IMC in Modern Business

Integrated Marketing Communications The way people are viewing, comparing and even purchasing insurance is changing. More and more customers are using the internet to compare and buy insurance. Westfield Insurance and its agents and agencies need to understand this trend this can open up a whole new group of potential customers especially the young generation. For this purpose, Westfield and its agencies need to adapt their marketing and communication channels to target this new market.

For this purpose integrated marketing communication is necessary to build and establish the company brand on the internet. Since the potential customer uses the internet extensively, it is best suited for the company to create IMC in such a manner that they have presence on the internet. In this way the company and the agents would be able to tap in new customers and use the internet -- especially the social media for marketing purposes effectively.

Contents Introduction IMC Objective Market analysis 6 SWOT Analysis 8 Market Segmentation 9 Customer Profile 10 Conclusion 11 References Introduction Westfield Insurance, based Ohio, U.S., is one of the oldest non-public companies in the region that operates in the insurance and banking sector. The company claims to be completely customer oriented with its business strategies aimed to garner customer satisfaction.

The company also attaches great importance to innovation and coupled with a winning vision, the company strives to be the leader in its field by taking up the opportunities in the ever changing world of business. The strategy of the company is to build long-term relationships with employees, business partners, and customers thereby following a strategy of sustainability. The company has an experienced team of professionals that provides objective and credible solutions for customers thereby striving to ensure peace of mind for its customers.

The company's vision states that it always undertakes a pledge to protect the interests of the customers. Westfield banks on the knowledge of business and values trust and integrity as supreme qualities of the company to give and command respect and stewardship. Despite being a non-public company Westfield is one of the largest employers in the Medina County, Ohio. The company is engaged in the business of commercial and personal insurance in 21 states as well as surety services in 50 states.

This is achieved through an integrated network of more than 1200 agents. With more than 3.9 billion in consolidated assets and net written premium of more than 1.7 billion, Westfield stands out as the players with the largest contract performance bonds in the state of Ohio. At the core of the company values is its pledge to "do what is right" for the customers, independent agency partners and the employees. The company stresses on its inclusive policy -- be it for its customers or employees and agents.

The company has innovated in recent years through research and is providing those products that are needed and expected by the customers, and agents. These innovations have resulted in a band of satisfied customers giving sustainable business performance to the company. In the later chapters of this study we would look into the possible integrated communication strategy for Westfield. The process of coordinating the various aspects of branding and image building by companies is defined as integrated marketing communications (IMC).

According to the American Association of Advertising Agencies, IMC as "a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines and combines these disciplines to provide clarity, consistency and maximum communication impact " (Aaaa.org, 2015). The aim of IMC is to create a strategy for promotion that would be seamless for customers while shifting from one aspect of the marketing mix to another.

In this form or strategy, the core image of the brand is essentially reinforced through the different channels of marketing communication that tend to function together in a seamless manner instead of in isolation. IMC Objective The objectives and benefits of IMC to companies are manifold. IMC helps in increasing brand awareness which is perhaps the most common of marketing communication objectives. This is achieved through the repetition of the brand name, the slogans and the jingles. The aim is to become more memorable to the intended audience.

For companies that are established like Westfield, IMC serves to maintain top-of-mind awareness for the company brand. A well thought out IMC strategy also helps to change attitudes of the audience in favor of the company. This helps in the removal of any misconceptions in the minds of the customer or the public in general about the company, products or services. While this can also be achieved through extensive advertising, an integrated approach of using all the communication channels creates a greater impact.

An example is BP which expended millions in advertising campaigns just to help explain what the company was doing to clean up e environment following the oil spill in 2010 in the Gulf of Mexico. IMC activities also help in creating and influencing the intent to purchase. Persuasive advertising and communicating ad the use of multiple channels of communication helps achieve this objective faster than just advertising.

Companies also intent to influence first time customers to make a trial purchase which can lead to repeat purchases by a carefully laid out IMC plan. This is one of the common techniques used in marketing and leaves a greater impact when used through various channels of communication. Building a positive brand image through IMC strategy implementation also leads to customers switching brands. This way companies can get new customers from rivals and thereby increase their market share while the market share of the rivals goes down.

Switching brand loyalty is a difficult proposition and IMC strategy has the potential to achieve this (Gabrielli & Baghi, 2014).

In the case of Westfield Insurance, the objectives of IMC are: The current business that is available to the company and the organization and functioning of the company The possible growth that the company can attain in the next 5 years in personal line of business Obtain suggestion for creating social media buzz Appropriate use of social media to attract younger generation to Westfield Insurance and make the brand known to that group of intended audience.

The value of agents on the internet Stressing and understanding the core values of the company and staying competitive. Market analysis Marketing/Trends In the U.S. there is price sensitivity among the customers as the economy of the country improves and comes out of recession. The insurance industry is no exception to this trend. For consumers it is easier to conduct research, compare quotes and buying insurance through digital media or on the internet.

This has made the insurance companies offer their services through online medium according to a report by eMarketer titled "Digital Insurance Trends: Reshaping the Insurance Path to Purchase and Beyond" (Emarketer.com, 2015). It is accepted that insurance is a product that is often complex to understand for the potential buyers. In the modern era, researching and getting insurance quotes through digital channels have become an integral part of how consumers choose between insurance products (Gabrielli & Baghi, 2014).

Consumers prefer digital channels in both life and nonlife insurance lines, according to a report by Capgemini titled "Trends in Insurance Channel" (www.capgemini.com, 2015). The report states that customers are leaning towards online systems more compared to offline or physical channels that include agents, brokers and banks for comparing policies and services, collecting information and getting the best deals. However the study states that offline channels were important to build trust in the insurer by getting quality advice, convenience and getting direct answers.

Another article titled "The Switching Economy: Consumers open to Buying Insurance from Google, Amazon, and Verizon" states that 43% of 6,000 insurance customers in 11 countries surveyed would consider purchasing insurance from banks, 23% from online sources and the rest through home service providers. Taking into account the above facts, it is stated that the companies offering insurance products should tighten up the agents and the agencies so that they can cater ot the needs and requirements of the new generation who prefer using the internet for comparing and purchasing insurance products.

On similar line, Westfield would also require to gear up their online offerings and the network of agents so that the company is able to grow business even while the agents conform ot the high standards of the company Therefore the marketing by Westfield also needs to adjust and adapt to the changing trends of customers and adopt integrated strategies that include the online channels for promotion.

The company also needs to make use of interactive assistance programs for the agencies and the agents that would deliver knowledge about the use of the social media and other internet methods to reach out to the next generation of potential customers and show presence of the brand on the internet (Jiang & Chia, 2010). For a start the company can create and maintain social media web pages on sites like Facebook, LinkedIn, Twitter, Linkedin and other channels that are available.

SWOT Analysis SWOT analysis analyses the internal business environment and the advantages and disadvantages of the company.

Strengths Known brand with 160 years of market presence Existence of a loyal band of customers A large network of agents and agencies that are closely related to the company through a relation of trust The company brand is positioned on knowledge, trust, integrity, respect, and stewardship New strategies about how the agent obtains sales through social media Clear understanding of the need to attract the young generation through social media Focus on the consumer while building independent agencies Weaknesses Lack of adequate knowledge about social media use for marketing and promotion Chances of agents going rogue and selling products of other companies.

Use of the internet can result in an agent writing a high risk policy High competition in the market that has almost reached a saturation point. Social media dependency to attract potential young customers. Time and money needed to adopt new technology. Opportunities Personal lines business is expanding More youth using internet for comparing and purchasing insurance Creating new consumer base through the internet.

Scope for established the Westfield brand on the internet especially through the social media Threats The market is uncertain Low entry levels barriers in online marketing of insurance Tough competition in the industry The customers in the U.S. are still cost sensitive. Market Segmentation The customer who is aware of the need for insurance and has comparative knowledge about different products is the first requirement for the ideal customer for Westfield.

The customer also would be best suited to have low potential exposure and is aware of the value of paying little more in premiums to get a better product. It is also best suited if the consumer has behind him/her the knowledge of the differences in the products being offered by Westfield and its competitors. Such customers also should be open to quality suggestions and advice from the agencies and agents and intent on making a purchase that gives peace of mind.

The market segment for Westfield can be defined as one that has is used to using the internet to view, compare and chose insurance products and those who are looking up to the agencies and the agents for reliability, knowledge, trust, integrity, respect, and stewardship as Westfield's brand. Customer Profile The desired consumer profile is one who has similar views about values and characteristics about insurance products and service as Westfield's core values.

It is desirable that the customer believes in the value of a good foundation of a company and is able to understand the value of paying a.