Consumer Brand Awareness, Consideration, and Conversion in Recreational Vehicle Insurance

Competitor analysis

Tools

Overview

From cross-functional business partners: Is our messaging effective in driving consumers' brand awareness, consideration, and conversion?

State Farm’s comprehensive recreational vehicle insurance—covering RVs, motorhomes, motorcycles, boats, travel trailers, ATVs, camper vans, and more—provides robust protection against unexpected events, safeguarding customers from risks like fire, storms, theft, and collisions.

The cross-functional business partners at State Farm is focused on gaining in-depth insights into brand awareness, consideration, and conversion for State Farm and its competitors in the recreational vehicle insurance market. They are committed to uncovering the key factors that lead customers to choose State Farm and analyzing the marketing funnel to identify strategic opportunities to enhance customer acquisition, retention, and the overall effectiveness of advertising efforts.

Wrote survey questions and designed advanced survey logic

Initial Analysis

Roles

As a Researcher, close collaboration was maintained with internal business partners, particularly marketing teams, to discuss research methods and provide data-driven insights that informed strategic decisions. The role involved writing surveys, calculating sampling quotas, and collaborating with a Senior Statistician to refine the survey research process from various angles. Ultimately, raw data was transformed into multiple actionable insights that directly supported marketing strategies and business goals.

In addition to internal partnerships, relationships with external panel vendors were managed to ensure the data collected was of the highest quality and accurately represented the target audience. This dual focus on internal collaboration and external vendor management enabled the delivery of comprehensive research that drove informed, impactful decisions for the business.

Design & Quotas

Responsibilities

Survey (primary research)

Independently communicated with both internal and external business partners, ensuring consistent alignment with research goals throughout the project.

  • Understand how consumers with recreational vehicles choose what brands of recreational vehicle insurance and the reasons behind their decision-making.

  • Explore how consumers’ brand awareness, consideration, and conversion rates compare for State Farm and its competitors in the insurance market.

  • Gain deep insights into the marketing funnel for State Farm recreational vehicle insurance across each consumer sub-group.

Methods

  • Stratified sampling was used to ensure that different subgroups within a population are represented in a sample appropriately.

  • Identified variables such as age, marital status, kids, home ownership, and types of recreational vehicle ownership

  • created strata by combining variables

  • Determined sample size for each stratum based on market size

  • Excel

  • R software

Data Analysis

  • Basic screening

  • Descriptive analysis (e.g., Demographics, Mean for measurements…)

Final Analysis

  • Unstructured data analysis (e.g., text mining)

  • Marketing funnel - percentage at each stage among different sub-groups

Impacts

  • Transformed internal stakeholders' strategic directions, significantly enhancing communication effectiveness with customers.

  • Revolutionized text analysis by developing an automated R script, achieving a remarkable 500% time-saving for future tasks.

  • Strategically reduced advertisement investment by 150%, optimizing budget allocation for greater efficiency.

Objective

Leveraged R to extract insights from unstructured data and utilized Excel for precise analysis of structured data.

Competitor analysis

Survey Collection

  • Collaborated with an external vendor to efficiently collect online panel data, meticulously managing both cost and effectiveness across each targeted subgroup.

Tailored reports and presentations to effectively convey insights to the CX Manager, fellow researchers, and internal business partners.

Questions

  • Brand awareness for recreational vehicle insurance: open-ended and closed-ended questions

  • Brand consideration: thinking about contacting

  • Policy currently using

  • Others: preference for contacting, preferred channel, most important drivers to purchase, word of mouth, etc.

Disclaimer: The content presented here has been revised for confidentiality and proprietary reasons. As such, it may not reflect the actual content or details of the original work.

Output

  • R scripts that can be used in the future

  • Presentation slides (1 page takeaway & regular slides)