Challenge
A 150-year insurance brokerage is rapidly grow its footprint. However, the firms but branding was outdated. The brokerage is a sale-lead organization, and marketing is often considered an afterthought. As the competition is fierce in the insurance industry, the company needed to create a fresh positioning.
Provoke Insights was commissioned to develop a multiphase market research plan. The research included quantitative and qualitative phases among B2B and B2C audiences. With this in mind, the market research looked into insurance consumer insights.
Solution
1. Quantitative research among B2B and consumer insurance decision-makers
As a result, each of the two cohorts received a survey that evaluated:
- Awareness
- Brand perception
- Path to purchase
- Key strategies that resonate
With the research results provided by Provoke Insights, the data determines who was the specific target audience. The data also assessed what messages resonate, and how to reach new prospects through various marketing channels. The brokerage now knows its NPS. It uses the information to determine the brand’s positioning.
2. Qualitative B2B and consumer insurance decision-makers
The qualitative research included both In-depth interviews and focus groups. In this qualitative phase, the research tested positioning statements and dug deeper into the decision journey.
Result: Insurance Consumer Insights
As a result, the brand strategy for the insurance company was a huge success! The brokerage gained a clear understanding of its target audiences, effective messaging, and competitive positioning. As a result, the data directly informed:
- A new brand identity, including an updated logo and style guide.
- A refreshed advertising campaign tailored to resonate with both B2B and B2C segments.
- A new website that presented the brand as a modern thought leader in the insurance world.
- Sales collateral materials designed to support both customer acquisition and retention.
- New strategies for cross-selling and upselling to existing customers.
In conclusion the data-driven positioning and an optimized marketing approach allows the brokerage to be more competitive. The research allows the company to separate itself from the competition. No longer is the company seen as old and stodgy!
Looking to conduct market research for insurance consumer insights? Contact Provoke Insights, a full service market research firm. Provoke Insights is an expert in brand and advertising strategies in the research space.