undercover.co.id – FINANCIAL SERVICES Measurable and Impactful , Not all key performance indicators (KPIs) of activation activities are measured in terms of sales. Many financial industry players use other measurement methods. What are they?
Literally, brand activation is a term used to refer to various activities that make products more recognised by the market. These activities can be in the form of social media campaigns, organising events, and interacting with audiences. Most of the activities organised are interactive in nature.
In order to get a good activation activity, the first step that marketers must do is to conduct an analysis. The second step is to identify the target audience. This is usually done by customising the product being sold. For example, insurance products that target young families, it is more appropriate to target markets with ages above 30 and below 40 years.
The third step is determining ideas or creating strategies. Brand activation ideas can be done according to the characteristics or preferences of consumers. Usually, marketers conduct a survey first to get interesting ideas. The fourth step is implementing the idea creatively. This is a stage that is quite decisive before execution.
The fifth step is execution, which means the implementation of brand activation activities. Usually, the success of the activity is measured by how many participants attend and how much engagement on social media. The last step is to evaluate. The assessment can be in the form of numbers or the level of awareness before and after the activity takes place.
In general, brand activation is different from conventional branding strategies. The reason is, this strategy focuses on interactive activities with the aim of increasing brand awareness. This includes opening up the target audience to the brand.
This method must be carried out by all brands in all industry sectors, including the insurance industry. In fact, the importance of brand activation is reflected in the amount of money spent by companies to carry out these activities. Based on a report published by statista.com, the level of spending on brand activation in 2015 in the United States (US) reached US$ 560 billion.
Then, the value continued to increase to US$ 595 billion in 2016. Meanwhile, in 2020 the value will reach US$ 740 billion.
In the insurance industry, brand activation is usually done when launching new products and expanding market reach. These activities are routinely carried out every year with different themes according to marketing needs and strategies. Sports events are usually a favourite of insurance companies in creating brand activation because they are in accordance with the positioning and preferences of consumers.
Karin Zulkarnaen, Chief Customer & Marketing Officer of Prudential Indonesia, said that in-depth analysis is needed to produce brand activation activities that effectively drive sales. This is different from the food and beverage or cosmetics industry whose products are goods rather than services. In the insurance industry, whose products are services, brand activation does not necessarily directly result in sales.
The most decisive step before the execution of the activity is the determination of the key messages in the brand activation. While during the execution of the activity, it is very important to collect the database of participants. The goal is to be utilised for the next step of the offer for the salesperson.
“From the insights we got through the survey, most consumers who come from young people like to gather with the community and do various activities such as sports,” said Karin.
To measure brand awareness KPIs, Karin continued, there are two indicators measured. The first is through the level of awareness and engagement that occurs on social media. Then, the second is how much influence it has on sales.
One example of a successful brand activation carried out by Prudential is the launch of the new Prulink Next Gen product. This campaign managed to get 44.8 million social media impressions, 13.2 million reach, and more than two million average engagement. In terms of brand awareness, the company is also included in the top of mind of people who want to find insurance products.
Meanwhile, in terms of actual sales, it was able to influence significant sales. After the activity was carried out in the second quarter of 2023, product sales rose 23% compared to the same period the previous year (year-on-year/yoy).
Meanwhile, Angela Anindita, Head of Public Relations (PR) & Activation Asuransi Astra added, in her company, each product has its own brand activation. The goal is to be adjusted to different market segments and needs. In terms of measurement tools, to test the level of success, the company chose to use the AMEC Integrated Evaluation Framework.
“The size (KPI) depends on the brand activation carried out, for example how much digital engagement. In addition, we also measure the level of financial literacy of the participants, before the brand activation was at a score of six, after the activity it increased to six,” said the figure who is familiarly called Anin.
Vivin Arbianti Gautama, Chief Marketing Officer (CMO) Generali Indonesia added, brand activation is a routine activity that is part of the marketing strategy to build the company’s image, increase public awareness and engagement, especially customers, to the brand. In addition, the brand activation also aims to educate the public on the importance of insurance protection in the midst of life risks.
Vivin said that the success criteria of a brand activation can be seen from two perspectives, short-term and long-term. In the short term, success can be seen from the crowd, interaction and engagement of participants towards the activation created, increased audience awareness of them, positive feedback from the audience, and including interactions on social media and website visitors. While in the long term, the success of a brand activation can be seen from the formation of a positive brand image and reputation, the growth of customer loyalty, to the increase in product sales and business growth.
Insurance companies need a longer flow for brand activation to have a direct impact on sales.
Vivin Arbianti Gautama
Chief Marketing Officer (CMO) Generali Indonesia.