Overcoming Customers’ Financial Security Fears with Identity Protection
Certain ads about identity theft on television and social media may make consumers think that every day is Halloween: there are boogie men around every corner. This constant drive to scare customers into purchasing identity protection is a well-worn practice that’s running a little thin.
They go something like this:
“Identity theft is everywhere and you’re the next target. Without identity protection, your financial future could be in ruins. Buy our product and we’ll keep you safe.”
Now, identity theft is a rapidly escalating threat – especially in the wake of an increasing number of mega data breaches. But these hyperbolic approaches at fear-selling can actually hurt consumers and your business in the long run.
Protecting their Financial Security
Like anything that’s initially scary at first, more exposure lessens the sensation. This is also true in marketing: a sustained drumbeat of impending identity theft doom for consumers can cause them to become desensitized to the very real threat – potentially turning them off to proactive identity protection steps altogether. “Well I guess my identity’s going to be stolen, so there’s nothing I can really do.” This kind of result is exactly the mindset we want to avoid.
Consumers that do purchase on fear may be making a knee-jerk reaction and expecting the service to prevent identity theft and any related fraudulent actions. The time between when personal information is stolen and when it is used fraudulently may be months or years – if a customer doesn’t see any activity, they may assume the risk has subsided and their product has no value. This can have big effects on the bottom line, creating massive churn. The marketing cost to acquire new customers five times higher on average than retaining loyal customers who stay longer.
Building Loyalty by Empowering Customers
The Generali Global Assistance approach is different: we believe identity protection can be a powerful tool in a toolbox of many products and services our partners offer their customers to help them feel empowered in their financial and life decisions and provide them the peace of mind to know that they are protected if something unexpected arises. This approach not only puts the focus on educating customers how to proactively manage the risks in their everyday lives, but also helps our partners turn their customers into more loyal ones, with higher retention rates. A report by Affinion confirmed that customers become more loyal to a company when they utilize products and services from them that improve their daily lives and that interact with them more frequently. Our product provides the opportunity for our partners to do just that. Our resolution team serves as identity concierges, available 24/7 to answer any questions and offer advice on how to keep your identity protected from threats.
With GGA’s identity protection program in your portfolio of services, you can extend your positive relationship with your customers by being an ally in a world that can be unnecessarily frightening. Request a demo with one our business development specialists to learn how to expand your revenue base with a service in such high demand it’s scary.