In a previous article, we learned about the detailed marketing strategy of LIC, a leading Indian insurance company. In this blog, we are going to elaborate on the marketing strategy of AXA.
The main objective of this blog is to make readers understand AXA’s business and its marketing techniques. Insurance firms generally have a complicated structure with an en-number of client data, insurance schemes, multiple agents and strong competitors.
To survive in this business, marketing strategies, consumer understanding tactics and market capture play a critical role. With the advent of digitalisation, marketing has become technical and digitalised. If you are interested in pursuing a career in digital marketing, then you can definitely check out IIDE’s Free MasterClass on Digital Marketing 101 conducted by our CEO and Founder, Karan Shah.
We will be wholly covering the marketing strategy of Axa insurance. Before we begin, let’s understand the company’s story, target audience and digital presence.
One of the leading insurance companies in the world – Axa insurance company was established in 1816 with the contribution and dedication of a handful of men and women. It provides insurance in life, health, property and casualty. Also, it deals in services like corporate investment and finance.
The insurance institute operates from France and has an expanded presence in more than 54 countries including North America, the India Pacific region and the Middle East, with a presence also in Africa. Focusing on the main mission to gain the trust and satisfaction of customers today made Axa insurance company cross 105 million clients around the globe.
|Market Share/ Revenue||$ 112.4 billion|
|Vision||To transform AXA’s value proposition “from payer to partner”|
|Tagline||Know you can|
Marketing Strategy of AXA
Let’s learn about the marketing strategy of AXA and analyse its business actions.
Segmentation, Targeting and Positioning
AXA insurance has a very wide segment where it focuses on all insurable persons and companies which are in dire need of asset management outsourcing and reliable insurance facilities.
They are mostly in the B2B segment where the clients belong to Construction, Hotels, Hospitality, Manufacturing, Motor Fleet, Motor Trade and Real Estate sectors.
The firm uses its products and services whose characteristics and design are presented to the customers in a format which explains the benefit it derives to the latter. However, the insurance market is all about necessity associated with uncertainty and the credibility of the firm.
AXA has been working in this field for the past 100+ years and the older the brand the credibility of such brand strengthens. This itself positions the firm in the minds of customers.
The current global pandemic is having a disastrous impact on the physical and mental health of people around the world. To this effect, this campaign was launched by AXA to encourage confidence amongst the people and give them hope to move further with the help of AXA insurance.
This campaign was promoted through social media-based websites like marketingweek.com, PR newswire, Insuranceasia.com etc.
This campaign was hugely cheered as it was released during the time when covid was at its peak and many ran towards insurance to satisfy their fear of future uncertainty.
AXA has revealed its Motor Insurance campaign in collaboration with Publicis Conseil: Birders.
This ad campaign emotionally attaches the viewer to the video and imitates the importance of Axa motorable insurance to the lives of various people. This video has got almost 11k views.
This ad campaign was made with a grim effect, which may not interest the viewer to watch it for a long time. Ads with influencers and short and crisp stories can be recommended.
In INDIA, AXA’s venture with Bharti has launched the “ Let Them Shine” campaign. This campaign focuses on independently interviewing the children, asking about their dreams and inspiration and showcasing it to their parents through hidden cameras.
This campaign was basically held to make parents understand their children and help the former design the latter’s future accordingly and promote the Bharti AXA Life Shining Stars child insurance plan.
Social Media Marketing
AXA insurance is active on Social Media like Instagram, LinkedIn, and Facebook. They have a handsome number of followers on Twitter followed by Instagram and Facebook Instagram and their Facebook handle has followers in the range of around 30 lakhs.
They provide mostly informational and motivational campaigns associated with Human rights, Sustainable futures, Health Awareness etc.
As per SEO ranking, it is said that the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing. As we can witness AXA insurance has 28015 keywords which are amazing.
Also, the traffic per month is around 3.5 lakh + which is considered to be fantastic. The SEO position has not dominated the digital marketing position of AXA insurance which requires further improvements.
Axa insurance is spread worldwide. There is no specific personality who represents AXA as a whole firm. However, in India AXA Life Insurance has appointed National Award-winning actress Vidya Balan as its Brand Ambassador. She as the Brand Ambassador will help in promoting the #DoTheSmartThing champion project.
On Youtube, you will find the CEO talking about AXA as a global entity.
With the advent of technological advancement and competitor pressure, AXA has launched apps associated with the arena of finance, Health and Fitness specific to certain regions like the Gulf, Singapore, Egypt and many more.
The main drawback is that there is no one app available for global access. However, their competitor like Berkshire Hathaway has one global app. Axa should work on it.
Axa insurer entered the market of e-commerce in 2015. It sells its insurance policies online on its website, they collaborate with other e-commerce websites like Amazon and Flipkart where insurance is provided with other products like electronic goods.
Their main idea behind entering into the E-commerce platform was to improve their understanding of customers, systematising customer data and managing it through CRM which will further enhance their sales and customer service.
Content Marketing Strategies
AXA insurance is highly proactive in publishing informational blogs related to financial literacy, physical and mental health awareness and many others. These blogs are published on their websites.
However, the drawback here is associated with poor SEO in terms of listing their blogs on search engines. It is pertinent to note that other insurance companies like Ecko, policy bazaar are playing a critical role here.
Many experts though believe that AXA insurance has a different approach towards their clients and the above suggestion may not prove successful.
This ends with an elaborative marketing strategy of AXA. Let us conclude our learning below from the marketing strategy of AXA.
Conclusion – What is Unique in AXA Insurance Marketing?
After analysing the strategies adopted by AXA in marketing their products/services. It is clear that they are not selling to earn profit only. The main focus of the company is to have concern for the people and think about their welfare as witnessed in their brand campaigns.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of AXA has given you a good insight into the company’s marketing strategies.
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