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PERSONALIZED MARKETING

Niche products can be very profitable for insurers, but no matter how large the company, marketing those products can be expensive. When marketing a niche ...

By Robert Regis Hyle | Updated on January 31, 2004

Niche products can be very profitable for insurers, but no matter how large the company, marketing those products can be expensive. When marketing a niche product, you generally produce a low volume of high-quality materials, which drives up your unit cost considerably, says Gregg Cromeans, director of individual life marketingfor Prudential Financial. We recently launched a new niche product in our portfolio, which required us to make some educated guesses about the type and volume of support materials needed.

From an economic standpoint, Cromeans says, one of the challenges Prudential studied was whether there was a new way the company could approach the problem. We did print on demand in the past, but to address the question about making [the marketing] more relevant to the customer, we thought personalizing the marketing material would be an effective way to bring the conversation down to a one-on-one basis, he says.

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