Young adults see car insurance as a legal requirement rather than a priority. They have low knowledge about insurance and do not understand their coverage or options. Major life events like getting a car, job, or marrying prompt first insurance purchases. While most young adults have insurance "just in case," they are generally uninformed and comfortable with that lack of knowledge.
Financial Services: Insight and TrendsNadya Powell
Ā
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
1) The document presents research conducted by the communications agency Chariot on the 18-25 year old insurance market for State Farm, finding that this group views the insurance buying process as stressful and that State Farm is seen as intimidating, expensive, and complicated.
2) Chariot segments the 18-25 year old market into groups like "Deal Demanders" who prioritize affordability and "Convenience Cravers" who want an easy process, and recommends a campaign positioning State Farm as reducing stress by making insurance affordable, quick, and easy to buy.
3) The proposed campaign would include humorous TV ads showing
The document discusses how many vehicle shoppers who reject a model because they perceive it does not fit their needs ultimately purchase another vehicle in the same segment. It finds that despite rejecting a compact car, small SUV, or midsize sedan due to perceived lack of fit, 66% of compact car shoppers, 47% of small SUV shoppers, and 51% of midsize sedan shoppers buy another vehicle in the same segment. This suggests dealers could influence more of these shoppers by better understanding their needs during the discovery process.
Life insurers are missing out on a big opportunity by failing to properly address the 18-24 year old segment of the market. These customers are low risk, they offer high life-time value, and they are open to interacting through digital channels.
Millennials, aged 18 to 34, are an important demographic for the automotive industry as they enter their prime vehicle buying years. However, they are less loyal to dealers and more influenced by recommendations from friends and family than older buyers. To attract more business from Millennials, dealers must focus on increasing customer advocacy by providing excellent sales and service experiences that delight customers and encourage them to share many positive recommendations.
Engaging millenials for financial servicesJason Dea
Ā
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Millennials represent a large demographic that financial services firms want to attract as customers. However, a survey of over 500 millennials found that they have low trust in financial services and prefer to engage online or through mobile apps rather than social media. The survey also found that millennials have low financial literacy and could only name a few insurance companies. To win over millennials, financial firms need to improve customer service, transparency, and provide better financial education.
Financial Services: Insight and TrendsNadya Powell
Ā
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
1) The document presents research conducted by the communications agency Chariot on the 18-25 year old insurance market for State Farm, finding that this group views the insurance buying process as stressful and that State Farm is seen as intimidating, expensive, and complicated.
2) Chariot segments the 18-25 year old market into groups like "Deal Demanders" who prioritize affordability and "Convenience Cravers" who want an easy process, and recommends a campaign positioning State Farm as reducing stress by making insurance affordable, quick, and easy to buy.
3) The proposed campaign would include humorous TV ads showing
The document discusses how many vehicle shoppers who reject a model because they perceive it does not fit their needs ultimately purchase another vehicle in the same segment. It finds that despite rejecting a compact car, small SUV, or midsize sedan due to perceived lack of fit, 66% of compact car shoppers, 47% of small SUV shoppers, and 51% of midsize sedan shoppers buy another vehicle in the same segment. This suggests dealers could influence more of these shoppers by better understanding their needs during the discovery process.
Life insurers are missing out on a big opportunity by failing to properly address the 18-24 year old segment of the market. These customers are low risk, they offer high life-time value, and they are open to interacting through digital channels.
Millennials, aged 18 to 34, are an important demographic for the automotive industry as they enter their prime vehicle buying years. However, they are less loyal to dealers and more influenced by recommendations from friends and family than older buyers. To attract more business from Millennials, dealers must focus on increasing customer advocacy by providing excellent sales and service experiences that delight customers and encourage them to share many positive recommendations.
Engaging millenials for financial servicesJason Dea
Ā
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Millennials represent a large demographic that financial services firms want to attract as customers. However, a survey of over 500 millennials found that they have low trust in financial services and prefer to engage online or through mobile apps rather than social media. The survey also found that millennials have low financial literacy and could only name a few insurance companies. To win over millennials, financial firms need to improve customer service, transparency, and provide better financial education.
The Millennial Generation: Banking's Big Problem- Opportunities in Digital Fi...George Samuel Samman
Ā
This document discusses the opportunities in banking presented by the millennial generation. It notes that millennials, the largest generation, dislike traditional banks and are open to switching to alternatives. Studies show millennials believe banks offer little differentiation and will be disrupted by innovative startups. They prefer low-fee digital offerings and want services tailored to their preferences for connectivity, access over ownership, and impact investing. Banks risk being left behind if they do not adapt to the demands of this emerging demographic, leaving a major opportunity for fintech companies to acquire millennial customers and transform banking.
At Advertising Week 2009, the Engagement Council of the Advertising Research Foundation presents "Engagement Moves Forward:
New Case Studies and Evidence."
The mission of the Engagement Council is to provide an industry-leading peer discussion forum, for the continuous refinement and application of the Engagement construct.
2010 Toronto Municipal Election - A Brand Experience PerspectiveAhmad Ktaech
Ā
An intriguing and thoughtful look at the 2010 Toronto Municipal Election from a Brand Experience perspective. Provides insights and recommendations for future elections.
This document discusses issues with buy now pay later (BNPL) marketing and its potential negative effects on customer spending behavior. It finds that BNPL is often presented too easily at checkout without providing adequate information about its nature as a credit product or the consequences of missed payments. Advertising further encourages unaffordable spending through discounts, influencer promotions, and portraying BNPL as simple without clarifying the risks. Young people are disproportionately exposed through targeted social media ads. The combination of easy access and misleading marketing could lead customers to take on debt they cannot afford to repay.
The document discusses how Hyatt Hotels implemented a conversational IVR system using Interactions Corporation's technology. This allowed Hyatt to automate routine reservation tasks, improve the customer experience, increase sales efficiency, and boost employee morale. The system collects guest information, confirms or cancels reservations, and conducts post-stay surveys automatically. Hyatt achieved significant cost savings and efficiency gains from the new IVR system.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
Consumer Financial Literacy
Financial literacy is becoming essential to the future of the auto industry. We have seen the beginnings of a transformation in the customer?s buying behavior and expectations. It is very important for the entire industry to become more transparent with the customer to improve the customer experience; from shopping; to in store, to financing; to servicing. Financial literacy means demystifying the auto buying, financing, and ownership process for our customers. Demystifying the process can improve customer engagement/retention and reduce complaints. Learn some practical ways to help improve your customer?s financial literacy.
Amid a drastically changed industry landscape characterized by choosier customers and tightening regulations, insurance companies are scrambling to sustain growth and profits.
The document discusses tensions between fear and hope in today's global culture, with some economies and individuals driven more by fear and pessimism while others embrace optimism. It also examines related trends like renewed focus on self-reliance, simplicity, connectivity through social networks, generosity, and rebuilding trust through understanding and flexibility.
The document discusses a study on consumer loyalty in the US and Canada. Some key findings:
- Program participation has increased but consumers show little emotional loyalty to brands. Only 12% of US and 10% of Canadian consumers strongly agree it pays to be loyal.
- Consumers are disengaged with marketing communications. Interaction and perceived relevance of messages have declined since 2009.
- The economic outlook contributes to consumers prioritizing deals over brands. Few are confident their economic prospects will improve in the next decade.
This document summarizes key findings from a study about Millennials and their shopping behaviors. It discusses that Millennials have surpassed Baby Boomers as the largest living generation in the US. The study found that Millennials are generally more satisfied consumers than Baby Boomers, particularly with utilities, healthcare, and telecom services. Millennials expect good customer service and value for their money. They are also more willing than older generations to share their personal information for targeted offers and services. The document emphasizes that understanding the nuances of the Millennial customer experience is important for businesses.
This LinkedIn & Ipsos study provides actionable insights on:
ā¢ How Affluent Millennials are dramatically reshaping the future of the finance industry.
ā¢ How Affluent Millennials are preparing for tomorrow.
ā¢ What Affluent Millennials are looking for in a financial services provider and why itās important to begin strengthening relationships with them today.
Do Americans think they have the right insurance?PolicyGenius Inc
Ā
Results of a 1,000-person poll about consumer attitudes toward insurance coverage. See whether Americans think they have the right level of insurance coverage.
The Millennial Shift: Financial Services and the Digital GenerationLinkedIn
Ā
Maya Pope-Chappell, News Editor, LinkedIn
Theresa McLaughlin, CMO Canadian Banking, Auto, and Wealth, TD Bank
Denise Karkos, CMO, TD Ameritrade
Marty Willis, Chief Marketing Officer, OppenheimerFunds
Laura Desmond, CEO, Starcom MediaVest Group
Donna Sabino, SVP, Ipsos
Bill Sullivan, Head of Global Financial Services, Market Intelligence, Capgemini
Leslie Gillin, Managing Director and Chief Marketing Officer, Citi Global Consumer Bank
With one of the largest generations in history comes tremendous buying power: Millennials spend $1.3 to $1.7 trillion annually. In fact, this group of digital natives represents a lucrative market and the next generation of financial clients. To make inroads with Millennials, firms must appeal to their demand for services and experiences on par with those delivered by retail and other industries that have learned how to capitalize on consumer interactions in the digital era.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
Insights from the Maritz Motivation | Wise Marketer Loyalty Landscape Study Maritz Motivation
Ā
70% of customer loyalty is constantly up for grabs. What does this mean for your business? Find out other key insights from the Maritz Motivation | Wise Marketer Loyalty Landscape Study.
The document discusses research into the influence of "micro-influencers", which are defined as individuals who have greater than average reach through word-of-mouth recommendations. The research found that:
1) Micro-influencers have 22.2x more buying conversations in a single week than typical consumers, acting as "amplification agents" for brands.
2) Recommendations from micro-influencers on the Experticity platform resulted in 74% of people following up and seriously considering the product, and 82% being highly likely to follow the recommendation.
3) Micro-influencing is often part of experts' jobs, with 53% of their recommendations happening at work, compared to 19% for typical
SCAD NSAC 2010 Plans Book, State Farm "Are You Good?"Phillip White
Ā
This document summarizes the strategy and creative work of the Twelve agency for a campaign targeting Millennial insurance customers for State Farm. The agency conducted research that showed Millennials have little interest in insurance and do not strongly identify State Farm's brand. The agency's strategy is to position State Farm as an "Innocent" brand focused on doing good through a campaign asking "Are You Good?". The creative work will use viral videos, billboards, print ads and a microsite to attract attention, build the State Farm brand and continue the conversation around doing good.
This document provides an overview and analysis of State Farm's target market of 18-25 year olds. It segments this market into dependents, semi-independents, and independents based on how much of their own living expenses they pay. Semi-independents, who pay 26-75% of expenses, are the most receptive to State Farm's "SF Effect" campaign which highlights the company's community involvement. Research found this age group wants insurance from socially responsible companies and State Farm is seen as trustworthy but outdated. The document proposes updating State Farm's image while maintaining its values of service.
The Millennial Generation: Banking's Big Problem- Opportunities in Digital Fi...George Samuel Samman
Ā
This document discusses the opportunities in banking presented by the millennial generation. It notes that millennials, the largest generation, dislike traditional banks and are open to switching to alternatives. Studies show millennials believe banks offer little differentiation and will be disrupted by innovative startups. They prefer low-fee digital offerings and want services tailored to their preferences for connectivity, access over ownership, and impact investing. Banks risk being left behind if they do not adapt to the demands of this emerging demographic, leaving a major opportunity for fintech companies to acquire millennial customers and transform banking.
At Advertising Week 2009, the Engagement Council of the Advertising Research Foundation presents "Engagement Moves Forward:
New Case Studies and Evidence."
The mission of the Engagement Council is to provide an industry-leading peer discussion forum, for the continuous refinement and application of the Engagement construct.
2010 Toronto Municipal Election - A Brand Experience PerspectiveAhmad Ktaech
Ā
An intriguing and thoughtful look at the 2010 Toronto Municipal Election from a Brand Experience perspective. Provides insights and recommendations for future elections.
This document discusses issues with buy now pay later (BNPL) marketing and its potential negative effects on customer spending behavior. It finds that BNPL is often presented too easily at checkout without providing adequate information about its nature as a credit product or the consequences of missed payments. Advertising further encourages unaffordable spending through discounts, influencer promotions, and portraying BNPL as simple without clarifying the risks. Young people are disproportionately exposed through targeted social media ads. The combination of easy access and misleading marketing could lead customers to take on debt they cannot afford to repay.
The document discusses how Hyatt Hotels implemented a conversational IVR system using Interactions Corporation's technology. This allowed Hyatt to automate routine reservation tasks, improve the customer experience, increase sales efficiency, and boost employee morale. The system collects guest information, confirms or cancels reservations, and conducts post-stay surveys automatically. Hyatt achieved significant cost savings and efficiency gains from the new IVR system.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
Consumer Financial Literacy
Financial literacy is becoming essential to the future of the auto industry. We have seen the beginnings of a transformation in the customer?s buying behavior and expectations. It is very important for the entire industry to become more transparent with the customer to improve the customer experience; from shopping; to in store, to financing; to servicing. Financial literacy means demystifying the auto buying, financing, and ownership process for our customers. Demystifying the process can improve customer engagement/retention and reduce complaints. Learn some practical ways to help improve your customer?s financial literacy.
Amid a drastically changed industry landscape characterized by choosier customers and tightening regulations, insurance companies are scrambling to sustain growth and profits.
The document discusses tensions between fear and hope in today's global culture, with some economies and individuals driven more by fear and pessimism while others embrace optimism. It also examines related trends like renewed focus on self-reliance, simplicity, connectivity through social networks, generosity, and rebuilding trust through understanding and flexibility.
The document discusses a study on consumer loyalty in the US and Canada. Some key findings:
- Program participation has increased but consumers show little emotional loyalty to brands. Only 12% of US and 10% of Canadian consumers strongly agree it pays to be loyal.
- Consumers are disengaged with marketing communications. Interaction and perceived relevance of messages have declined since 2009.
- The economic outlook contributes to consumers prioritizing deals over brands. Few are confident their economic prospects will improve in the next decade.
This document summarizes key findings from a study about Millennials and their shopping behaviors. It discusses that Millennials have surpassed Baby Boomers as the largest living generation in the US. The study found that Millennials are generally more satisfied consumers than Baby Boomers, particularly with utilities, healthcare, and telecom services. Millennials expect good customer service and value for their money. They are also more willing than older generations to share their personal information for targeted offers and services. The document emphasizes that understanding the nuances of the Millennial customer experience is important for businesses.
This LinkedIn & Ipsos study provides actionable insights on:
ā¢ How Affluent Millennials are dramatically reshaping the future of the finance industry.
ā¢ How Affluent Millennials are preparing for tomorrow.
ā¢ What Affluent Millennials are looking for in a financial services provider and why itās important to begin strengthening relationships with them today.
Do Americans think they have the right insurance?PolicyGenius Inc
Ā
Results of a 1,000-person poll about consumer attitudes toward insurance coverage. See whether Americans think they have the right level of insurance coverage.
The Millennial Shift: Financial Services and the Digital GenerationLinkedIn
Ā
Maya Pope-Chappell, News Editor, LinkedIn
Theresa McLaughlin, CMO Canadian Banking, Auto, and Wealth, TD Bank
Denise Karkos, CMO, TD Ameritrade
Marty Willis, Chief Marketing Officer, OppenheimerFunds
Laura Desmond, CEO, Starcom MediaVest Group
Donna Sabino, SVP, Ipsos
Bill Sullivan, Head of Global Financial Services, Market Intelligence, Capgemini
Leslie Gillin, Managing Director and Chief Marketing Officer, Citi Global Consumer Bank
With one of the largest generations in history comes tremendous buying power: Millennials spend $1.3 to $1.7 trillion annually. In fact, this group of digital natives represents a lucrative market and the next generation of financial clients. To make inroads with Millennials, firms must appeal to their demand for services and experiences on par with those delivered by retail and other industries that have learned how to capitalize on consumer interactions in the digital era.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
Insights from the Maritz Motivation | Wise Marketer Loyalty Landscape Study Maritz Motivation
Ā
70% of customer loyalty is constantly up for grabs. What does this mean for your business? Find out other key insights from the Maritz Motivation | Wise Marketer Loyalty Landscape Study.
The document discusses research into the influence of "micro-influencers", which are defined as individuals who have greater than average reach through word-of-mouth recommendations. The research found that:
1) Micro-influencers have 22.2x more buying conversations in a single week than typical consumers, acting as "amplification agents" for brands.
2) Recommendations from micro-influencers on the Experticity platform resulted in 74% of people following up and seriously considering the product, and 82% being highly likely to follow the recommendation.
3) Micro-influencing is often part of experts' jobs, with 53% of their recommendations happening at work, compared to 19% for typical
SCAD NSAC 2010 Plans Book, State Farm "Are You Good?"Phillip White
Ā
This document summarizes the strategy and creative work of the Twelve agency for a campaign targeting Millennial insurance customers for State Farm. The agency conducted research that showed Millennials have little interest in insurance and do not strongly identify State Farm's brand. The agency's strategy is to position State Farm as an "Innocent" brand focused on doing good through a campaign asking "Are You Good?". The creative work will use viral videos, billboards, print ads and a microsite to attract attention, build the State Farm brand and continue the conversation around doing good.
This document provides an overview and analysis of State Farm's target market of 18-25 year olds. It segments this market into dependents, semi-independents, and independents based on how much of their own living expenses they pay. Semi-independents, who pay 26-75% of expenses, are the most receptive to State Farm's "SF Effect" campaign which highlights the company's community involvement. Research found this age group wants insurance from socially responsible companies and State Farm is seen as trustworthy but outdated. The document proposes updating State Farm's image while maintaining its values of service.
This document summarizes a research study on relationship marketing and mindset segmentation for life insurance customers. The researchers identified three distinct customer mindsets with different preferences and demands regarding life insurance. They developed a method for classifying individual customers into these segments in order to optimize messaging and improve relationship marketing. The study aims to address the tension between customer satisfaction and profitability in the complex service of life insurance. It contributes a framework for communicating with customers based on their true desires and experiences with insurance professionals and services.
This document provides an overview of the life insurance industry and discusses why individual life and health insurers have focused on wealthier customers, leaving many with inadequate coverage. It argues that the slow underwriting and issue process is a key barrier preventing insurers from effectively serving middle-income customers through alternate distribution channels like banks. Faster instant issue underwriting could address this by reducing costs, application fallout rates, and sales representative workload, potentially reviving the industry.
Powerful Interaction Points: Saying goodbye to the channelIBMInsurance
Ā
http://www.ibm.com/insurance
Learn how insurers can get closer to their insurance customers by dis-regarding conventional "channel" strategy development and instead focusing on quality interactions. Learn the benefits of psychographics approach to segmenting Insurance customers over demographic approach.
This document provides an overview of an integrated marketing campaign for State Farm Insurance targeting single women. It includes a situation analysis noting opportunities to improve State Farm's brand awareness and connection with consumers. Strategic research in the form of surveys and focus groups was conducted. The creative brief outlines the target market as single women ages 18+ and sets the tone as professional, classy, and persuasive to increase awareness of State Farm's affordable coverage and neighborly image through various social media and traditional advertising channels.
The document discusses insurance customers' perspectives on data sharing and privacy. It finds that while customers are sensitive to price, they also value insurance coverage and customer service. Most customers are willing to share basic contact information but are less comfortable sharing more personal data. Insurers can benefit from data to offer customized policies and prices, but must be careful not to overstep and lose customer trust through overly intrusive data practices. The line between helpful insights and creepy data use is still being defined.
The document discusses findings from Accenture's survey of US personal lines insurance consumers. Key findings include:
1) While online channels are important for information gathering, agents remain the most popular choice for obtaining quotes and purchasing policies, showing consumers prefer a multi-channel approach.
2) Price is the most important factor but not the only one - consumers also value advice, quality, and variety of policies. Over a third are willing to pay for personalized advice.
3) Younger consumers place higher value on advice, though age alone does not determine channel preferences.
4) The survey identified five main customer segments that require tailored marketing, sales, and service strategies to meet their distinct needs and preferences.
5
StateFarm NSAC Book - University of Arizonaalexbfeldman
Ā
Studio320 conducted research to develop a marketing campaign for State Farm targeted at young adults aged 18-25. Through surveys and focus groups, they found this demographic thinks little about auto insurance and those whose parents pay do not think about it at all. Their $40 million campaign, called "Know It All", will target young adults through three phases using their preferred media like social networks. The goal is to change perceptions of State Farm from traditional to innovative among young adults.
In my Advertising and Promotions class we worked with Wells Fargo to create a marketing campaign for the opening of a new branch. Our tasks were to create a unique campaign that would raise awareness and draw in new households to the branch. By combining our marketing knowledge and previous experiences, we created a few noteworthy strategies allowing us to meet our objectives.
- State Farm is the largest auto insurer in the US with 18.3% market share but faces threats from competitors like Allstate, Progressive, GEICO and Nationwide who are gaining share in the young adult market.
- State Farm is seen as dated by some. Through research, Marke Media found young adults prefer guidance over restriction from insurers and value education, customization and agent access.
- Marke Media created the "State Farm Helps" campaign to show how State Farm agents can help with common issues through personal service and knowledge while respecting independence. The campaign will run across traditional and non-traditional media.
The document summarizes research from a survey of millennials (ages 19-29) and non-millennials (ages 30+) in the US regarding their attitudes towards customer loyalty programs and rewards. Some key findings from the survey include:
1) Over three-quarters (77%) of millennials participate in loyalty and rewards programs, compared to four in five (82%) of non-millennials.
2) Nearly half (47%) of millennials agree they are more likely to share personal details with brands that offer loyalty and reward incentives.
3) When introduced to the idea of a US coalition loyalty program where points can be earned across multiple partners, 74% of millennials rated this as
This document summarizes a panel discussion on opportunities for insurance companies and financial institutions to collaborate on distributing insurance products. The panelists represented an insurance company, consulting firm, and another insurance company. They discussed how financial institutions evaluate potential insurance partners based on factors like ratings, stability, asset management, and product offerings. Recent growth in annuity sales through banks was noted, with projections of $40 billion annually by the mid-1990s. Reasons for the collaboration included both parties pursuing new distribution opportunities and revenue sources in changing market conditions. The panel aimed to provide perspective on this developing market area.
Insurance products, savings and investments are crucial elements of financial health that evolve throughout our lifetime. But getting consumers to think long-term is not easy.
This advertising and promotion plan aims to target 18-24 year olds in the Denver metro area who are renting their first homes. The campaign "It's Your Stuff...Protect It" will use humor and relatable situations to promote State Farm's renter's insurance. Tactics will include out-of-home advertising, print ads, internet advertising, and sponsoring local events like a housing fair. The objectives are to raise awareness of renter's insurance and position State Farm as affordable for younger renters.
This document discusses asymmetric information in markets and how it can lead to market failures like adverse selection. It provides examples of asymmetric information in used car markets, insurance markets, and credit markets. It also discusses how signaling through education, guarantees, and warranties can help resolve information problems between buyers and sellers.
Don't Overlook Your Mature Consumers - BCG CCI Study.pdfSocial Samosa
Ā
The BCG Report titled 'Donāt Overlook Your Mature Consumers' looks at the 870 million consumers in the 50 to 70-year-old age bracket across 12 markets.
This document discusses how life insurance companies will need to adapt to changing consumer preferences and technological advances. Specifically:
- Life insurers will need to shift from solely product-focused selling to providing holistic financial planning based on clients' actual needs and requirements.
- Younger generations will research recommendations online and compare options virtually, requiring insurers to provide advice tailored to clients' specific needs rather than just pushing products.
- Insurers will have to conduct more in-depth financial needs analyses and offer customized product offerings and services to attract and retain customers in the increasingly digital landscape.
The document discusses the perception of insurance advisors and how to improve it. It notes that insurance advisors are often the subject of jokes but that they provide important financial advice. It argues that improving financial literacy could help change perceptions by increasing understanding of risk management and insurance. The document recommends that advisors explain the difference between human and financial capital and how insurance protects both. It also suggests advisors discuss how permanent life insurance can benefit high-net-worth clients.
Similar to State Farm - AAF 2010 NSAC Competition (20)
Vicinity Jobsā data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Ā
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Ā
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second ā the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
Ā
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job qualityāat least, thatās the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factorsāincluding labour market composition, worker and employer behaviour, and labour market practicesāhave contributed to the absence of worker benefits. These will be investigated further in future work.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Ā
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobsā data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteriās recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
Ā
Mayās reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
Ā
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
Ā
After this first you should: Understand the nature of mining; have an awareness of the industryās boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industriesā various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
3. amber Rushton
ashley Novak
bethany watterson
brittany perez
brittany platts
bryce Allen
bob lebaron
cara gessell
christine ross
creighton Herrmann
02 executive summary
04 situation analysis & SWOT
05 research methodology
06 competitive analysis
07 perceptual maps
08 the target market
10 consumer insights
12 overall strategy
13 brand model
14 phase 1
18 phase 2
22 phase 3
28 media plan
32 conclusion
contents 01
advisors:
kevin kelly
mark callister
jeff sheets
danielle Morgan
jacqueline Furniss
jayson mckeon
jenna lowder
jessica gee
julie lisonbee
katie Goodfellow
kelsey carter
liz teran
mary houghton
matt godfrey
rebecca anderson
sarah richardson
stephanie Mullin
steve hunt
suzanne sanchez
taylor Donohoo
trevor McKinnon
4. EXECUTIVE SUMMARY02
HEREāS THE STORY.
Young adults donāt think agents are for them.
Ironically, those who have actually worked with an agent,
would disagree. But the majority of young adults feel more
comfortable working online, getting the bare minimum,
and checking the box saying they now have insurance.
Young adults see car insurance as a legal responsibility and probably wouldnāt have
it otherwise. Because of this attitude, young adults know very little about car
insurance. Many donāt understand their coverage, what happens if they get in an
accident, or what their best options are. The interesting thing is that they donāt care.
They are blissfully ignorant and okay with that.
When they have a test on Hamlet, but didnāt actually read the play, they go to
SparkNotes. When they lose their key and are locked out of their room, they
YouTube videos on how to pick a lock. And when they are arguing with a friend
about what year the Spanish War was fought, they go straight to Wikipedia.
This generation has information at their fingertips and not in their brains.
The agent should be their go-to for insurance information, but they are not.
Remember why?
HEREāS
WHY
5. 03Executive summary
You gave us this challenge: ā[The] overall goal is to gain State Farmās fair share
of the Young Adult market by changing the perception of State Farm among
Young Adults, which will then lead to consideration of the brand and purchase.ā
We agree. And in that order.
But if you think you can change the perceptions of this complex, mobile,
multi-tasking, fickle, āseen it, been thereā target with a āone size fits allā kind of
campaign, you donāt know these Young Adults.
Itās going to take a multi-faceted series of messages, launched on
specifically targeted phases, on a variety of platforms to break down the
harsh misconceptions these Young Adults have about State Farm and
its agents.
Once perceptions are changing and Young Adults are open to consider
how agents can add value, we then introduce a sales-oriented campaign
with a sustained message that will make the State Farm agent matter in
their insurance policy purchasing process.
Young Adults donāt think agents matter.
Agents are seen as stodgy, pushy, and out of touch. And the
last thing Young Adults want is any kind of commitment.
HEREāS THE PLAN.
HEREāS
HOW
6. Auto insurance is a multi-billion dollar industry. The market was projected
to grow 3.7% between 2008 and 2013. While companies such as GEICO,
Progressive, and Allstate have outpaced market growth, State Farmās growth
has been flat.1
Translation: Staying the same while the rest of the market is growing is
essentially the same as shrinking, which is why State Farm has seen its
market share slip by 7.8% between 2003 and 2007.1
This is a big problem.
Since 1922, State Farm has been āa good neighborā in the insurance
industry, and most individuals, regardless of age, recognize the phrase, āLike
a good neighbor, State Farm is there.ā Despite this, the āneighborā concept
does not resonate with many young consumers. They might respond, āWho
is my neighbor and why do I care?ā This demographic does not know their
neighbor and is not looking for a personal relationship.2
Research has shown that State Farm is typically more appealing to an older
demographic who is more established and prefers to do business with an
agent face-to-face.3
Young adults prefer to purchase insurance online,
however State Farm does not have a strong presence in this area, and
consumers are unsure whether they can purchase online.4
In recent years, young adults have turned to Progressive, GEICO, and other
insurance companies because of the youthful feel of their advertisements,
their seemingly cheaper prices, and their online accessibility.5
Because of
this, competitors pose a great threat to State Farmās market share.
STRENGTHS
ā¢ Largest insurance company in the nation
ā¢ Strong brand history and recognition
ā¢ Knowledgable and resourceful agents
ā¢ Strong history reinforces trustworthy perceptions in
younger demographic
WEAKNESSES
ā¢ Harsh misconceptions of insurance agents
ā¢ āGood neighborā does not resonate with younger
demographic
ā¢ Weak online presence
OPPORTUNITIES
ā¢ Develop online presence that will relate to the
younger consumer
ā¢ Increase market share by disproving negative
perceptions of agents
ā¢ Position the agent as a solution to the intimidating
purchasing process
THREATS
ā¢ State Farm scores low in ad recall with young adults
in comparison to competitors
ā¢ The agent-model is challenged by the online model
of competitors
ā¢ Competitors are viewed by demographic as more
inexpensive when that is not necessarily true
Situation Analysis & SWOT04
YOUNG ADULTS
DONāTFULLY APPRECIATE THE
BENEFITS
OF HAVING AN
AGENTR ATHE R THAN
PURCHASING ONLINE.
1 Best Review, Ad Wars. 2008. EBSCO
2 BYU Ad Lab Quantitative
3 Mintel 2009 Case Study, āPerceptions of Insurance Agnetsā
4 BYU Ad Lab Qualitative
5 http://www.statefarm.com
2
7. 05Primary research: methodology
* A friendship group differs from a traditional focus group in that all participants were already friends,
fostering a more honest and open discussion. They were held in one of the participantsā homes, allowing
for a more comfortable and less intimidating setting.
NATIONAL SURVEY
47 STATES
1465 respondents
(from target market 18 to 25)
Majority are full-time students,
live with roommates, and/or
work part-time
IN-depth interviews ā¢ 37 interviews with target market (18 to 25)
ā¢ Participants from various states
friendship groups* ā¢ 9 different groups of target market (18 to 25)
ā¢ Participants from various states
ā¢ Videotaped and logged for in-depth analysis
ethnographIES ā¢ 3 ethnographic research studies
ā¢ Study of the target (18 to 25) in their natural environment
ā¢ Observations of life, interactions, and lifestyles were
interspersed with questions
ā¢ Participants from various states, interactions, and lifestyles
ā¢ Videotaped and logged for in-depth analysis
8. 1 Mintel 2009 Case Study, āMarket Size and Forecastā
2 BYU Ad Lab Quantitative
3 BYU Ad Lab Qualitative
06
AllstatE
Youāre in good hands.
Allstate is the second leading insurance provider behind State Farm.1
They have
a strong market position in property and casualty insurance. Allstate is well known
among consumers for their brand tagline āAre you in good hands?ā targeting an
older, more established demographic.
Progressive
Helping you save money. Now thatās Progressive. Call or click today.
Progressive is widely known for their auto insurance coverage. Progressive is
popular among young adults for their online quote and purchasing capabilities,
along with their 24-hour service. Recently, Progressive has used the up-beat and
perky spokeswoman Flo to target the younger demographic.
Geico
Fifteen minutes could save you fifteen percent or more on car insurance.
While Geico is only the fourth largest auto insurance provider,1
young adults see
it as the largest auto insurance provider today.2
Geico has positioned
themselves as the lowest cost providers of auto insurance compared to other
agencies. Geico also scores very high in ad recall, proving the effectivenes of an
off-beat and creative advertising strategy. The target market feels that the gecko,
caveman, and other varied spokesmen are better aimed at their demographic.2
Nationwide
Nationwide is on your side.
Nationwide is one of the largest multi-line insurers, and is the six largest provider
of auto insurance.1
Nationwide is not as recognizable for their auto insurance
policies but more for their property-casualty insurance and life or retirement
savings. Nationwide does not have a strong a brand position among the young
adult age demographic because of their more mature advertising tone.3
COMPETITIVE ANALYSIS
9. 07competitive analysis: consumer perceptions
We asked all survey participants to select which
insurance companiesā advertisements (of any
medium) they recalled seeing and then asked
them to describe the ad; 89% of respondents
recalled GEICO ads, 78% recalled Allstate ads,
62% recalled Progressive ads, and 59% recalled
State Farm ads.
GEICO and Progressive are perceived as the
preferred insurance companies for young adults.
Participants in friendship groups and ethnographies felt that GEICO
and Progressive were targeting their age group more than other car
insurance companies, such as State Farm, Allstate, and Nationwide.
They cited the humorous tone and high dose of creativity of the
advertisement campaigns as reasons why they felt this way. This is
reflected in ad recall, as the majority of survey participants recalled
GEICO and Progressive advertisements.
State Farm
ranks
4thin ad recall
The perceptional map above demonstrates the position of State Farm and itās leading competitors in the minds of
the young consumer. The position of the brand is in relation to the perceived cost and trendiness. In comparison
to the competition, the State Farm brand is considered somewhat outdated, and is lumped more closely with the
perceived costly brands. The dashed, red box represents our desired position, one that is more in-touch and more
accurate.
inexpensive
expensive
outdated in-touch
10. ...this is the estimated target consumer base. They are generally
considered āmulticulturalā with one in three considering themselves
non-Caucasian. The median household income of this group is $30,000
annually.1
These young adults are in a transitional time in their lives. They have
begun to move out of their parentās home and support at least 50% of their
own expenses. When looking at the independents current situation, 60%
are in college and 56% are working full time.2
They are also the Facebook
generationāmeaning much of the social interaction is via social media
websites and texting.
As the target advances into their 20ās, their earning capacity increases and
they feel a greater sense of financial responsibility. They begin to track
where their money goes and become more price sensitive and base their
choices on getting the best value for their buck.
The targetās price sensitivity and their familiarity with the Internet in deal
shopping, weakens their loyalty and makes them uneasy about
committing to one company. The target is more likely to shop for insurance
than other population segments,3
which is critical because half of those
who āgo shoppingā for insurance end up switching providers.2
TARGET MARKET: who are they?
50%pay for their
own expenses
60%are college
students
56%work full-time
50%of those
shopping for car
insurance end
up switching
providers
33 million independent
American men and women
between the ages of 18-25...
08
2
1 Mintel 2008 Case Study āSpending Power of Young Adultsā
2 State Farm AAF Case Study
3 Mintel 2009 Case Study āAuto Insurance Purchase Behaviorā
11. 09TARGET MARKET: the novice adult
This target of Young Adults are at the most transient time in their lives. They are on the brink of
adulthoodāmoving, growing up, making big decisions, and taking their first few steps in to āthe real
world.ā For this reason, we call this demographic the Novice Adult.
Our primary and secondary research has painted a psychographic picture of the Novice Adult, their
behavior, and whatās important to them. However, it would be a mistake to think that 33 million young
adults feel, think, laugh, or care about the same things. For this reason, we have gone deeper, and we
will introduce you to three types of Novice Adults that you should understand.
They have had a job since
they were 15. Their parents taught
them financial responsibility. They moved out
right after high school graduation and are used to
making decisions on their own. They engage in fun and
enjoyable recreational activities, but also have great
interest in financial news and advice that will help them
manage their money in challenging economic times. The
Go-Getters are more likely to be married and usually have
more money and possessions than other segments of
Novice adults. 1
These Novice
Adults have enjoyed
the generosity of their
parents until the ripe old age
of 25 when legally they are kicked
off of their parents insurance. Many
Neverland Adults still live with their
parents or other relatives. Because of
this, they have next to zero financial
responsibilities and donāt make many
financial decisions. Because of their lack of
prior buying experience, Neverland Adults
will likely embrace help in making
important purchases.1
These adults are
juggling between
school, work, and a social
life. They are entrenched in
social media and thrive on word of
mouth. As a result, Multi-tasking
Academics rely heavily on their social
networks for advice on making purchase
decisions. They are very integrated into
social media. Many have had few
financial responsibilities of their own, but
have enjoyed the help their parents have
provided while in college. They are now
graduating and itās time for them to
make their own way in the world. 1
Shared perceptions,
opinions, and core desires
in relation to State Farm
and the agent.
The
multi-tasking
academic
The
Go-Getters
The
neverland
adult
1 Mintel 2008 Case Study āSpending Power of Young Adultsā
12. 10 CONSUMER INSIGHTs: insurance
Most young adults have car insurance
because they āhave to.ā
When asked why they have car insurance, the majority of
respondents stated that itās because the law requires them
to have it. However, a large majority also stated that they have
it ājust in case something happens.ā Almost all respondents
(96%) felt it was important or very important to have car
insurance. Although they are most inclined to have car insurance
because of legal responsibility, they recognize that having
insurance is necessary and important.1
āTHERE ARE A LOT OF THINGS I DONāT KNOW ABOUT, BUT I DONāT
LOSE SLEEP OVER ITā
One objective of our primary research was to understand how much the target
knew about insurance. We discovered they donāt know much. When respondents
were asked to rate their knowledge of car insurance on a scale from 1 to 7
(1 being ācluelessā, and 7 as āexpertā) the average knowledge of respondents
was 3.8, which was below āaverage amount of knowledge.ā Those that rated their
knowledge anywhere above āaverageā were asked a second āpop quizā question
about car insurance. Only 10% of that group could answer the question.1
Now that you understand the complexity of Novice Adults, weād
like to share our crucial findings that revealed the consumerās most
interesting insights on the topics of insurance and agents.
major life milestones prompt insurance purchase
For this age group, the first insurance purchase is usually
accompanied by a major life milestone. Examples of such for these
adults are: getting their own car (45%), marriage (37%), and getting
a full-time job (16%).
Those without car insurance predicted that they will get their own
policy in the same, or similar, situations. The highest anticipated
milestones for purchase were: marriage (51%), graduating college
(36%), or buy their own car (30%).1
9 out of 10 young adults
have average or below
average knowledge
about car insurance.
1 BYU Ad Lab Quantitative
45%bought a car
37%got married
51%getting married
36%graduating college
actual milestones anticipates milestones
86%of young adults
live in blissful
ignorance
1
Most young adults have car insurance because they āhave to.ā
When asked why they have car insurance, the majority of respondents stated that itās because the law requires them
to have it. However, a large majority also stated that they have it ājust in case something happens.ā Almost all
respondents (96%) felt it was important or very important to have car insurance. Although they are most inclined to
have car insurance because of legal responsibility, they recognize that having insurance is necessary and important.1
13. 11
novice adults donāt see a reason to build a relationship with an agent
Customers initiate contact with agents most often during moments of crisis, such as a car accident, natural
disaster, or as they are reaching one the āmajor life milestonesā that we discussed before. These are the few
situations in which the Novice Adult believes it is most important to have an agent, but even then, they still donāt
seek one out. When asked which aspects of insurance companies were most important in the consideration
process, only 44% of respondents felt that a personal agent was important. The negative perceptions of the
agent, and the perceived level of commitment involved with having one, discourage the consumer from seeking
the help of an agent when they need one the most.1
CONSUMER INSIGHTs: agents
āINSURANCE AGENTā
doesnāt solicit positive responses
from the target market.
Agents are seen as out of touch with the Novice
Adult. They are perceived as pushy and salesy.1
1 BYU Ad Lab Quantitative
When asked what comes to mind when they
hear the term āinsurance agentā, only 26%
of the responses were positive.1
Currently, the majority of people either view agents in a
negative light (33%) or associate them with an abstract
neutral term (59%). However, young adults who have
had no previous experience or interaction with an
insurance agent, hold the majority of negative
perceptions of insurance agents. The ethnographies
and friendship groups showed that many people with
previously negative perceptions of an insurance agent
later change to a positive perception once they have
personal interaction with an agent.1
There is a statistical
difference between
males and females
in their preference of
insurance agents.
Women
prefer
setting
up
their
policy
with an
agent in
person
14. overall strategy12
The first two phases of our campaign break down the harsh misconceptions of agents,
demonstrating that the State Farm agent is an up-to-date and trustworthy resource.
Once these barriers have been broken down, phase three communicates a
sales-oriented message that demonstrates the knowledge and resourcefulness of
the State Farm agent. By reaching out to the Novice Adult through multiple phases,
avenues, messages and executions, we greatly increase the likelihood of our message
being not only heard, but acted upon.
BARRIER 1:
AGENTS ARE out of touch
BARRiER 2:
AGENTS ARE PUSHY SALESpeople
BARRIER 3:
agents are not necessary
We now have a basic understanding of the insights that explain the perceptions
and behavior of the Novice Adult. These findings are crucial in understanding the
development of our campaign strategies. We gave you a lot of information to
process, so letās recap...
In order to change misconceptions and gain market share, State Farm needs to break
down these barriers. But the Novice Adult cannot be reached so easily. Over exposure
to every kind of media has turned this market into passive receivers of all types of
messages. They are not shocked. They are not impressed. They are not interested.
HOW DO THESE FINDINGS
RELATE TO THE PLAN?
phase 1:
agents are not out of touch
phase 2:
agents are trustworthy
phase 3:
agents are a knowledgeable
and necessary resource
WHAT
are we
upagainst?
the solution:
a multi-faceted
campaign
15. 13brand model
Current Brand Position State Farm is like your grandparentsārespected and
trustworthy. But just because you are related to them,
doesnāt mean you relate to them.
Desired brand position State Farm is like your approachable college professor.
They are a top of mind resource for immediate help and
pertinent information when it matters most, but when that
time of need has passed, they happily keep their distance.
Conceptual Target The Novice Adult -- on the brink of adulthood
These 18-25 year-olds are approaching or already engaged in
some of lifeās major decisions: moving out, attending college,
working a full-time career, getting married, or making major
purchases like a car or home. They are excited by the
opportunities that make them feel like they have finally arrived at
responsible adulthood, yet they lack experience and as a result
feel vulnerable. They have a deep desire to maintain an outward
self-reliant appearance. They welcome advice only in times
when they need it. This explains why they are becoming
increasingly impersonal in their communication and
relationships. Convenience now means interaction through
platforms they are most familiar withāonline and to the point.
Core Desire We donāt want to know, we want to know someone who does.
Novice Adults are naĆÆve, but they have a network. They are
blissfully ignorant about car insurance, but they are perfectly okay
with that because they know someone who does. They donāt care
to be taught or to understand; they simply want fast and clear help
from someone when they need it most, and not to be bothered
when they donāt.
Role of the Brand Our agents know.
The agent is more than just the neighbor you never bother
to meet. The agent plays a significant, yet non-intrusive, role in
some of the most intimidating decisions that Novice Adults have
to make. When faced with high-pressure, nerve-wracking
situations, State Farm agents are there with answers.
Compelling Truth State Farm agents are connected to you; they have all the
knowledge you will ever need when it comes to your car
insurance but can process the information most pertinent to
you and your situation faster than a computer can. State
Farm offers competitive pricing and can protect all of your
belongings, not just your car.
Selling Idea State Farm agents matter. They know and care, so you donāt
have to.
16. PHASE 1: s.t.a.t.e. farm14
Phase 1 demonstrates that the State Farm agent is up-to-date and on-the-ball. This is
accomplished through a humorous, contemporary and humanizing portrayal of the agent
through a character named Sarge, the tough-nose drill sergeant.
Sarge runs a tight ship at S.T.A.T.E. Farm, the Special Tactical Agent Training
Establishment Farm, where agents are put through rigorous army-like paces. But instead
of toughening up these ārecruits,ā Sarge makes sure these agents are sensitized to
everything Novice Adults care aboutābeing quick-witted, socially relevant and Internet
savvy.
The Farm video will start virally and have a strong interactive online presence, then
reach out to more traditional media channels on network and cable. A co-sponsorship
with Electronic Arts will integrate Sarge into popular gaming titles. Sports and gaming
magazines will advertise the co-branded game. State Farm agents will also play along
receiving in-house promotional diplomas after graduating from a virtual version of The
Farm.
In this way Phase I chips away the ice of the deep freeze created by years of ignoring
that the Novice Adult could not relate to stodgy out-of-touch State Farm agents.
BREAKING DOWN
BARRIER 1
RIGHT
This pilot commercial introduces the
Special Tactical Agent Training Establishment
Farm or S.T.A.T.E. Farm and its Head
Instructor. With a mockumentary style and
exaggerated intensity this video will appeal to
our humor-seeking target market.
17. 15PHASE 1: s.t.a.t.e. farm
Shot of the outside of the
building.
Across the bottom: āSpecial Tactical Agent
Training Establishment aka S.T.A.T.E.
Farm 15:12:23ā
Sarge: āHere at the farm, we make agents.ā Sarge: āDescribe yourself in three seconds.
Go.ā
Sarge: āWe train our recruits to be quick on
their feet...ā
Group of recruits running up stairs.
Camera zooms up and falls
on instructor peering down
through the window.
Sarge: ā...sensitive in every situation...ā
Recruit walking with disguised
instructor. The recruit opens the
door, walks through, but fails
to hold it for his ādate.ā The door
closes as the sarge rips off his
wig and makes negative notes on
his chart.
Sarge: ā...and socially relevant.ā Sarge walks behind a long table
of computer stations.
Stopping to read the facebook stasuses, he
says: āToo vague, too long... TMI.ā
Sarge: āNot everybody makes it through. But
those that do will be able, will be ready, will
be there.ā
Sarge: āKind of like a good neighbor...ā
Looks to side, clicks his pen,
makes notes on clipboard.
S.T.A.T.E. Farm is stamped and
tagline is typed across screen as
the instructor is heard breathing
through his whistle.
18. 16
To encourage more online interaction between
our target and State Farm, we developed a
microsite: http://www.enterthefarm.com
They can also browse agent profiles and read about their
experiences. After they understand more about the agent and
State Farm, they are able to redirect to the main page where
they can request a free quote.
The site explains more about
āS.T.A.T.E. Farmā so the consumer
can read up on what the training
facility and its agents have to offer.
PHASE 1: s.t.a.t.e. farm
19. 17
Because State Farm already sponsors NBA
and NCAA basketball, the State Farm
co-sponsorship with Electronic Arts is a
natural fit. State Farm will team up with EA
Sports to sponsor pre-game commentary and
a āState Farm play of the gameā in sports
games for XBOX 360.
Four-Way Partnership
Because State Farm already partners with
NBA and NCAA basketball, a new partnership
with State Farm and Electronic Arts is a
natural fit. Neverland Adults, Multi-Tasking
Academics, and Legacy policy holders will
love playing these popular video games.
They will begin to think of State Farm as a
more trendy insurance company due to this
strategic alliance.
State Farm will also advertise a special
game feature in popular gaming and sports
magazines. Gamers will be able to enter a
secret code in their games to play as Sarge
from The Farm. Sarge will be a force to
be reckoned with as he takes on stars like
LeBron James and Kobe Bryant.
As an in-house promotion, current State Farm
agents will each go through a virtual training
process at āThe Farm.ā Upon completion of
training, each agent will be given a S.T.A.T.E.
Farm diploma, representing their tactical
expertise in communicating with the Novice
Adult. This will excite current State Farm
agents and encourage them to carry the
light-hearted tone of the campaign throughout
their personal work.
PHASE 1: s.t.a.t.e. farm
20. 18 phase 2: define the relationship
Tackling the task to transform the misconception of an agent from a salesperson to a
trusted resource is essential. Phase one forms a crack in the Novice Adultsā negative
perceptions concerning State Farm agents and Phase two of our campaign shatters the
glass. Because Novice Adults desire to be confident and in control, a relationship with
insurance agents has to be on their termsācasual, comfortable, and non committal.
In order to accomplish this, we offer the target the upper hand. Sure, they think our
agents are pushy, now we want to give them access to redefine them. We extend the
invitation to keep the ball in their court with their insurance agent, and call the shots.
Phase two introduces a creative concept we title ādtr: define the relationship.ā Novice
Adults say they donāt like insurance agents, or salespersons. As this is the case, we are
now allowing them to draw the lines. In essence, we dispel the negative stereotypes and
communicate the benefits of an agent in their own language, keeping it relevant and
worthy of attention.
After the slightly male-skewing messaging platform and viral presence in Phase one is
complete, Phase two will take a pervasive traditional approach and skew slightly more
female. Infiltrating the media where we find the target spending the majority of their
time, we will implement creative use of magazine advertising with a series of interactive
sticker ads, an engaging advertorial article about relationships coming from State Farm,
and non-traditional public transit and outdoor advertising for the Novice Adult on the
go. The agent relationship will be redefined online with user generated additions to
UrbanDictionary.com and an addition to the Facebook Relationship Status.
BREAKING DOWN
BARRIER 2
RIGHT
Our not-so-traditional print ads kick-start our
campaign. The right side of the print requests the target
to utilize the interactive stickers on the left. Each sticker,
when peeled, reveals the State Farm agentsā promise
to hold their end of the bargain. The intentional use of
stickers provides opportunity for the target to spread the
brand, by applying extra stickers onto friends.
22. 20 phase 2: define the relationship
A series of ADVERTORIALS will catch the attention
of Go-Getters and help solidify the benefits of defining
a relationship with a State Farm agent.
23. 21phase 2: define the relationship
The Multi-Tasking Academics
are found on the road or taking
the bus to school. Bus seat
advertisements playfully ask
passengers to pick a personalized
definition for their ideal insurance
agent, and take a seat in the
corresponding spot.
URBAN DICTIONARY
The campaign generates new perceptions
of a State Farm insurance agent. Now State
Farm would like to extend the challenge of
redefining an agent to the target marketāquite
literally. Contestants may submit their personal
definition of a insurance agent on
www.urbandictionary.com. Entries will be
monitored and the top three selected winners
with the best definitions will recieve free auto/
renter insurance for an entire year.
FACEBOOK STATUS
The ultimate DTR is found on Facebook.
State Farm will create an entirely new
Facebook āRelationship Statusā category titled
āHangingā (with). Through Facebook ads and
relationship status requests, young adults
will learn that they must accept the newest
relationship request and prove that they are
āExperimenting with State Farm,ā for a chance
to win a month free of State Farm auto/renter
insurance.
24. 22 phase 3: state farm is there
Phase 3 is paramount in making the agent matter to the Novice Adult. After Phase 1 and
Phase 2 break down misconceptions, Phase 3 is the pay off, introducing a new type of
State Farm agent, one they can believe in.
Once the target sees the āhumanizedā face of the brand, itās time to help them
believe they can turn to a State Farm agent for all of their insurance needs. Phase 3
contemporizes the agent by utilizing relevant situations and offbeat humor to show
Novice Adults the State Farm agent is there for them.
Additionally, we have contemporized the State Farm slogan. Instead of associating the
agent as a āgood neighborāāa phrase which has little relevance to this targetāPhase
3 gives āLike a good neighbor, State Farm is thereā new meaning by encapsulating
characters and situations that resonate with Novice Adults.
Playful print executions and wallscapes redefine āGood neighborā in terms Novice Adults
can understand. Viral videos, TV commercials and radio spots demonstrate how the
agent fits seamlessly into the lives of the target audience, giving pertinent advice and
compassionate service with a good dose of humor. Through a clever use of Twitter,
Novice Adults find themselves engaged with the brand.
Phase 3 is versatile and sustainable. It is here we introduce sales oriented messages for
auto insurance, highlight renters insurance, reinforce legacy policy holders, and ensure
retention of loyalists.
BREAKING DOWN
BARRIER 3
25. 23phase 3: state farm is there
WWW.STATEFARM.COM
STATE FARM IS THERE.
WWW.STATEFARM.COM
STATE FARM IS THERE.
LIKE THE KNOW-IT-ALL
IN BIO1010 WHO YOU DIDNāT APPRECIATE
UNTIL HE WAS YOUR LAB PARTNER,
WWW.STATEFARM.COM
STATE FARM IS THERE.
LIKE YOUR BIG BROTHER
THAT TAUGHT YOU TO OPEN THE
STUBBORN PICKLE JAR WITH A RUBBERBAND,
,
These magazine ads contemporize the State Farm
agent by translating āgood neighborā into Novice Adult
terminology.
Through the use of simile that resonates with the
target market, boyfriends, roommates, and trendsetters
represent the good will and superior knowledge of
State Farm agents.
26. 24
LIKE YOUR FIRST GIRLFRIEND
CHERRY STEM IN A KNOT,
THAT TAUGHT YOU TO TIE A
STATE FARM IS THERE.
www.statefarm.com
Wallscapes will be featured on natural
backgrounds not usually associated with advertising
messages, such as brick walls on street corners,
wooden fences, bridges, overhangs, subway
stations and other high-traffic pedestrian areas and
local hot spots. Wallscapes will be an especially
powerful tool for promoting renters insurance in
urban areas.
PARTNERSHIP
State Farm will partner with Six Flags amusement parks by
advertising in front of the seats and on the safety bars of various
rides. Text printed on roller coaster safety bars will draw an
emotional response from Novice Adults when they read, āLike the
safety bar that held you the day your world turned upside down,
State Farm is there.ā
phase 3: state farm is there
27. 25
Twitter
The Twitter initiative will play off of the blissful ignorance of Novice Adults and give State Farm a chance to
interact with the target market. By using a hash-tag subject grouping (ex: #clueless, #ignorant, or #confused),
a Twitter user would be able to ask any question to which they need to know the answer and use a hash-tag
such as ā#cluelessā to get a response. The State Farm Ignorant (SFIgnorant) Twitter feed would then search
out #clueless, #confused, or other blissful ignorance-related hash-tags, and respond to each userās question
with an answer.
Example: @lizterrain: my eye wonāt stop twitching, how can I fix this?? #igorant
@SFIgnorant: @lizterrain eye twitching is a sign of potassium deficiency. Eat a banana.
@chrisbourne: locked my keys in my car! #imanidiot
@SFIgnorant: @chrisbourne itās your locky day. the police will jimmy the lock for free.
This is both a useful and humorous way of connecting State Farm with the internet savvy Novice Adults. Soon,
the SFIgnorant twitter feed would be the top of mind place to get an answer to any type of question, serious or
not.
STATE FARM PARTNERSHIP WITH KAPLAN SCHOLARSHIP
State Farm will partner with Kaplan test-prepping service to provide scholarships to Novice Adults for Kaplan
online courses and for graduate school review courses. These classes will help prepare Novice Adults for
higher-education entrance exams such as the GRE, GMAT, LSAT, MCAT, and DAT.
To be eligible for the scholarship, Novice Adults must enter the āState Farm is Thereā video competition hosted
on YouTube. Applicants will be required to submit a video demonstrating how they were āthereā for a person
in need by acting as a knowledgeable or helpful resource. Scholarships will be awarded based on which
videos have the most views and whether they follow the requirement to show acts of providing knowledge or
service. This will spread State Farmās attitude of helpfulness to Novice Adults and allow them to enrich their
communities through acts of kindness.
By setting aside $3 million for scholarships, Novice Adults will feel State Farmās genuine commitment to
their success. This co-sponsorship is key because it focuses on a portion of the target market interested in
furthering their education. The Multi-Tasking Academics and Go-Getters pursuing undergraduate, graduate
and professional degrees will have increased earning potential as they enter the workforce and will likely own
homes and cars, and in turn purchase home, fire, life and car insurance. The scholarship will have
long-lasting benefits of loyalty because Novice Adults will remember that āState Farm was thereā to help make
their education possible.
phase 3: state farm is there
28. 26
Radio spots such as this will air in a national radio campaign. Radio easily adapts the creative
concept to promote renters insurance utilizing humor and familiar music to make the State Farm
agent matter. āThe Jumper,ā a hit song from the 90ās playing at the beginning of the spot, engages
the Novice Adult from the get-go. The creative delivery keeps them entertained throughout the
commercial. These radio spots confirm to current State Farm policyholders that the brand they
chose is contemporary and relevant.
:00 Music: āThe Jumperā by Third Eye Blind (lyrics: āI wish you would step back
from that ledge my friend...everyoneās got to face down the demonsā)
:03 Man: (singing, badly) āEveryoneās got toothpaste down the demons!ā
:04 SFX: a crowd boo-ing, and the music cuts out sharply.
:08 VO: You are ignorant. Everyone does not have ātoothpasteā down the
demons. But luckily, your music enthusiast friend provided you with the right
words just before your big karaoke debut at OāLearyās. Later, you return home
from your sing along escapades and realize someone jacked all your stuff.
:20 Man: āAh!ā
:21 VO: But, you can step back from that ledge my friend, (SFX third eye blind
song comes back in) because your State Farm agent provided you with
renters insurance that covers theft, and your agent understands.
:24 SFX: dialing
Man: Hello?
:25 VO: And like your lyric-savvy friend who cured your Third Eye Blind-ness,
State Farm is there.
1 Mintel 2009, Young Adult Leisure Trends
RIGHT
Research has shown that ācreative information delivery or video editing can make a straightforward
message seem ācoolā and more interestingā 1
to Novice Adults. Short videos like this one will be
created and put on Hulu and YouTube.
Rapid-fire narration and quick-cut editing give edge and humor to this portrait of a Multi-Tasking
Academic coming face-to-face with his blissful ignorance. The State Farm not only understands the
not-so-innocent victim, heās the master of calm and coolness who saves the day with his superior
know-how and genuine support.
phase 3: state farm is there
29. 27
scene of twenty-something Nate waking up, sits up in bed, yawns loudly, walks into bathrom.
You are ignorant. You have no idea how to get rid of a hickey, and you never cared cause you
never needed to. Until that day...
cut to Nate looking in the bathroom mirror at the enormous hickey on his neck
...that girl Janice...
cut to picture of Janice
...left one the size of a baseball...
cut to baseball on Nateās desk
...on your neck. Enter Jeff...
cut to roommate Jeff making grand entrance into the room
...your āexperiencedā roommate...
freeze frame of Jeff, making ābroāish expression...the words āThe Big Sleazeā appear on the screen.
...who knows exactly...
cut to close up of Jeffās handās unrolling a ākitā with comb, tweezers, lotion, chapstick, etc.
...what to do. Luckily, Jeffās stroke...
cut to tight shot of Jeff scraping a hair comb against the hickey on Nateās neck
...of genius is just in time for lunch with Heather...
cut to picture of Heather
....your girlfriend. Who is Janiceās...
cut back to first picture of Janice
...best friend...
zoom out of picture, its a picture of the two of them, Janiceās arm around Heather.
...who never saw...
cut to Nate and Heather (later that day) cuddling on the couch.
...evidence of a hickey...
camera does quick zoom to Nateās neck, no hickey visible.
...but later...
Nate gets up from the couch
...found one of Janiceās...
same picture of Heather and Janice
...trashy acrylic nails...
zoom into Janiceās hand around Heather (see her trashy nails)
...in the crater...
back to Heather on the couch, leans over where Nate was sitting and finds acrylic nail
...of your butt impression.
SFX of loud slapping noise over black screen
...Exit Heather.
cut to empty couch, Nate stands nearby, alone.
...As you are recovering...
Nate holds ice pack to the side of his face
...you hear what sounds like a baseball...
cut back to Nateās deskāthe baseball is gone.
...going through your car windshield.
SFX of glass breaking. Camera cuts to shot of Nateās feet, the ice pack comes crashing to the floor.
...And you wonder if your insurance covers ex-girlfriend wrath...
Nate sits back down on the couch, defeated.
...But youāre okay, because your State Farm agent knows you, knows the situation, and knows
exactly what to do next...
The agent steps into the frame, faces the camera.
...And like an experienced roommate who combed out your problems...
The agents slips a small black hair comb into his front shirt pocket, and pats it twice.
...State Farm is there.
phase 3: state farm is there
30. 28 media plan
State Farmās multi-faceted campaign will be
implemented in three distinct phases:
Phase 1 of the campaign will run from May 2010 until August
2010 and will skew toward male Novice Adults. The phase includes
television, magazine, internet and non-traditional initiatives.
Phase 2 will run from August 2010 until November 2010 and
features a very print intensive media buy catered to a more
feminine audience. Phase two has magazine ads, advertorials,
sticker tip-ins, outdoor, public transit advertising, and
non-traditional media.
Phase 3 is the most comprehensive of the three campaigns in
both its duration and its media coverage. It utilizes television, radio,
magazine, outdoor, internet, and non-traditional media and will last
for six months, from November 2010 until May 2011.
Media will be purchased throughout the country, with special
emphasis put on major U.S. cities and college towns. State Farm
will target Novice Adults with messages of both car and renters
insurance in urban areas and around college campuses. However,
in more suburban areas, marketing efforts will be more geared
towards car insurance.
32. 30 media plan
Outdoor May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr TOTAL
Los Angeles, CA 300,000
Boulder, CO 300,000
Austin, TX 300,000
Gainesville, FL 300,000
New York, NY 500,000
Chicago, IL 500,000
San Francisco, CA 500,000
TOTAL 2,700,000
Public Transit May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Cost per ad TOTAL
50 cities 1,000,000
TOTAL 1,000,000
Internet May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr TOTAL
NBC.com 45k 45k 45k 135,000
Fox.com 45k 45k 45k 135,000
MTV.com and afļ¬liates 45k 45k 45k 135,000
Espn.com 45k 45k 45k 135,000
Abc.com 45k 45k 45k 45k 45k 45k 45k 45k 45k 405,000
Hulu.com 45k 45k 45k 45k 45k 45k 45k 45k 45k 405,000
Facebook 45k 45k 45k 45k 45k 45k 270,000
Pandora 15k 15k 15k 15k 15k 15k 90,000
RateMyProfessor 15k 15k 15k 15k 15k 15k 90,000
Playlist 10k 10k 10k 10k 10k 10k 60,000
Fantasy Football 20k 20k 20k 20k 20k 20k 120,000
Viral Campaign 20k 20k 20k 20k 20k 20k 120,000
TOTAL 2,100,000
Non-Traditional May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr TOTAL
EntertheFarm.com 250,000
EA Sports Game Promo 1,500,000
Facebook relationship status 200,000
Urbandictionary.com 200,000
Kaplan Scholarship 3,000,000
Six Flags Rollercoaster Bars 1,000,000
TOTAL 6,150,000
TOTAL MEDIA BUDGET 39,993,740
Light Media Placement
Heavy Media Placement
Phase 1 Phase 2 Phase 3
33. 31media plan
Television May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Cost per ad TOTAL
Modern Family 3 3 3 30,000 270,000
The Colbert Report 4 4 4 139,500 1,674,000
The Simpsons 3 2 3 150,200 1,201,600
The Ofļ¬ce 2 2 2 2 2 2 2 2 2 191,236 3,442,248
ESPN 2 2 2 2 2 2 30,000 360,000
The Bachelor 2 2 2 2 139,500 1,116,000
Family Guy 2 2 2 214,750 1,288,500
The Grammy's 2 2 300,000 1,200,000
TOTAL 10,552,348
Radio May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr TOTAL
National Radio 5,000,000
TOTAL 5,000,000
Magazine May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Cost per ad TOTAL
Full-page ads
Gaming Informer 1 1 1 199,050 597,150
ESPN 1 1 1 1 1 1 1 1 1 205,504 1,849,536
Sports Illustrated 1 1 1 1 1 1 1 1 1 280,000 2,520,000
Car and Driver 1 1 1 162,030 486,090
Rolling Stone 1 1 1 174,065 522,195
Cosmopolitan 1 1 1 1 1 1 1 1 1 222,400 2,001,600
Glamour 1 1 1 1 1 1 1 1 1 200,491 1,804,419
GQ 1 1 1 139,371 418,113
Magazine Insert
Car and Driver 1 1 1 65,484 196,453
Rolling Stone 1 1 1 69,074 207,221
Cosmopolitan 1 1 1 70,300 210,899
Glamour 1 1 1 98,369 295,108
GQ 1 1 1 72,209 216,626
Magazine Article
Glamour 1 1 1 133,661 400,982
Cosmopolitan 1 1 1 148,267 444,800
GQ 1 1 1 106,733 320,200
TOTAL 12,491,392
Phase 1 Phase 2 Phase 3
Multi-Faceted Campaign May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Cost per ad TOTAL
Phase 1 30,000 8,906,678
Phase 2 139,500 7,287,360
Phase 3 150,200 23,799,702
TOTAL 39,993,740
Light Media Placement
Heavy Media Placement
34. 32 conclusion
01
02
Hereās the deal:
Weāve weighed the challenge. Weāve identified the barriers.
Weāve met your objectives.
You asked us to Gain fair share of Young Adult market by:
Changing the perception of State Farm (and their
agents) among Young Adults.
ā¢ Phase 1: Humanizing the agent and make them approachable
ā¢ Phase 2: Let the consumer define the relationship with their agent
Lead to consideration of the brand and purchase
ā¢ Phase 3: Now that the agent matters we can make a sales pitch
ā¢ We anticipate 8% growth in the first six months in new auto policies, and
20% growth by year-end
ā¢ We show parallel growth in renterās policies
ā¢ Retain Legacy Policyholders
ā¢ Retain Loyal State Farm Young Adults
Through a multi-faceted strategic campaign weāve made the agent approachable and
a trusted resource.
Agents are out of touch? Not anymore.
Agents are pushy? Not ours.
Agents are meaningless? Try resourceful.
Pre-Test of the Campaign
We know our multi-faceted campaign will work because of extensive pretesting of the
campaign concepts with the Novice Adults. Our research showed that:
ā¢ when they recognize their lack of knowledge they will want an agent, one that they can
relate to and believe in
ā¢ and they will act upon our final campaign invitation to let State Farm be there for them
Evaluation TRACKING STUDY
We recommend a pre- and post-test research study of awareness and attitudes of State Farm
within the Young Adult segment to effectively evaluate the results of the campaign. Further,
we recommend a tracking study of all new policies issued to the Young Adult market and
evaluate the effect of advertising in their purchase decisions.