Marketing
- Entry requirements
- What you might do
- Training and professional qualifications
- Rewards
- Prospects
- Useful links
We all make choices about the products and services we buy, but how do we make those choices? Usually it's because we recognise the name, have seen an advertisement somewhere, or we simply like the look of the packaging.
Arguably, if all motor insurance, for instance, offers similar levels of protection at similar prices, it is intelligent marketing that persuades us to choose one insurer over another.
Especially in the dynamic and competitive world of insurance, the business of marketing is a great deal more than just promotion. Marketing managers and executives need to look ahead to anticipate and identify the kind of new products required in a changing commercial environment, constantly coming up with new ideas to broaden their business appeal. Then they need to develop those products - based on rigorous analysis of the underlying risks - price them, test them in the marketplace and manage the processes of promotion, selling and distribution.
All insurance companies want to lead their respective markets. Roles in this area - which can include market analysis, strategic planning, branding, advertising and public relations - are incredibly varied and interesting, so they are in great demand.
Entry requirements
Marketing has become one of the most popular career choices for graduates, and although any degree subject is accepted, you may stand a better chance if your course has included marketing, communications, business/management, or information systems. A qualification from the Chartered Institute of Marketing may also open doors for you.
You'll need to show initiative, analytical skills and creativity, as well as competence in IT and well-developed communication skills.
What you might do
Market research and customer relationship management (CRM) increasingly support the activities of marketers, so you are likely to be involved in liaising and building relationships with a range of stakeholders, including customers, suppliers, sponsors and colleagues.
The work is likely to vary according to whether you are involved in the personal insurance sector - where you are likely to be concerned with building a consumer brand - or the business to business area, where your work will focus more on relationships and developing support tools for brokers and intermediaries, for example. Either way, you are likely to be involved in marketing strategy and designing and delivering products and services to meet customer needs, researching target segments and seeking to understand the needs of more specific groups within them, as well as monitoring trends in the wider operating environment.
Behind the scenes, marketing work is based on the solid foundations of data and analysis and in this sense is closely allied to underwriting. You are likely to be tasked with carrying out market research and customer surveys to assess demand, customer demographics, brand positioning and awareness; monitoring competitors, analysing pricing and developing longer term plans and strategies
In a graduate trainee role, you might also be called upon to organise and develop advertising, to manage media relations, to write press releases or oversee design or photography for direct marketing materials, often liaising with external professionals who provide these services. Attendance at exhibitions and conferences is also possible.
Training and professional qualifications
As with many other roles in the industry, much of your training is likely to take place as you learn the ropes and do your job. However, an essential part of this work is a broad understanding of marketing principles, and many companies will encourage marketers to undertake specialist technical training.
External courses are available, specifically designed for marketing professionals. The Chartered Institute of Marketing (CIM) and The Institute of Direct Marketing (IDM) both offer a range of professional development and training courses.
Some employers may also encourage you to study towards the more formal qualifications offered by the CIM, which usually take one year to complete. To help you achieve this, they may offer financial support; provide study leave, or both.
Rewards
Typical starting salaries range from £18,000 - £26,000, with senior marketing managers directors with substantial experience commanding around �50,000, depending on the sector. Generally, salaries for marketers tend to be higher in the professional services and financial sectors than in other types of business.
Prospects
As a marketing professional, you can choose to remain in a general role, or specialise in one of the areas to which businesses are increasingly moving, such as direct marketing, electronic communications or customer relationship management (CRM).
Career progression in this area is linked to gaining relevant experience and important transferable skills. Promotion, usually after three to 10 years, is often to marketing manager and beyond that, to marketing director. Individuals with further qualifications, such as those offered by the Chartered Institute of Marketing (CIM), increasingly fill senior positions.
Useful links
Chartered Institute of Marketing (CIM)
Moor Hall, Cookham, Maidenhead, Berks SL6 9QH
Tel: 01628 427500
www.cim.co.uk
The Institute of Direct Marketing (IDM)
1 Park Rd, Teddington, Middlesex TW11 0AR
Tel: 020 8977 5705
www.theidm.co.uk
Chartered Insurance Institute (CII)
42-48 High Road, South Woodford, London E18 2JP
Tel: 020 8989 8464
www.cii.co.uk
