An auto insurance company plans to enter the United States with a new type of policy that offers a more personalized service experience, better claim processing, and improved assistance during an accident. Before launching in the market, the provider wanted to understand the target market better and determine if the insurance concept resonated among drivers. Additionally, the provider wanted to refine the brand concept, determine the best messaging for the product, and form an ideal launch plan. The company commissioned Provoke Insights to develop a research study.
Market Research Solution
Provoke Insights conducted an online survey that included the following:
- A segmentation, which used an advanced analytics technique called factor analysis to generate themes. A cluster analysis followed to create sizable and meaningful cohorts.
- A concept test to determine what unique selling proposition worked best
- A MaxDiff to determine which branding support points would most convince the target audience to switch to this insurance company
The in-depth findings help determine the following information:
- Market penetration- Now, the insurance company knows how many consumers will potentially convert to the brand.
- A market-wide perspective- Provoke Insights provided a comprehensive look at the different types of auto insurance buyers.
- Ideal target Audience- We create manageable and sizeable cohorts determining which are sufficient and warrant investment. This analysis provides a deep understanding of why and how these prospects will connect to the brand.
- Unique Selling Proposition (USP)- Provoke Insights helped determine which branding ideas most resonate with their ideal prospects.
- Support points- The provider now knows which support points to lead within the marketing materials.
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