Allianz Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Allianz through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Allianz Product Strategy:
Allianz is one of the largest financial institutions in the world based out of Germany. Allianz offers various services and products in its marketing mix across the following categories.
• Private Insurance - Families, Health, On the road, House and home, Old age provision
• Business Insurance- Large corporations, Small and medium-sized companies, Credit Insurance
• Asset Management - Fixed Income products, Shares and Commodities, Multi Asset and Absolute return
• Global Lines- Corporate Assistance, Global Direct, Global Reinsurance, Global Life, Employee Benefits, Investment Management, Real Estate, Shared Services
• Global Services and assistance - Profile, Assistance, Health, Automotive
• Sustainable Solutions - Insurances and Services, Micro insurance, Investment and other products
Image: Wikimedia
This concludes the product strategy in Allianz marketing mix & strategy.
Allianz Price/Pricing Strategy:
Below is the pricing strategy in Allianz marketing mix strategy:
Allianz has a diverse portfolio and thus has varying pricing. This is an industry where trust plays an important role.
Consumers want to invest their money in well-established organisations that they feel are safe and won’t play with their money. This industry is also becoming competitive with many International, National and Local players. There is not much differentiation to offer. The marketing mix pricing strategy of Allianz hence depends upon competition and regulatory bodies. Hence most of the companies in this industry follow competitive pricing strategy to attract and retain customers. For example, the interest rates, premiums etc. are almost similar across all the organisations. The differentiation factors are trust, service quality and convenience. At Allianz, great emphasis is given on the service quality and also due to its wide presence, it enhances the convenience factor.
Read more about Allianz
Allianz Place & Distribution Strategy:
Following is the distribution strategy in the Allianz marketing mix:
Allianz has offices in more than 70 countries across the world. In other locations they have selected partners, which enables them to serve clients in more than 160 countries across the world. In India, Allianz has collaborated with Bajaj Finserv Limited to bring its international services and expertise to the country. Bajaj Allianz has a countrywide network of 200 towns spread across the country right from Surat to Siliguri and Kashmir to Thiruvananthapuram.
Its head office is in Pune, Maharashtra and all the offices are interconnected to it.
Since it has a good network of offices throughout the world, its customers can access its services at great ease and convenience.
Allianz Promotion & Advertising Strategy:
The promotional and advertising strategy in the Allianz marketing mix is as follows:
Allianz aims at gaining new customers and retaining the current ones by offering newer products and services, thereby differentiating from its competitors. Hence , as a part of its marketing mix promotion strategy, Allianz does promotions in the following ways:
• Sponsorships: Sponsorship plays a significant role in its promotional mix. Earlier, Allianz named a stadium in Munich through a Facebook contest in which its global customers (around 80million) were given options to choose from and the most suggested option was selected as the name of the stadium. This is how Allianz engaged its clients. The company also sponsors other international sports platforms such as Paralympic games, Formula One and Golf.
• Brand Ambassadors: Allianz has formed an association with the musician Lang, who is employed as its brand ambassador. Allianz uses sponsorships on national and international scale to form communities depending on their interests and passions. Allianz believes that people play an important role in Allianz business to support individuals to progress in their life. This is the reason why Allianz is greatly engaged in sponsorship of sports events across the globe.
• Advertisements: Allianz engages in TV commercials to convey to its target audience about its latest offerings. Ads are mostly shown on News, Knowledge and Sports channels. It also engages in Digital Marketing and Print Ads on newspapers.
• Mobile App: Allianz launched a mobile app was an instant tax calculator which enabled the users to calculate their tax liability. It had a 360-degree campaign to promote the app.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Allianz.
People:
Allianz puts a huge amount of focus on the people it is interacting with whether it is employees or customers. Employees play a major role in the services industry. Over 142000 employees working with Allianz and provide services to 85million clients worldwide. The employees are with diverse backgrounds so as to provide services to customers with over 100 different job profiles. Employee feedback is taken on a regular basis in order to improve employee satisfaction, loyalty, advocacy and pride. The employees of Allianz suggest the best policies as per the client needs which also strengthens customer satisfaction.
Process:
The client requests are processed quickly. Allianz does all the processes hassle free without much delay with minimal paper work and formalities. Its customers are updated of the newly launched services through its mobile app. All the processes are automated and thus best serves the client.
Physical Evidence:
Allianz has offices worldwide in major cities and towns at convenient locations. Special emphasis is given to the office ambience with a comfortable environment. The counters are so placed so as to provide prompt services without any delay. The offices are given modern look and feel with waiting areas with posh sofas and magazines. This covers the entire Allianz marketing mix.
About Allianz:
Allianz is a European financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz was founded in 1950 and its revenue is in the range of 120+ Billion Euros.
Allianz has a consumer base of around 80million globally. Its major competitors are AIG, AON, AXA Group, MetLife and New York Life Insurance.
Browse marketing strategy and 4Ps analysis of more brands similar to Allianz. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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