An Empirical Study of the Efficacy of Marketing Communication Mix Elements in Selected Insurance Companies in Nigeria ►Idris, Adekunle Abiodun; Asokere, Ayodele Stephen; Ajemunigbohun, Sunday Stephen; Oreshile, Ademola Sulaiman and Olutade, Enitan Olumide
ABSTRACT The objective of this research is to draw attention to the importance of certain elements of marketing communication in premium income generation and the volume of insurance businesses in Nigeria’s insurance industry. Specifically, the study sought to describe the ranked importance of the following six marketing communication mix elements in the two phases of the research interest viz: advertising, personal selling, sales promotion, publicity and public relations, sponsorship and direct marketing. 20 insurance companies out of the industry capacity of 49 were randomly selected from Lagos, Ibadan, Port-Harcourt and Abuja. Data were collected through the use of primary instruments comprising telephone survey method and well structured questionnaire delivered (electronically and hand-to-hand) to the employees of these companies. Findings from the study suggest that advertising, personal selling, and public relations are taking high priority in the minds of marketers of insurance services in Nigeria. While direct marketing is considered appreciable in services delivery improvement of insurance organizations, sponsorship and sales promotions were of low acceptance and unaccepted respectively. The study recommends that effective use of the various elements of marketing communication will help provide information, create more awareness, change attitude and perception, build industry’s image and enhance brand loyalty. Keywords: Marketing communication, efficacy, premium income, mix-elements, Insurance companies, Nigeria.