MK-00400 Positioning and differentiating Your Business

How will my company develop positioning strategy?


 

 

PRINS INSURANCE – POSITIONING STRATEGY WORKSHEET

 

 

 

 

 

General Classification

How it applies to this market segment

      Product Acceptance

      Commodity selection

       Brand Preference

All insurance products are perceived as similar in function.  Many companies sell it as a commodity stressing price and convenience.  Brand preference could be related to good pricing and value, superb service and convenience, or product understanding. 

 

 

 

Relative Standing

How it applies to this market segment

      Prestige Identification

       Preemptive Persuasion

       Brand/Product imagery

  We are not the sales leader.  State Farm, American Family, and Farmers Insurance Group lead the way in advertising and market share in the personal lines marketplace.  We are not big enough to use Brand/Product imagery for instant emotional associations. 

   Preemptive Persuasion should work for us.  Something to do with “Protection the client can understand”.  We want to bring the client a feeling of clarity and being in control of their insurance program. 

 

 

 

Gratification Mode

How it applies to this market segment

      Interpersonal

       Objective

       Introverted

Gratification comes from interacting with inanimate objects, data or systems.  They are interested in the way the insurance policy works and want to be educated with written material.

 

 

 

 

Purchase Preference

How it applies to this market segment

      Experimental

       Performance

       Value

Customers want something reliable, dependable and of proven quality before going after low price.  They want proven products over new innovations.

 

 

 

Key Product Attributes

How they apply to this market segment

      Functionality

        Sensory Impact

      Unconscious

              Associations

       Conscious Mind

              Conclusions

       Price/Value

       Access/Convenience

  Proper coverage gives trustworthy protection.  We give good value and the purchase transaction is easy.

  Clients think that the product is complicated to understand so we make it easy to understand.  We bring Clarity to the client.  We also provide freedom from fear and worry.

   Clients want a proven product. We have been serving satisfied clients for over 20 years in South Dakota.  We invite them to be a part of our growing family.

 

 

Key Psychographics Characteristics

How They Apply to this market segment

      Self image: proud and satisfied to have a normal middle class life.  

        Values are family oriented and honest.

        

These customers are exactly where they are supposed to be in life.  They live the American middle class life that they think is secure and stable for the rest of their lives.  Positioning to them should include trustworthy protection to keep their life secure, and also to have them join a large family of happy and secure customers.

 

 

Positioning Strategy:

 

Prins Insurance sells and services automobile and homeowners insurance policies to a target market of middle class married homeowners usually in the age group of 35 to 55 years old.  There is a lot of competition selling insurance as a commodity.  The competition sells price and convenience and people want price and convenience.  The competition usually does not educate the customers and they are often confused.  Customers don’t know what they purchased.  Our positioning strategy is to have competitive products, good service, and also compete on the basis of brand preference and appeal to product understanding as it relates to the insured’s needs.  This understanding will take the frustration and confusion out of the buying process.  The general message is that we bring you local access to competitive products and good service and we also help you understand your needs and the insurance products that will protect you and your family. This will put the customer in control of the buying process.

 

Unique Selling Proposition:
 
“You’re in Control with Prins Insurance”
 
 
Positioning Statement:  
 
We are automobile and homeowner insurance specialists, and have found that most of our customers want competitive products and good local service but many have been frustrated when buying insurance because they don’t fully understand the protection they need or the insurance policy that can give them that protection.  This is why at Prins Insurance we provide you competitive products, exceptional local service, and also help you understand your insurance needs and the insurance policy that will protect you, so you can make an informed buying decision.