Allstate Analysis

According to our case study, Allstate Insurance Company is an industry leader in providing various insurance products to customers, but recently realized it had room for improvement in its “non-traditional” sectors. First, what are non-traditional sectors? The study emphasizes motorcycle insurance, but it could also be assumed that boat, RV, ATV and snowmobile insurance would fall into the same category. Second, we have to consider who would need these types of insurances. We need to think of what kind of person owns these various types of vehicles and what is most important to them. Third, we need to come up with a plan on how to gather information about the people we want to target. Finally, once we have our information gathered we’ll need to come up with a plan on how to use it to our advantage.

Slide 4-7

Slide 4-7 describes the first step in the marketing research process as needing to define the problem, specify decision alternatives and state research objectives. Allstate’s problem was that they were losing out on market share in non-traditional sectors like motorcycle insurance, and that it could be due to their conservative image. Generally when one thinks of people that ride motorcycle, “conservative” isn’t the first description that comes to mind. They could try to become more relevant to motorcycle (and other non-traditional) insurance shoppers by making them more aware of their products, relating to and understanding their wants and needs from an insurance company and being competitively priced. During the research process they may even find an alternative they originally hadn’t thought of.

The research objectives are probably one of the most important parts of the research plan...

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...easuring the impact of a particular marketing project can help make better marketing decisions in the future. Generally one or two are chosen as a focus. With the Allstate Insurance case, the most important ones to follow would probably be awareness and market share. Making people aware of the product that is offered was a goal of the marketing project, but gaining a bigger market share was an even bigger focus.

In conclusion, Allstate had a lot of ground to make up, but they were being proactive in trying to find ways to gain their fair share of the marketplace back. Sponsoring motorcycle rallies was probably a great marketing idea, and one that came to mind even before I read it. People, especially bikers, want to be understood and accepted. Being able to convey that and capture part of that market means more profits for Allstate and happier customers.