In-Depth Marketing Strategy of China Taiping – With STP Analysis

About China Taiping

China Taiping was founded in Hong Cong, China in 1929 by Kenneth Ng. China Taiping Insurance company Co Ltd (CTIH) is an investment and insurance holding company that conducts underwriting of direct life insurance business, property and casualty insurance business, and all classes of reinsurance business. Solvency position, market recognition, cost efficiency, etc are the major main strengths of the company, even as its high combined ratio concerns.

The company has a strong Chinese Central Government background despite being incorporated in Hong Kong. China Taiping’s major businesses are reinsurance, life insurance, property and casualty insurance, asset management, reinsurance brokerage, pension management, real estate manager, etc. The company is a part of the People’s Bank of China and the People’s Insurance Company of China (PICC) respectively.

Marketing Strategy of China Taiping

Now, let’s dig deep into the marketing strategy of China Taiping

Segmentation, Targeting and Positioning

The company does not have any target audience because it is an insurance company but yes it can be said that the adults or elder people can be the target audience. The company has successfully dealt with millions of clients. The operations that China Taiping follows are Reinsurance Business, Property and Casualty Business, Life Insurance, and other businesses.

China Taiping does not have a targeting strategy which is wrong because every company whether it is small scale or large scale must have a targeting scheme.

China Taiping maintained its position in the market by global recognition in more than 18 countries, gaining people’s trust, and serving the natives of France with insurance products with affordable rates but high calibre ones. Positioning is a very important aspect of strategy where China Taiping played its role and created a proper strategy.

Marketing Campaigns

China Taiping Insurance Singapore started a campaign in Singapore on 14 May 2019. The title of the campaign was “Peace, Love, Bliss” which refers to the peace of mind of the customers. The campaign was initiated so that the customers become cognizant of the company and the financial solution that it offers to comprehend legacy planning, retirement, and wealth building. The campaign was launched on various media such as newspapers, bus stops, taxis, buses, and MRT stations. To attain more reach, they even launched their campaign on digital media platforms. 

Cindy Cheng, the head of Marketing stated that according to her, every person wants to live peacefully whether it is planning for retirement or thinking for their family. As we all know, insurance means protection, but it also means keeping your loved ones on the safer side. So, to help people find the right financial solution, the “Peace, Love, Bliss” campaign will help you.

In 2020, China Taiping launched another campaign called ‘Love’ to celebrate its 82 years in Singapore. The motive of this campaign was to convey that the company will continue to make its customers happy and satisfied. The campaign has two visuals where the first one is of a young couple and the second picture is of children, both visuals ‘Love Peace of Mind’ and ‘Love matters most’ are conveying the same message. 

Social Media Marketing

China Taiping is not so active on Instagram or LinkedIn but it is active on Facebook. If I have to rank the social media platforms based on the followers they have then the sequence would be:

1. Facebook – 19,411 followers
2. Instagram – 224 Followers

On Instagram, they mainly post about International holidays and their events.

1. LinkedIn – 166 followers

On LinkedIn, the company is not so active on LinkedIn and they do not post anything. 

SEO Strategies

According to SEO ranking, the keywords that are below 500 are considered bad, above 1000 are considered good, and if it is more than 10,000 then it is considered outstanding.

So, as per the image above, it is visible that China Taiping has 3,562 organic keywords which are good. It can be said that China Taiping’s Digital Marketing has great cognizance.

A website that has traffic of more than 20,000 visits monthly is considered a good one. China Taiping has monthly traffic of only 7,012 visits which is very bad because the average monthly traffic should be at least 10,000. The company needs to work hard to increase its monthly reach and improve its SEO strategies.

Influencer Marketing

China Taiping does not use Influencer Marketing Strategy but to create awareness about their company and to promote its services they should do Influencer Marketing.

Ecommerce Strategies

China Taiping has its website and an app where that provides different types of services. It provides various types of solutions whether it is for personal use or business. The following services can be offered there: reinsurance, asset management, general insurance, and life insurance. 

Mobile Apps

China Taiping has an app which people can install conveniently and find their financial solutions on it.

Content Marketing Strategies

China Taiping is not so active on social media as it does not post such things regarding its services, which can be a huge decline in its strategies because when the customers see their posts, they will only come to know what type of services the company provides.

We cannot say that the company has not posted anything, they have but the posts are only of the festivals and their award ceremony. They need to focus on this matter because it is one of the most important strategies.

This ends our elaborative marketing strategy of China Taiping. Let us conclude our learning below from the marketing strategy of China Taiping.