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Theme park confidential: a family vacation to Orlando unlocks marketing insights straight from the varsity playbook.


On a recent family trip to Orlando, I was awestruck awe·struck   also awe·strick·en
adj.
Full of awe.


awestruck
Adjective

overcome or filled with awe

Adj. 1.
 by the extent of marketing and merchandising at the theme parks. As children's author Dr. Seuss Noun 1. Dr. Seuss - United States writer of children's books (1904-1991)
Geisel, Theodor Seuss Geisel
 wrote, "Oh, the thinks you can think up if only you try." Theme parks seem to "think up" everything.

While the roller coaster What a bad CD-R disc is often called. See CD-R and underrun.  world of theme parks differs from our work in the insurance business, there is plenty we can learn from reviewing their operations.

Make it pleasant: Theme parks provide an enjoyable experience so their customers will continue to patronize pa·tron·ize  
tr.v. pa·tron·ized, pa·tron·iz·ing, pa·tron·iz·es
1. To act as a patron to; support or sponsor.

2. To go to as a customer, especially on a regular basis.

3.
 the park and spread the word. Customers in every industry like consistency and quality.

How pleasurable pleas·ur·a·ble  
adj.
Agreeable; gratifying.



pleasur·a·bil
 do your agents find it, dealing with you and your underwriters? Chris Haenn, director of marketing for Six Flags America This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , says, "We constantly try to look at our park through the eyes of our customers." Chances are if your underwriting staff does the same, you will find some areas for improvement.

Sell many products: Theme parks are meticulously designed to have customers constantly moving and buying. You liked the Spiderman ride? It's no coincidente that you have to walk through the Spiderman novelty shop as you exit.

The insurance industry likewise has tried to cross-sell and upsell, but different disciplines and departments often make the sales effort clumsy. A package underwriter may have a good fit for professional liability coverages for an insured, but if he doesn't know key questions or contact people in his company, he's unlikely to pursue the sale.

Use the Web: Theme parks use the Internet effectively and efficiently to sell products. In the past five years, the Years, The

the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109]

See : Time
 industry has seen growth of up to 500% in online ticket and merchandising sales.

Most insurance company Web sites have significant room for improvement. There's no excuse for not having a clean, clear Web site to help customers learn your products and locations.

Build your database: Theme parks do a tremendous job of staying in front of their customers via direct mail and e-mail. Want to win a year-long pass for the park? Just e-mail your name, age and address and you're eligible. Meanwhile, they store the data for future custom-tailored mailings.

The insurance industry generally misses the boat on the importance of a database; we're looking for Looking for

In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with.
 the immediate payback Payback

The length of time it takes to recover the initial cost of a project, without regard to the time value of money.
. But the value of using a database for commercial insurance is to stay in front of the client, not necessarily to make a final sale.

Make things convenient: A theme park on a summer weekend is crowded, yet management tries to ensure a pleasant experience for every guest. They use tactics such as clocks to give the approximate wait time and provide entertainment at each ride to keep the line of customers occupied.

How can you make business more convenient for your insurance clients? Adequate staffing and a user-friendly voice mail system are good places to start. Do you treat your best customers like they're important? Are quotes, endorsements and inquiries addressed in a timely manner? Your customers want to get their questions and issues addressed as quickly and painlessly as possible.

Theme parks spend enormous amounts of resources to ensure a good experience, and like the insurance industry, their business model needs repeat customers to survive. Think about their techniques as you look to improve the experience for your customers.

Michael P. Egan, a Best's Review columnist, is director of property programs at NSM (Network and System Management) Running and controlling the networks and computer systems in an enterprise. See network management.  Insurance Group in Conshohocken, Pa. He can be reached at mpegan@nsminc.com.
COPYRIGHT 2007 A.M. Best Company, Inc.
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Title Annotation:Property/Casualty: Underwriting Insight
Author:Egan, Michael P.
Publication:Best's Review
Date:Oct 1, 2007
Words:574
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