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State Farm Presentation
 

State Farm Presentation

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Presenatation on Advertising Campaign for State Farm Renter\'s Insurance

Presenatation on Advertising Campaign for State Farm Renter\'s Insurance

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    State Farm Presentation State Farm Presentation Presentation Transcript

    • Brought to you by: The Goonies Creation Studio, LLC
    • State Farm Renter’s Insurance
    • Top 3 Competitors’ Marketing efforts better attract 18-24 yr olds:  Geico **These marketing campaigns hold ◦ Humor and memorable mascots target market’s interest giving ◦ Leader in new customer acquisition/TOM awareness their marketing efforts a competitive  Progressive advantage over State Farm’s. ◦ Mixed humor/serious ads emphasize user-friendly website  Allstate ◦ Real-life approach with dramatic car accidents, etc
    • State Farm is the Leader in  Customer service/satisfaction  Customer retention (94.6%)  Auto insurance policies ◦ It would take 4 Geicos to equal State Farm’s auto market
    • Denver’s Young •Leaving home •Newly emancipated Adults •Renting 18-24 •Spend $ on partying, outdoor Expensive sports, travel, entertainment Lifestyles •Don’t like to spend $ on necessities like insurance Critical/ •Very cynical of advertising •“Never home” lifestyles hard Elusive to reach with typical media
    • Denver’s Age Demographics 43,742 58,612 18-24 25-44 117,439 45-64 190,200 65+ •Majority of Population makes less than $30,000/yr •Median Income is $59,209
    • • All but 1/3 of the population of 18-24 yr olds spend the majority of their leisure time out and away from home 18-24 yr old Psychographics Cultural/Art Events 32% 21% Golf 21% 43% Physical Fitness Watch Sports on TV
    • •State Farm’s customer base skews older •Often seen as “Your father’s insurance company” •Current customers are 18-24 year olds generally •Educated •Conservative do not share these traits. •Practical in making purchases •Goal Oriented •Concerned with Career and Family •Look for reliability/trustworthiness
    • State Farm maintains an image of  Classic tradition  Old time one-on-one service  Exceptional quality  Not for the parsimonious State Farm is positioned to appeal to mostly Baby boomers and senior citizens who don’t mind paying more $ for better, more reliable service.
    • State Farm Renter’s Insurance
    •  Campaign will reach elusive 18- 24 yr old market with OOH/non traditional media  High frequency of repeated exposures to product  Use simple “insurance moments” to portray need  Humorous content in ads, not expected from “your father’s insurance company”
    • State Farm Renter’s Insurance
    •  Create awareness for renter’s insurance since the product, and its benefits, are unfamiliar to students  Inform potential customers that the product is affordable, easy to obtain, and valuable in solving real-life, everyday crises that the typical 18-24 year old encounters  Re-position State Farm in the eyes of this demographic by illustrating that the company’s products aren’t just for their parents anymore.
    • State Farm Renter’s Insurance
    •  Out of Home Advertising ◦ Billboards  Located along roadways  Highly visible to vehicular traffic • 2 placed in Denver Area • Bus Wraps • “Drives” message all over Denver • Highly visible • Placed in highly rented neighborhoods
    •  Out of Home Advertising Contd. ◦ Bathroom Ads  Designed to reach broad audience that can target male and female exclusively  Cannot be walked by, clicked past, tuned out, or turned off ◦ Theater  Starts at beginning of feature film  More likely to have increased interest in advertised brands, have a better opinion of the brands
    • ◦ Apartment Guide ◦ Partnership/  Targets those looking Sponsorship for a property to rent  Targets those looking  Specific to Denver, for property to rent Guides are free  Very cost-efficient ◦ Internet  Ability to hand out info  Social networking sites and talk one-on-one like Facebook and with customers Myspace  Viewers are targeted demographically/ psychographically
    • State Farm’s Renter’s Insurance
    •  Out of Home ads ◦ Tracked with DEC (daily estimated circulation) ◦ 45,000 people see at least one bus shelter daily ◦ 25,000 see one bench daily  Internet ◦ Tracked with CPC (cost per click)  Print Ads, Sponsorship ◦ More difficult to track ◦ Work with local agents to record increase in number of Renter’s Insurance policies taken out by 18-24 year old demographic
    • Women’s Bathroom Ad State Farm Renter’s Insurance covers your belongings from fire, water, and any other natural disasters.
    • Men’s Bathroom Ad
    • Grand Total = $144,392