Product – StateFarm
Price – This promotion does not a specific price, but is advertising that StateFarm has significant discounts.
Place – I passed this billboard on hwy 55 in Plymouth, MN on Sunday afternoon March 10th. I have seen this billboard probably 3 other times around the Twin Cities, but have not grabbed my camera quick enough.
Promotion – This promotion ia a bright red billboard on the side of the road that in white letters says,” oozing with discounts” in a large text with an underlying phrase, “up to 40%” in smaller text. All of this text is positioned to the right of a cheeseburger that has cheese drooling down the side.
Industry – Insurance. Auto. Home. Medical.
Describe the Target Market:
StateFarm is a national company that provides insurance and financial services (1). They have had to make significant marketing efforts to compete in the highly concentrated insurance market. The primary differentiator from business to business in the insurance industry is the price. This promotion is specifically targeting individuals who want a good deal on their insurance. Since everyone is required to have auto insurance, all insurance agencies are trying to provide the most for the least price. This explains why StateFarm is using this approach.
Does it work?
No. Every time I have seen this billboard I think about what a bad idea it was. The cheeseburger picture seems out of placed, far reached, and doesn’t help display the quality and heritage of the company.
Works cited: http://en.wikipedia.org/wiki/State_Farm_Insurance (1)