Challenge
A new auto insurance company is set to introduce a unique policy in the United States, aiming to deliver a highly personalized service experience, streamline claim processing, and enhance assistance in the event of an accident. Prior to entering the market, the company aimed to gain deeper insights into the target audience's preferences and assess the resonance of the insurance concept with drivers. Furthermore, the company sought to fine-tune the brand concept, identify optimal messaging for the product, and craft an effective launch strategy. To achieve these goals, the company enlisted the expertise of Provoke Insights, commissioning them to conduct a comprehensive research study.
Solution
Provoke Insights administered an internet-based survey encompassing the following methodologies:
1. Employed segmentation through advanced analytics, specifically utilizing factor analysis to derive thematic elements. Subsequently, a cluster analysis was conducted to formulate substantial and meaningful cohorts.
2. Conducted a concept test to ascertain the most effective unique selling proposition.
3. Utilized MaxDiff analysis to identify the branding support points that would most persuasively influence the target audience to switch to the insurance company in question.
Impact
The comprehensive discoveries aid in uncovering the following details:
1. Market Penetration: The insurance company is now aware of the potential number of consumers who may convert to the brand.
2. Market-wide Perspective: Provoke Insights has delivered a thorough examination of various types of auto insurance buyers, offering a holistic view across the market.
3. Ideal Target Audience: We have crafted manageable and sizable cohorts, identifying those that are sufficient and deserving of investment. This analysis offers a profound understanding of the reasons and mechanisms through which these prospects will establish a connection with the brand.
4. Unique Selling Proposition (USP): Provoke Insights has played a pivotal role in identifying the branding ideas that resonate most with the ideal prospects.
5. Support Points: Armed with this information, the provider now possesses the knowledge of which support points to emphasize in their marketing materials.
