Preceding, we acquired some knowledge on the SWOT analysis of China Taiping. Well, in this blog, we will learn about the marketing strategy of China Taiping – a Chinese insurance company.
The objective is to learn what China Taiping is, how it works, and what all marketing strategies are used by this company.
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In this blog, we will try to cover as much as possible so that it would be easy for you all to know everything about this company in one blog itself. So, before starting the marketing strategy of China Taiping, let’s look into a little bit about the company first.
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.
|Area Served||Indonesia, United Kingdom, Singapore, Macau, Mainland China, Hong Kong|
|Market Share/ Revenue||$21,366.2 Million (2021)|
|Vision||The vision is to become a leading insurance company|
|Tagline||The company does not have any tagline|
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.
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:
- Facebook – 19,411 followers
- Instagram – 224 Followers
On Instagram, they mainly post about International holidays and their events.
- LinkedIn – 166 followers
On LinkedIn, the company is not so active on LinkedIn and they do not post anything.
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.
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.
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.
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.
What’s Unique with China Taiping Marketing Strategy?
To sum up, everything that has been stated so far, China Taiping is a leading insurance company that focuses on the peace of mind of the customers. There are also some aspects where China Taiping lacks and to overcome such a thing they need to know more about digital skills and how they can uplift their website.
Marketing is a critical component of every company’s success, and in today’s world, the area is fast digitizing. The company should start giving strategic importance to various digital marketing techniques such as social media marketing, content marketing, SEO, running digital campaigns, etc. These techniques are high in demand in the current job market. If you would like to learn more and develop skills, check out IIDE’s 4 Month Digital Marketing Course to learn more.
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