Allstate
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Allstate is the largest personal insurer in the US, founded in 1931 with $35.2 billion in revenue. It offers auto, home, and life insurance through over 12,000 agencies across the US. Allstate's target market includes older adults aged 30-60, affluent individuals, and homeowners. It has a large social media presence with over 454,000 Facebook likes and 68,000 Twitter followers. Allstate's online marketing strategy focuses on SEO, developing new apps and software, and measuring success through metrics like cost per click.
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Allstate
- 1. Adam Hudak ADV 420 Fall 2015
- 2. Allstate Overview Brand • Largest public personal insurer in the U.S. • Founded in 1931 (84 years) • $35.2 Billion in revenue in 2014 • 40,200 Employees • Motto: “You’re In Good Hands” Product • Auto, Home and Life Insurance • Over 12,000 agencies & financial representatives across the U.S. • Markets its insurance under Allstate, Encompass and Esurance brand names
- 3. Target Market Older adults (30-60 years old) Affluent Individuals Homeowners
- 4. Social Media Saturation Facebook – 454,000 likes Twitter – 68,000 followers LinkedIn – 124,000 followers YouTube – 14,000 subscribers
- 5. SWOT Analysis STRENGTHS • No hassle of having to work with an agent • Seemingly lower prices due to large selection of coverage options WEAKNESSES • Overall brand strength and market share • Deficiency of physical presence and agents (customer service) OPPORTUNITIES • Expansion in other countries • Diversifying portfolios for customers • Increasing interest rates THREATS • Changing government regulations and financial crisis like recessions • Highly competitive market
- 6. Allstate Online Marketing Strategy Search Engine Optimization (SEO) Seeking to spread awareness to all of Allstate’s social media websites Developing new software and mobile applications to ease the insurance shopping process Success with internet marketing is measurable and can determine to keep or drop a campaign
- 7. Google AdWords When you search for Allstate on Google: Other keywords that are used to search for Allstate: • Insurance (Auto, Home, Life) • Coverage • Premiums • Car Insurance • Insurance Packages
- 8. Key Performance Indicators Tracking target customer’s buying habits Insurance coverage renewal Targeting young adults Cost Per Click (CPC) Determining website traffic
- 9. Tools & Tactics To utilize all social platforms to spread awareness of Allstate Use all Consumers to create “user generated media” Allstate will be promoted via Facebook
- 10. Budgeting $654.8 million advertising budget Allocate more $ to advertising budget Revamp social media accounts Hire a professional digital agency
Editor's Notes
- Allstate has been an established insurance company since 1931 that acts as the largest public insurance company in the United States. They had $35.2 billion in revenue in 2014 with 40,200 employees, and their motto is “you’re in good hands.” Allstate sells many different types of insurances, with over 12,000 agencies under Allstate, Encompass, and Esurance.
- Allstate’s target market has traditionally been an older target audience, however that is starting to change due to recent marketing efforts. Currently Allstate targets older adults up to age 60, affluent individuals, and any type of new homeowners that can afford insurance.
- Allstate’s most effective social media account is their Facebook page with over 450,000 likes. Their LinkedIn account has a solid 124,000 followers, along with 68,000 twitter followers and 14,000 YouTube subscribers. Twitter would be the main social media account to improve.
- The SWOT analysis is fairly straight forward. The strengths include not having to deal with an agent over the phone and lower prices. Weakness are brand strength and customer service. Opportunities include diversification as well as increasing interest rates. Threats are government relations and the competitiveness of the market.
- Search engine optimization is vital in today’s society. Spreading awareness and developing new software are necessary to keep up on for a business, and SEO is the answer to these.
- Google Adwords is necessary when you advertise your brand through the internet.
- Key performance indicators include the tracking of target audience’s buying habits to determine what type of products they want the most. Cost per click is a good way to measure success.
- Useful tools and tactics for Allstate include utilization of every social platform to reach out to the maximum amount of consumers, as well as implementing user generated media into the mix.
- Allstate’s advertising budget was second next to Geico last year. While they have a significant amount allocated to that budget, there is always more room for advertising.