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Strategic Value Proposition

MVPMVP subscriber Posts: 4
edited June 2006 in Marketing
Hello to all,
I am currently working with a marketing consultant who advised me that he highly recommends that he does a Market Intelligence/Strategic Value Proposition for me, as I am starting a new Property & Casualty Insurance Agency in September 2006. He will gather some important questions together with me and put together survey questions to ask my target market. He advised that he will call 30 people in my target market. Afterwards, he will devise a report summarizing the top 5 buying triggers, make a list of high value innovations with respect to these buying triggers, point out my positioning in the marketplace, and make recommendations for a unique brand identity.
As I`m trying to figure out my specific target market for this Strategic Value Proposition, I just read a great book by Tom Peters, "Re-Imagine".He highly recommends targeting to woman as the decision makers and the over 50+ baby-boomers, stating that these 2 groups have been highly ignored over years and they would be a tremendous target market(s) to focus on.My target group is important, as my survey questions will be based on the group that I will mainly be representing.What does the group think of these markets for Property & Casualty insurance products?These are the proposed questions so far for me to work out:Determine what would compel target segment prospect to do business with a private insurance agency.Find out who is the primary decision-maker when buying/switching an insurance policy.Determine what is important when selecting an insurance agency.Understand what are the desired results & services prospects are looking for.Added values/services recommended??Find out what is budgeted for each prospect for insuranceIdentify frustrations related to insurance companies and policies, otherwise known as buying triggers.Understand what type of sales people appeal to insurance customers, ie. characteristics, traits, values, knowledge base, etc.Find out what bonuses or guarantees would influence their decision to buy or switch an insurance policy right away.Understand the information gathering process before buying. Find out what makes them very confident about buying an insurance policy.Determine what it takes to exceed their expectations.Find out most effective methods for communicating product benefits and generating an immediate response.Understand advantage gap of competitors.What do you all think about the right target market and set of questions?Any addt`l questions or different set of ideas!!Does this group feel this type of service would be beneficial for me as I am looking to differentiate myself from a typical agency and establish my unique selling proposition.Any important questions that you feel I should "make sure" they are asked in the survey?Also, is this a successful marketing tool to help someone like myself just starting out?Looking for some addt`l guidance on this.Thank you.Mike


  • dovetaildovetail subscriber Posts: 1
    Mike,These are all good questions worth asking if you don`t already know the answers.My question to you is about cost.  How much is the consultant going to charge you for these services?  Have you spoken with current or former clients of this consultant to learn about their experiences?A great consultant is worth their weight in gold, especially if they can help set you on the proper path.  If your consultant needs to speak with 30 customers to learn these answers, though, then I wonder how much experience they have in the insurance industry.  Maybe a better consultant to hire would be someone who`s been involved in selling your types of product to the same target market.I`d also be curious to know how the test market subjects will be chosen.  If you call 30 people, I`m guessing all but one or two will decline to partcipate in a survey, and with a sample of two people, you`re not going to derive statistically signifcant conclusions.  Also, I`m guessing that even if someone spoke with 30 people in that target market, most won`t have opinions for all your questions.Good luck.
  • MVPMVP subscriber Posts: 4
    Thanks Mark for your comments.
    The consultant will be charging $2500.00 to perform these services. I will also get the survey responses on a cd, so I can listen to them as well.  The consultant was recommended from a friend.
    We are supposed to supply 60 names from my target market, knowing that 50% would probably back out. But I am also giving a $10.00 Panera Bread gift card for everyone that participates in the survey.
    Really hoping that the answers to these questions could help me in finding out what this market is looking for and put me in a better position to differentiate myself from your typical agency.
    Also hoping to see what people are looking for in regards to added values/services.
    Thanks again.
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