Customer Insights & Brand Strategy for an Insurance Brokerage

Challenge

A 150-year-old insurance brokerage aimed to significantly expand its market presence, but its branding was outdated. Historically focused on sales, marketing was often overlooked. Facing intense competition in the insurance sector, the brokerage needed to establish a fresh and distinctive brand positioning. Cognitive Market Research was engaged to develop a comprehensive market research plan, combining quantitative and qualitative research targeting both B2B and B2C audiences.

Solution

1. Quantitative Research Among B2B and Consumer Insurance Decision-Makers

Surveys were conducted among B2B and consumer insurance decision-makers to evaluate:

• Awareness
• Brand perception
• Path to purchase
• Key resonating strategies

The gathered data identified target audiences, effective messaging, and insights on reaching new prospects via various marketing channels. Additionally, a Net Promoter Score (NPS) was used to assess the brand's positioning compared to competitors.

2. Qualitative Research Among B2B and Consumer Insurance Decision-Makers

In-depth interviews with B2B prospects and current customers were conducted, alongside focus groups with consumer prospects. This phase tested positioning statements and explored the decision-making process in greater detail.

Result

The insurance brokerage gained a clear understanding of its prospects, effective messaging strategies for its audience, and the most resonant positioning statements for both prospects and customers. The research unveiled opportunities for acquiring new customers and for cross-selling and upselling to existing ones. Based on these insights, the brokerage developed:

• A new logo
• A style guide
• A refreshed advertising campaign and sales collateral material