In an earlier blog last week, we discussed the SWOT analysis of China Life. Today, we are going to present the marketing strategy of China Life in this blog.
China Life company was ranked 427th in the 2016 Fortune Global 500. And 297th Forbes Global 2000 in 2016. The main objective of this study is aimed towards learning about China’s life and analysing its marketing strategies and celebrating a win.
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Don’t worry, we will fill you up on details about the marketing strategy of China Life, their story, target audience and digital presence.
About China Life – Company Overview
China Life Insurance Firm Limited is a Beijing-based Chinese company that offers life insurance and annuities. China Life is ranked 94th on the Fortune 2015 Global 500 list. China Life, with 70 per cent state control, is the largest life insurer in China in terms of total assets. It was incorporated in 1949 in Beijing China.
The company has a strong Chinese Central Government background despite being incorporated in Beijing. China Life’s major businesses are reinsurance, life insurance, property and casualty insurance, asset management, reinsurance brokerage, pension management, real estate manager, etc.
| CEO | Dairen Lin |
|---|---|
| CMO | Suzanne Tong |
| Area Served | People’s Republic of China |
| Industry | Life & Health insurance |
| Market Share/ Revenue | $127.864B |
| Vision | Work for the well-being of the people and revitalize the national life insurance industry. |
| Tagline | Lifelong Promise Lifelong Partner |
Marketing Strategy Of China Life
The company of China Life had over 70+ years to establish its presence in the Republic of China. And somehow it took them the 21st century to actually reach a broader market.
This was made possible through the use of marketing strategies to create brand awareness and increase its visibility
Segmentation, Targeting and Positioning
China Life divides its audience into 3 segments, i.e. Parents, divorce and the elderly. With a proper segmentation of its audience, it is made easier to use different campaigns for different parts of the segmented market.
To attract and lure in the further divided audience, China Life targets the elderly and newly married more than the divorced individuals. This helps them to use focused and targeted ads.
Ever since 1949, China Life has placed itself as one of the most influential and comprehensible insurance firms that run in China. With a population so wide, China Life projects itself as a low-key premium yet usable by the middle class.
Marketing Campaigns
The first-ever TV commercial was a branding endeavour of China Life as well as a successful marketing campaign. The campaign aimed at highlighting the extent to which the company values its relationship with its customers.
Social Media ads rank second in terms of Marketing Campaigns as WeChat is used on a large scale in China. Which made them successful and helped in making the campaign prosperous.
Adverts on Douyin and Red rank third as it attracts desperate female audiences. They put up a single banner ad with their tagline punched on it.
#ChinaLifeOverseas
In 2021 Christmas, China Life #ChinaLifeOverseas and the Hong Kong Chinese Enterprises Association (HKCEA) co-sponsored Hong Kong Philharmonic Orchestra’s “Christmas Fantasia” Concert. They organised the Hong Kong Cultural Centre in celebration of the holiday season, and most significantly to thank their valued business partners for their continued support over the years. More than 150 representatives from over 60 Chinese corporations were in attendance.
#EarthHour
ChinaLifeOverseas support the #EarthHour initiative, the world’s largest environmental movement, for the 6th consecutive year. The exterior lighting and outdoor advertising devices at their headquarters and the Hong Kong Branch which was turned off for an hour on 26 March at 8:30 pm to show their support for biodiversity.
Many people took part in this camp by switching off the light on 26 March.
Social Media Marketing
The company can be found on
Facebook: https://www.facebook.com/chinalifeoverseashk/
LinkedIn: https://www.linkedin.com/company/china-life-insurance-overseas-company-limited/
Digital Marketing has its ribs as Social Media, a company cannot prosper without interaction with customers through an online presence.
China Life has the most people following them on Facebook, making it the most effective social media platform for China Life.
China Life promotes itself, through Chinese propaganda as well as the new products that it launches through social media.
SEO Strategies
As per SEO ranking, it is said that the Number of keywords – below 500 is insufficient, above 1000 is good, and 10,000+ is amazing. China Life has 2,075 organic keywords which means it has a good SEO Ranking.
China Life has 26,486 monthly visitors meaning that it has great SEO. This means that China Life can soar more on SERP through the use of better SEO Strategies.
Influencer Marketing
China Life does not use any kind of influencers or brand ambassadors. China Life should influence its customers by getting some famous personalities on board to promote their services.
Mobile App
China Life has an app by the name China Life MPF which provides combined services by which they give online insurance services and facilities to their customers. Through the smartphone program, “ChinaLifeMPF” members can easily manage MPF accounts.
However, the application total downloads are less which is 10k+ only. China Life should work on updating the app and promoting activities of the same.
Content Marketing
China Life’s website is a great place to learn about recent news. They have separate sections for press releases and blogs. You can get almost all the information related to their company like their financial report and campaigns.
This ends our elaborative marketing strategy of China Life. Let us conclude our learning below from the marketing strategy of China Life.
Conclusion- What is unique China Life marketing?
In this blog, we learned about the marketing strategy of China Life, its marketing strategies, its audience and much more. Although they have a good SEO, they still have a long way ahead of them to penetrate through 1.41 billion people. It needs to uplift its digital presence and start using influencers and other tactics to overcome the grey areas in its marketing strategies.
As the digital space is experiencing a boom in today’s world, a company needs to do better digital marketing.
Check our Online Digital Marketing Course if you want to learn more and improve your skills. 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 China Life has given you a good insight into the company’s marketing strategies.
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