MetLife Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of MetLife analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on MetLife marketing mix, help the brand succeed in the market. Let us start the MetLife Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
MetLife Product Strategy:
The product strategy and mix in MetLife marketing strategy can be explained as follows:
MetLife is one the leading global financial and insurance service companies. MetLife offers a host of financial services and insurance policies in its marketing mix. These include variety of insurances like – Auto, Dental, Disability, Home, Life, Vision, Accident & Health and Annuities. MetLife’s Auto insurance includes Car, Boat, Motorcycle and RV. Dental Insurance is of two types – group insurance offered through employer and individual insurance called MetLife TakeAlong Dental. Disability Insurance includes both Short term and Long term.
Home insurance is of three kinds catering to different segments like home owners, Condo and Renters Insurance. Products under Life insurance include Term Life Insurance and Permanent Life Insurance. Its retirement plans include annuities like Index Linked, Fixed, Variable, and Income Annuities. MetLife provides services to businesses for their different group insurance policies that would help them retain employees. MetLife also provides its services to Small Businesses with up to 99 employees.
Image: Wikimedia
MetLife Price/Pricing Strategy:
Below is the pricing strategy in MetLife marketing strategy:
MetLife has a diverse pricing which depends on products, regions, demand, government regulations etc regarding the policy. Pricing strategy in its marketing mix of an insurance policy notwithstanding what type it is like auto or health has many implicit factors.
These factors are not constant so to say and keep changing and with the technology that is at the helm of these companies they are following various methods for effective pricing. For example, the premium for an auto insurance for an individual depends on multiple factors like Driving record for accidents made, fines paid etc.; how often one use the car; where the individual stays – urban or rural; Age & gender; car make and model; credit and the type of coverage a person is opting for. Term life insurance considers factors like gender, age, term, amount, frequency of payment, rating class the company they work for. Broadly we can say MetLife uses value based pricing mechanism for its policies. With the prevalence of heavy competition in this sector MetLife prices are affordable.
Read more about MetLife
MetLife Place & Distribution Strategy:
Following is the distribution strategy in the MetLife marketing mix:
MetLife is a one true multinational with its presence in almost all the major countries ranging from United States, Europe, Asia Pacific, Middle East and Latin America. MetLife is a market leader in many countries which it operates like Japan, South Korea, Chile and Mexico. In India it has partnered with Punjab National Bank and with this advantage it can sell its policies in all the branches of PNB across India. MetLife, in all the locations where it provides its services is operating through different distribution channels like Agents that are registered with the company, Trade specific agents, Insurance Brokers like financial service provider institutions, Bancassurance, where it associates with a commercial bank of that country which already has infrastructure, customers and wide presence across the region.
The most important channel that has picked up in recent times is Direct marketing like selling policies through internet with the help of MetLife’s websites.
MetLife Promotion & Advertising Strategy:
The promotional and advertising strategy in the MetLife marketing strategy is as follows:
MetLife realized the importance of maintaining a good relationship with its customers like no other company in this sector did. MetLife also got recognized as one of world’s admired organization in insurance sector and this is made possible by its marketing teams that are unleashing the power of social media advertising. MetLife uses all forms of promotions like print advertising in local newspapers and magazines, TV commercials, digital and social media marketing, direct selling and an excellent public relations teams. Its social media accounts do a great job in interacting with its existing and prospective customer base and helping them chose a plan according to their needs.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of MetLife.
People:
MetLife has a strong human resource strength of nearly 69,000. Employees are very important in service industry like Insurance where sales persons have to help the consumer understand and convince to opt for a particular policy. And for this very purpose MetLife started a sales academy where it teaches professional selling skills along with risk management and other issues. It provides mentorship and on the job learning and classroom sessions. MetLife has a strategy to develop and attract talent and this includes supporting the employees with their careers and also provides tools to track their performance objectives. MetLife Focuses on Motivational Leadership and also promotes diversity and inclusion at workplace. Through various practises like women’s business networks and global leadership forum for women, it ensures that women thrive at MetLife
Process:
MetLife improve the efficiency in its processes and ensure maximum profitability and high customer satisfaction through various methods. These include product innovation by engaging employees to come up with better and new solutions and designing products specific to each market. Various tools and trainings that MetLife use to improve customer centricity attitude in its workforce all over the world. It also invests heavily in technology for operational efficiency. Use of Big Data analytics, Free mobile Apps, use of virtual kiosks are some of the examples for these efforts.
Physical Evidence:
MetLife has its headquarters at 1095 avenue in New York city. MetLife has registered and corporate offices in all the locations where it provides its solutions. It is listed company in New York Stock exchange and is present in S&P 100 and 500 components. MetLife releases financial reports and other annual reports for all of its entities in different countries and it includes the information about the company’s performance and its future plans. MetLife also provides investors presentations and other press releases. It has big social media presence in Twitter, Facebook and other places. Its website also provides many details about the company and various products that are offered. It has started using a new logo from 2016 and retired the earlier brand icons snoopy and crew. It uses a tagline – ‘MetLife, Navigating life together’. All these finish the marketing mix of MetLife.
About MetLife:
Metropolitan Life Insurance Company, better known by the name MetLife is among the largest providers of insurances, annuities and other employee benefit programs. Founded in 1868, it is one of the oldest organizations that is running successfully even in 21st century. MetLife modified into a mutual company in 1915 from a company that is owned by individuals. It also provides services like Asset Management.
With its variety of services, MetLife serves nearly 100 million customers. Not only its services are catered to customers in nearly 50 countries, MetLife is a market leader in regions like USA, Latin America, Asia, Europe, Japan and Middle East.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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