East = 46%
- Asia = 53 %
- Europe & USA = 1%
• 2015 Forecast Total contribution: US$ 7.4 up to 14 billion
- Middle East = 27%
- Asia = 46 %
- Europe & USA = 27%
• Growth: 15% to 20% per annum
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Challenges
• Regulatory & Legal Framework
• Rating & Security
• Scalability & Accounting Norms
• Innovation
• Distribution Channels
• Human Resources Development
• Re-Takaful Capacity
• Research & Development
• Awareness
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Corporate Communications & Marketing
• New challenge
• Strategic benefit
• Stand out of the crowd / Compete
• Limited number of publications
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What to Consider
• Customer Decision Making Types
• Customer Involvement Process
• Customer Buying Process
Takaful providers
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Customer Decision Making: Types
Routine Response Behaviour
RRB
Limited Problem Solving
LPS
Extended Problem Solving
EPS
. Low-cost products
. Frequent purchasing
. Low consumer involvement
. Little time, search, and thought
. Expensive products
. Infrequent purchase
. High consumer involvement
. Extensive time, search, and thought
• Researching customers’ needs • Understanding customers’ buying behaviour
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Customer Involvement: Process
• Customers’ degree of interest• Customer’s levels of involved to minimize risks and maximize benefits
Awareness of the need for
Takaful products
Information search for different products offerings
Intention to buy product(s) that
match individual needs
Trial of the chosen
product and its benefits
Long-run behaviour
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Takaful Customer Buying Process
• Nature of Customers’ buying behaviour • Identifying customers’ motives and their buying decisions
Recognizing the need for
Takaful products
Information search for different product
offerings
Evaluation of alternative
Takaful offers that match individual
needs
Purchase decision of the chosen products
Post-purchase of the same or
different product as
per the need
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Analysis
• Identify the relation between products and needs• Analyses to link business scope and Marketing direction
Industry
Competitor
Market
Customer
Takaful providers should gather information about the external environment before choosing a communication direction
External
Assets Competences Capabilities Identify assets, competences and capabilities; analyze them; and match them with the results of the external analysis aiming to reduce the risks of choosing a wrong communication direction
Auditing tools to review marketing activities: Strategy audit, Structure audit, Systems audit, Productivity audit, Functions audit
Internal
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Strategy
Marketing Strategies
Islamic Financial ServicesBroad Industry Wide
Takaful Narrow Specific Segment
Uniqueness Position: Differentiation
Low Cost position: Cost Leadership
Differentiation Focus
Cost Leadership Focus
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Mix (Tools)
Place
Promotion
Price
Product
TakafulProvider
Place
Promotion
Price
Product
Place Promotion
Price Product
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Objectives/ Goals
Marketing goals
Corporate goals
Communication goals
Specific Measurable Achievable Realistic Targeted Timed
Objectives Should be “SMART”
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Promotion or Marketing Communication
The role of Marketing
Communication within Takaful
providers Differentiate
Remind
Inform
Persuade
Customer
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Promotion Strategy
Communication Strategy
Takaful Clients or Suspect
Objective / Goal
Pull Customers (individual or corporate) Consume the product / purchase
Push Channel Intermediaries (banks, agents, brokers, etc…)
Distribute the products
Profile Relevant stakeholders (staff, suppliers, etc…)
Strengthen image and build reputation
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Promotion Mix (Tools)
Advertising
PR
Direct Marketing
Sales Promotion
Personal Selling
Sponsorship
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Three Years Corporate Communications & Marketing Plan
I. Executive Summary
II. Contextual Analysis
III. Objectives
IV. Strategy
- Marketing Strategy (slide 12)- Promotion or Marketing Communications Strategies (slide18)
V. Mix (4 Ps & 6 Promotion Tools) / (Slide 19)
VII. Control and Evaluation
VIII. Contingency Planning
IX. Marketing Research
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Promotion or Marketing Communications Strategies
Pull strategy
Push strategy
Profile strategy
Takaful Provider
Wholesaler Retailer Customer
Communication flow
Takaful Provider
Wholesaler Retailer Customer
Communication flow
Local communities Employees Wholesalers
Retailers
Distributors
Regulators
Customers
Finance markets
FocusTakaful Provider
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Implementation / Three Years Marketing Plan
V. Mix (Tools)
1- Marketing Mix
2- Marketing Communication
Strategy/ differentiation
Takaful ProductsFamily and/or General Takaful
Competitive price that match Market Context
PromotionPlace
Pull Push Profile
Personal selling Sales promotion Public relationsSponsorshipAdvertising Direct Marketing