Promotional Strategies and Sales Performance of Insurance Companies

K. Kinoti, Nkari Nkari, Kathuni Kathuni
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引用次数: 1

Abstract

Promotional strategies play a key role in sales performance of any institution. Insurance products are generally difficult to sell and require well thought out marketing strategies that will include persuasive promotional activities. A survey by Insurance Regulatory Authority (2013) found low consumer demand for insurance products as the biggest challenge to the growth of the industry in Kenya. Engaging in promotional activities is costly and the results uncertain. Hence the purpose of this study was to determine the effect of promotional activities on sales performance of Insurance companies. The study was guided by the following specific objectives: to determine the effect of sales promotion, advertising, personal selling and public relations on sales growth of insurance companies. The study adopted a descriptive research design. The population of the study comprised of the branch managers, unit managers and salespeople of insurance companies operating in Embu County, Kenya. The sample size of the study was 175 respondents. A response rate of 85.7% was achieved. Data was analyzed using both descriptive and inferential statistics. Overall, the study established that promotional activities significantly affected sales performance of insurance companies even though at an individual level, public relations did not have any significant effect on sales performance. The study recommends that insurance companies should engage in maximum utilization of the entire promotion mix to enhance sales growth. The study suggests that further research be carried out to determine the effect of the entire marketing mix on sales performance of the insurance and other related industries using different performance measurements. Future researchers will utilize this study as a reference point. Policy makers can reference the study in formulating fiscal policies for the insurance and overall financial sector.
保险公司促销策略与销售业绩
促销策略在任何机构的销售业绩中都起着关键作用。保险产品通常很难销售,需要深思熟虑的营销策略,包括有说服力的促销活动。保险监管局(2013)的一项调查发现,消费者对保险产品的需求较低是肯尼亚保险业增长的最大挑战。从事促销活动是昂贵的,结果不确定。因此,本研究的目的是确定促销活动对保险公司销售绩效的影响。本研究以以下具体目标为指导:确定促销、广告、个人销售和公共关系对保险公司销售增长的影响。本研究采用描述性研究设计。该研究的人口包括在肯尼亚恩布县经营的保险公司的分公司经理、单位经理和销售人员。该研究的样本量为175名受访者。应答率为85.7%。数据分析使用描述性和推断性统计。总体而言,研究确定了促销活动显著影响保险公司的销售业绩,即使在个人层面上,公共关系对销售业绩没有任何显著影响。该研究建议,保险公司应最大限度地利用整个促销组合,以促进销售增长。该研究建议进一步研究,以确定整个营销组合对保险和其他相关行业的销售业绩的影响,使用不同的绩效测量。未来的研究人员将利用本研究作为参考点。政策制定者可以在制定保险和整个金融部门的财政政策时参考该研究。
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