This project involves creating an ad strategy for an event hosted by Avery Hall Insurance to attract new business..
Some thoughts to keep in mind...
Use the resources below to explore and research different aspects of your target audience. Be sure to refer to the other tabs across this guide for additional resources and strategies.
Resources for determining size within a specific geographic/market area.
How big is the target market? How much growth is expected?
Avery Hall
308 East Main Street
Salisbury, Maryland 21801
Center of geographic target area – Office Location + 60 miles
Life Insurance Marketing and Research Association (LIMRA)
LIMRA's research is qualitative and quantitative, indentifying growth opportunities and better penetration of the insurance market as well as monitoring the key trends within the industry. This research also allows members to track their market position while accessing this research. Much information is publicly available though some is behind a paywall that requires membership.
Industry Trends
Fact Tank Sales Data
Professional Insurance Marketing Association (PIMA)
PIMA is a membership association that has a sampling of free industry articles on their website. Trends in insurance marketing may be found at PIMA's "In the News" section.
McKinsey Report on the 2022 Individual Health Insurance Market
Management consulting company, McKinsey & Company, published this report to share their analysis of the individual health insurance market from 2014 to 2022. The report outlines trends in products, plans, and prices.
Articles of Interest:
Funny faces of insurance: Beginning with Geico's gecko in 1999, insurance brands have found a successful model in using silly mascots and characters to pitch a serious business. And the trend is picking up steam: Allstate recently resurrected "Mayhem" after sidelining him for more than a year. Here is a look at some of the hardest-working fictional insurance sellers in the biz. (2022). Advertising Age, 93(1), 18. https://proxy-su.researchport.umd.edu/login?url=https://www.proquest.com/trade-journals/funny-faces-insurance/docview/2619260754/se-2
International Journal of Business Ecosystem & Strategy
Kajwang, B. (2022). Effects of digital marketing practices on performance of insurance sector: A critical approach with a review. International Journal of Business Ecosystem & Strategy, 4(4), 89-95. https://doi.org/10.36096/ijbes.v4i4.357
5424210 - Insurance Agencies and Brokerages
524114 - Health and Medical Insurance Carriers
Barnes Reports: Insurance Agencies & Brokerages Industry (NAICS 52421)
Barnes Reports: Health and Medical Insurance Carriers (NAICS 524114)
The Barnes Reports are the leading publications on U.S. industries and estimates and forecasts on sales and employment demographics. As a way of making the most of this information, we have included a few suggestions and tips to aid you in processing and using this information. Managers, planners, and market researchers use this information for a variety of activities:
• Sizing markets and segments – You can estimate the size of the regional markets you sell in and your company’s market penetration into that market. You can do the same with the market segments in which you participate.
• Sales territory potential – You can estimate your market penetration and also the market potential in any regional area or market segment.
• Sales forecasting – With the estimates on the size of the industry, market researchers supporting a sales force can then estimate and forecast the future size of the industry.
• Advertising strategies – You can use this information for forecasting and estimating sales potential and target advertising campaigns.
• Competitive analysis – You will use the information to locate your possible competitors (if it is not already known), to estimate their size, growth and strengths and weaknesses and to see what market segments in which they participate.