Impact of Nudge Marketing on Performance of Insurance Products with Special Reference to Insurance Sector in Kochi
Keywords:
insurance sector, insurance products, nudge marketing, nudges, performanceAbstract
Nudge marketing is a new trend in marketing and a widely discussed concept today. Nudge marketing refers to deliberately manipulating how choices are presented to consumers. Its goal is to influence what consumers choose, either to steer them toward options that the marketer believes are good for them or simply to stimulate purchases and increase sales. Very few studies have been conducted on the effectiveness and success of nudge marketing. Even though nudges are a very inexpensive way to influence buying behavior of employees, it is not well known in all the sectors of the market. The main objective of the study is to find out the impact of nudge marketing on the performance of insurance products in Kochi city. The study also analyzes the effects of demographical variables like age on the concept of nudge marketing. The data required for the study were collected from 120 respondents. Statistical tools like ANOVA, correlation, and percentage analysis were used for the study. The results show that nudge marketing highly influenced the performance of insurance products in a positive way, and women were more attracted by the nudge marketing than men. Hence the study concluded that the marketing nudges led to significant improvement in the performance of insurance products.
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