Conceptualization of Entrepreneurial Promotion Functions Based on Buzz Marketing in Universal Life Insurance Sales

Entrepreneurial Promotion is one of the functions of entrepreneurial marketing in introducing and advancing products based on cost effective and creative methods. Buzz Marketing occupies a predominant position in entrepreneurial promotion. The purpose of this study is to identify and conceptualize the functions of Buzz Marketing in the insurance industry and specifically in the sale of Universal Life Insurance products. The approach undertaken in this study is that of a qualitative compound case study strategy, which has benefited from various data sources including documentary studies and semi-structured interviews with 20 practicing experts of the considered statistical population in 12 out of 14 private insurance companies. Findings of this research indicate that the functions of buzz marketing in Universal Life Insurance sales can be classified to fewer than 5 categories of the characteristics of buzz marketing, 11 sub-categories and 23 items regarding the common points communicated by the interviewees. The 11 sub-categories which are the principle findings of this research include: Having the advantage of a sales network along with strong public relations, benefiting from authentic and respected individuals as the company’s spokesmen, inserting creative and memorable phrases into peoples’ thoughts and communications, making the company’s good services the everyday talk of the people, making buzz through the performing arts, using traditional advertising tools in insurance, using new and innovative advertising tools to catch people’s attention, persuading people to buy Universal Life Insurance through the adoption of a superior customer orientation, having an innovative approach to the traditional advertising tools, participating in communication with insurance sellers by paying attention to their needs and pursuing the buzz created between people for better results, which in different companies it is done using different methods.