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Marketing Project Final
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- 2. Index Objective Segmentation Targeting &Positioning Insight & Recommendation
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- 4. 2. To indicateparticular marketing venues. 1. To figure out segments. 3. To help focus marketing efforts. 00 Business Objectives
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- 6. 01 Customer DemographicsDistribution Priori Segmentation Support - Age, income, and marital status characteristics Age/Life Stage Household Income Marital Status • Normally Distributed • Mainly 25-80 y/o • Focus on Pre- & Post- Retirement • 3 Main Ranges • A-C(<30,000) • D-I(<100,000) • K+(>100,000) • # married > 2* # single Note: Multivariate regression between y(travel expenditure + transportation expenditure) and x( Age, income, marital status, gender, number of children, etc.) shows that age, income, marital status and number of children are the most significant variables for our customer base. Number of children leads by 0, then decreases smoothly with more kid(s) around. Not separately shown here since it can be captured by age and marital status. Data from 20K. Total Household affordability indicator
- 7. • Single • Age> 30 • Income ~ 60k • # Children = 0 • Luxury life, Travel, Music • 7.5% in Customer Base • 15.6% in Random Base • Married • 25 < Age < 60 • Household Income < 150K • # Children > 0 • Healthy life & Outdoorsy • 26.4% in Customer Base • 15.8% in Random Base • Married • Age > 60 • Household Income > 80K • # Children = 0 • Music, Food, Sports • 15.1% in Customer Base • 10.7% in Random Base 02 Segmentation Profiles Capturing main types (valuable majority) of our customer based on demographics distribution Data from analysis of 20K Customer Database and 80K Random Database. Single Fabulous Energetic Family Old Empty Nesters
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- 9. 01 Single Fabulous Persona Julie45 y/o 85K Interior Designer, MIAMI I am single. I love wine, beach, music and high-ending events. I love reading Vogue and Essence to get the updated information about fashion and entertainment. Since I just bought a boat, I am looking for suitable insurance. WHO ARE THEY? Age: 30-85 Income: >=$40,000 Where: Majority near water Food & Entertainment Expenditure: ~25% Interests: Luxury life, travel, music Value Proposition We provide you with opportunity to upgrade your entertaining life with high quality and hassle-free insurance solution. Heterogeneity and Homogeneity features
- 10. 02 Marketing Channels Advertising •Suitable channels • Videos/TV Programs • Focused on casual travelling & wine tours Newspaper & Magazine Dealership Cooperation • B2B Cooperation • Train dealers’ salesforce to pitch • Lower operation $ High-End Events • Tailored invitation letter • Promote through events Appropriate Touch Points • Post in Travel Section • Cooperated with influencers
- 11. 03 Geography-Wise Focus Needmore marketing efforts to focus on these places • Near Water • Boat Insurance Oriented
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- 13. Energetic Family02 Recreational Vehiclecustomers Demographics • Single Family with 1-3 kids • Home owner • High school education • Occupation: Work from home;Tradesman; Middle Management,etc. • Household income: $100-149K Healthy and Outdoorsy Lifestyle • Outdoor & Sports • Personal and vacation travel • Natural food • Active Reader(99% avid reader)
- 14. Energetic Family02 Persona Ray 47yr Mechanics, MI Gina 43 yr Online Blogger, MI Eric 13 yr Amy 10 yr Single family with 2 children living in Michigan. We love camping, playing tennis and enjoy traveling. We are seeking for affordable RV insurance package. Value Proposition We provide economical and convenient insurance coverage for families who love RV lifestyle and outdoor activities.
- 15. • Content marketingto create RV discussions through social media • Cooperate with influencers such as bloggers to share RV experiences Digital Marketing • Build relationship with dealers to reach out to local customers • Cross sell insurance to family with SUVs or with trucks Local Dealership • Advertise at travel, family & health magazines and newspaper sections • Sharing articles about family outdoor activity experiences with recreational vehicles Newspaper & Magazine 02 Marketing Channels
- 16. 03 Geography-Wise Focus •People live near Great Lakes - Michigan(MI) - Ohio(OH) - Texas(TX) - California(CA) • Near recreational attractions - Colorado: Pueblo, Colorado Springs - Utah: Salt Lake City - California: Bakersfield Families living near mountain area attractions is also our target
- 17. 04 Old EmptyNesters Zoom In
- 18. 01Old Empty Nesters Demographics •Age: 70s • Where: MI, CA, TX, OH • Income: 42 ~ 72K • Occupation: Work from home, retired, tradesman, middle management Life style • Outdoor & Sports • Value health and fitness • Reading • Music, Food & Wine Data from analysis of 20K Customer Database and 80K Random Database. Heterogeneity and Homogeneity features
- 19. 01Old Empty Nesters JohnsonCouple Henry 72y/o; Retired; LA Monica 70y/o; Retired; LA Have lots of savings; Interested in travel, reading and outdoor activities; Want easy, reliable and good service insurance. Data from analysis of 20K Customer Database and 80K Random Database. Heterogeneity and Homogeneity features
- 20. 02 Marketing Channelsand Messages We deliver our customers the easiest, safest, and most reliable insurance solution. Phone Sales • Salesforce Print Advertising • Newspapers, magazines. • Direct mail Data from analysis of 20K Customer Database and 80K Random Database. Sponsorships • Boat shows • Music festivals • Summer camps TV and Radio • Commercials Partnership • Life insurance • Auto insurance • Credit cards
- 21. 03 Geography-Wise Focus Needmore marketing efforts to focus on these places • Near Water • Boat Insurance Oriented
- 22. 05 Insights &Recommendations
- 23. 57.9% 42.1% 01 Insights &Recommendations Segments • Single Fabulous • Energetic Family • Old Empty Nesters Promotional Plan • Traditional - Post-mail; TV/Radio; EDM Salesforce; Sponsorships • Digital - App; Blogger; Social Media Marketing Efforts Allocation • Priority: Single Fabulous ($) • Energetic Family (#) Co-development • Auto/ Boat dealer partnership • Auto/ Boat maintenance / gas discount
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