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Farmers Insurance - ADV 3008 Final Group Presentation

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Group Members: Brandon Schuster, Emily Pembroke, Penny Miller, J. Kelly Davis, Paige Polatas, Veronica Case, and Tessa Walter.

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Farmers Insurance - ADV 3008 Final Group Presentation

  1. 1. We‟ve been there.Let‟s grow together. Brandon Schuster, Emily Pembroke, Penny Miller, J. Kelly Davis, Paige Polatas, Veronica Case, Tessa Walter
  2. 2. Table of ContentsExecutive Summary 1Company Analysis 2-3Community Engagement 4Situational Analysis 5Competitive Analysis 6-7Consumer Analysis 8-9Planning and Strategy 10Creative Execution 11-12Media Plan 13References 14
  3. 3. Executive Summary Farmers Insurance Group‟s current position appeals to a family oriented client base. The current position highlights sensible insurance options, and has been under improvement to educate agents with the tools needed to grow as a company. This message has gained the trust of the older demographic and can be further developed in order to build a solid relationship with the consumer. In order to expand the Farmers brand, Farmers needs to tap into a younger demographic, 18 to 26 year- olds. In order to target that age group, Farmers needs to expand on its current campaign by positioning the company in a relatable manner. DaBest Advertising Agency will encompass the essence Farmers represents as a company and a credible insurance agency and will successfully assist in growing clientele. By establishing the Farmers name with this age group, through means of social media and other youth-related technology outlets, a new demographic will be reached and will help Farmers be the first choice in choosing options. 1
  4. 4. Company Analysis Vision: Farmers will driveFarmers operates in 41 innovation and operational states with 20,000 excellence to provide the best employees, servicing value and experience for every Financial Health 2010 more than 15 million customer we are privileged to -Revenue: $67.85 billion customers. serve. -Profits: $3.434 billion -Total equity: $33.32 billion Brand Identity: Operating since 1928, Farmers‟ main goal has been to give lower rates to those who drive safely. Their foundation started with low coverage for deserving rural drivers who other companies overlooked. 2
  5. 5. Company AnalysisStrengths Opportunities-Competitive with numerous discounts -Sister company 21st Century •Accident Free, Good Student, Dual Auto/ Home purchase -Yellow Cab partnership- “Let us drive you home this-Offers beneficial programs to encourage safe driving holiday season” •Y.E.S (You‟re Essential to Safety) -MTV Network partnership •iClaim Application -University of Farmers campaign-Seasoned clients receive top of the line rates -Ranked „Most Improved‟ in last five years -Facebook sweepstakes for a trip to NYCWeaknesses-Customer reviews are lacking compared to other car insurance companies Threats •JD Power‟s rated 3 out of 5 for overall satisfaction and ease of -Ranked 5th in market share behind major contact competitors-Ranked worst in claims and payment less than ten years ago -Not as well known as other insurance providers-Could show major improvement in the financial sector -Unsuccessful SEO •JD Power‟s rated 2 out of 5 stars in policy offerings, billings and pricing 3
  6. 6. Community EngagementFarmers is building a sustainable, environmentally friendly state-of-the-art sports stadium,entertainment, and premier convention center in downtown Los Angeles. The Farmers Field project, which will be completed in 2016, will create jobs for the L.A. community, boost its economy, and bring NFL football to the city. http://www.farmersfield.com 4
  7. 7. Situation Analysis Farmers Business Operating Profit Competitors Market Share What Is Farmers Insurance? Farmers is the US subsidiary of Zurich Financial Allstate Services, one of the world‟s largest insurance groups,State Farm Mutual 18.6% 10.5% and one of the few to operate on a truly global basis. Zurich‟s mission is to help Farmers‟ customers understand and protect themselves from risk. Berkshire Zurich Financial Progressive Hathaway Inc Services 7.5%(GEICO) 8.2% (Farmers) 6.4% 5
  8. 8. Competitive Analysis Allstate Strength: Extremely comprehensive website detailing their insurance products with a virtual car insurance guide. They have a diversified product portfolio. Weakness: 2 out of 5 stars in the category of pricing, according to the 2011 JD Power auto insurance provider ratings. Progressive Strength: Pet injury. “Name Your Price” program and “Immediate Response Vehicles” Weakness: Work inefficiencies in customer service and cost structure. State Farm Strength: Strong U.S. brand name, major U.S. property and casualty insurer, extensive distribution network. Weakness: Upon states regulation of homeowners insurance rates, State Farm would drop their clients state wide. Resulting in clients needing to obtain new insurance immediately. Geico Strength: Easy to use website. Fast customer service. Partnership with wildlife. Weakness: Little face interaction with agents - mostly done through phone or internet. Their current commercials are oversaturated and inconsistent. 6
  9. 9. Competitive Analysis Facebook Social Mentions as of November 27, 2011 Twitter Followers Company Likes Mentions Percent Company Followers Allstate 43,243 516 1.1858 Allstate 25,689 Progressive 35,985 630 1.7507 Progressive 10,130 State Farm 176,702 7,725 4.3718 State Farm 17,932 Geico 197,998 1,831 0.92476 Geico 6,816 Farmers 2,374,666 884 0.03723 Farmers 5,721Farmers‟ competition is currently more successful at reaching the millennials through their primary source of communication.Although Farmers has the most Facebook page “likes,” they are significantly lacking in establishing consumer interactions.Even though Farmers has a solid database of social networking followers, their last Facebook post was Nov 7, 2011, whichwas more recent than their last Tweet on Oct 21, 2011. 2011 JD Power Auto Insurance Provider Ratings 7
  10. 10. Consumer Analysis Current Consumer: The core consumers Prospective Consumer: These consumers are ages18 to of Farmers‟ Insurance are adults with 26 and are both male and female. families. VALS: Experiencers (12% of pop.)VALS: Achievers (13% of pop.) Lifestyle CharacteristicsLifestyle Characteristics Like the new, offbeat, and riskyLives center on career & family Like exercise, socializing, sports, and outdoorsHave formal social relations Unconforming, but admire wealth, power, and fameAvoid excess change or stimulation Politically apatheticMay emphasize work at the expense of recreationPolitically conservative Psychological Characteristics ExtravertedPsychological Characteristics UnconventionalModerate ActiveGoal oriented ImpetuousConventional EnergeticDeliberate Enthusiastic and impulsiveIn control Consumer CharacteristicsConsumer Characteristics Follow fashion and fadsAttracted to premium products Spend much of disposable income on socializingPrime target for a variety of products Buy on impulseAverage TV watchers Attend to advertisingRead business, news, and self-help publications Listen to rock music 8
  11. 11. Consumer AnalysisConsumer Collage 9
  12. 12. Planning and StrategyPositioning Message: The current Farmers campaign focuseson knowledgeable agents, yet it lacks involvement and a Objective:relationship with the new target audience. Therefore, Farmers Increase awareness, expand towill move past “open up a local Farmers Insurance firm” non users, launch newcampaign strategy and show why Farmers Insurance will be partnerships.the best choice to help you when you‟re in need. Farmers willinform the 18 to 26 year-old consumer about college studentand post-grad discounts. Single most important message:Media Message: Social media, digital, outdoor advertising, Farmers Insurance agents are well-television, possible print. trained, which will lead to the best service possible over the otherTonality: Comedic, rational, confident, happy, optimistic, competitors. When you have Farmersrealistic, contemporary, informative. Insurance, you will gain safety and securityMarCom Matrix Integration: Advertising, publicrelations/publicity, promotion, new media How will we resonate:PR Campaign: Yellow Cab Company, press releases for MTV Farmers is an insurance company thatpartnership, “Professor Burke Lecture College Campus Tour,” you can trust. They work with you on aapparel for University of Farmers and Prof. Burke. local level. Farmers will always lend a friendly hand to help with agents who are very knowledgeable and educated through The University of Farmers. 10
  13. 13. Creative Execution TV Spot: Creative Execution: In split frames, the commercial shows the connectionAs a follow up to Farmer‟s recent campaign to between the targeted age group and the Farmers agent.rally more insurance agents, the next campaign The first frame opens with a side-by-side view of a collegewill incorporate both themes into a TV commercial graduate and a Farmer‟s University graduate getting readyand possibly YouTube videos. This spot will help in their cap and gown for their graduation. The second framecapture the essence that Farmer‟s agents can is a side-by-side view of the graduates sitting in their seatrelate to where recent college graduates are, and waiting for their name to be called. The third frame isthey can help them make the transition to their another side-by-side view of the two standing after theirown policy. names have been called and the fourth slide is of them walking across the stage to their deans. The fifth frame is of Webisode/YouTube: the two getting ready to shake the hands of the deans andA potential webisode or YouTube video could the camera closes up into the actual handshake. In the sixthelaborate on the theme of the TV spot and make it frame, the camera pans out and shows that the now recentinto a movie trailer-esque video. It would be called college graduate and the recent Farmer‟s agent are shakingsomething along the lines of “The Graduates” and hands. The side-by-side shot that was consistent throughoutwould include of an overly dramatic feel of the the entire spot is diminished in the last frame. The last framegraduation to incorporate humor to the video. fades out into the Farmer‟s logo with the tagline: “We’ve been there. Let’s grow together.” 11
  14. 14. Creative Execution 12
  15. 15. Media Plan Promotion: Farmers cares and wants their Social Media: Create Facebook “like” clients to be safe and not drink and drive. page and Twitter account for Professor If a client presents their Farmers Burke. He will update words of wisdom to Insurance card during the holidays, they his “students,” who are agents and clients. will receive a 50% discount on their cab fare. Brand Farmers with MTV and Farmers clients will MTV Networks owns create the “MTVU Student be able to receive J.K. Simmons, the actor whoRatemyprofessor.com: Create Discount.” This will be similar to portrays Professor Nathaniel reminder alerts a profile page for Farmers‟ the student discount Farmers through text or smart Burke, can guest star in spokesperson Professor already has, but marketed with phone app for various MTV scripted showsNathaniel Burke. Students can MTV. This is meant for college account updates and as himself. In addition, “rate” him during heavy students and post- grads up to when payments are Farmers “Graduation” promotions during class age 26. Clients will be able to get due. commercial will air on MTVregistration (middle-to-end of “Extra Credit Discounts” for having Networks. the semester). an internship, job or a qualified GPA. 13
  16. 16. References http://www.zurich.com/aboutus/whatwedo/farmers/ http://www.zurich.com/aboutus/ataglance/financialhighlights/ http://www.carinsurancecompanies.com/what-are-the-top-10-car-insurance-companies-by-market-share/ http://www.farmers.com/about_farmers.html http://en.wikipedia.org/wiki/Zurich_Financial_Services#cite_note-AR2010-0 http://www.facebook.com/progressive http://www.facebook.com/Allstate http://www.facebook.com/geico http://www.facebook.com/statefarm?ref=ts http://www.facebook.com/FarmersInsurance http://www.carinsurancecompanies.com/ http://www.farmersfield.com/# http://www.globalbusinessinsights.com/content/rbfs0060m.pdf http://laurennp.files.wordpress.com/2009/05/imc_geico-case-study.pdf http://www.brandchannel.com/papers_review.asp?sp_id=357 http://www.globalbusinessinsights.com/content/rbfs0060m.pdf 14

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