The best piece of advice I have to share is - be well insured. Once you have dealt with an apartment flood and cancer in the family it's a no brainer.
But, how do you convince someone to think about insurance before these things happen to them?
Not surprisingly, younger people tend not to be well insured. According to Farmer's Insurance Millennials, ages 24-39 have low awareness and familiarity with insurance brands.
To appeal to them, Farmer's believes they need to provide relevant and entertaining scenarios. Their research also shows that "offering a group of perks is especially appealing." (Gazdik, 2020)
As a result of this input they developed a new campaign which is running across a variety of media. Here is one of the videos in the series...
https://www.youtube.com/watch?v=USpO6xaCS8Y
So what do you think? Will this campaign be successful? Have they achieved their goal of providing a relevant and entertaining scenario? Would you notice this video if it came up in your feed? Would you remember who placed it?
What do you think of the idea of "a group of perks?" Does this appeal to you? Is the video executing it properly? Does this qualify as a perk? Or did you have something else in mind? If so, what?
Gazdik, T. (2020, September 14) Farmers Insurance Targets Millennials. mediapost.com. Retrieved September 15, 2020, from https://www.mediapost.com/publications/article/355693/farmers-insurance-targets-millennials.html?utm_source=newsletter&utm_medium=email&utm_content=headline&utm_campaign=119784&hashid=ybq2buULrntyGS6NfbELk0afrrI
6 comments:
I think this campaign is only partially successful. It is successful in terms of providing a relevant and entertaining scenario, attracting attention, and emphasizing the Farmers’ brand. However, I think this campaign is not successful in making its target audience — younger people realize the severity of the unexpected accidents in their lives. They cannot understand what these accidents would cost them, like how much money would the car accident in the campaign cost them to fix the car. When they are not aware of the severity, they tend to ignore the necessity of being well insured themselves.
To me, the idea of “a group of perks” does not really appeal to me because I think they are only the promotional stunts from the company. I would rather prefer something more realistic like the actual price discounts. However, I think this campaign is executing the idea properly in the dialogues. But I don’t think the “accident forgiveness” is qualified as a perk because this is the reason why people buy insurances — to cover the costs of these unexpected accidents. I think this campaign needs to state more clearly about “a whole lot of something” in its dialogue in order to be qualified as a perk to the audiences.
Wendi Su
It’s not surprising that the young generations tend not to be well insured. They haven’t experienced a lot with their lives or we can say they haven’t experienced an “accident”. It’s hard for them to imagine how serious it could be. The price is also a problem for some groups. It’s necessary to raise their awareness and understand the importance of insurance because it will be too late once the accident really happens. This campaign is successful in some ways. It used a smashed car to show the serious consequences when the accident happened. This ad is really straight-forward and I think it’s efficient for young people to accept it. It would be a pain on the neck to deal with an accident but the old man says the insurance company can cover everything for you. This is a good point as well since the convenience matters to us.
Zhengbiao Ji
I agree with the company’s argument that young people mostly lack enough knowledge about insurance and very few have an insurance cover. Judging from my research on Census Factfinder very few people under 25 years have an insurance cover. This position could be caused by the fact that they lack enough information, they look upon their family and friends when found in any crisis, and also the fact that most of them just began making good money and so they are yet to decide the right places to invest.
Judging from the comments section of their video on YouTube the video might have raised more awareness of the existence of the brand but not too much about the need for insurance. Most of the comments were people asking who the girl in the video was, which was a positive thing because it shows that the video had magnetic content. But it would have been more productive if people at least engaged also on the idea of insurance or more about the company. I feel like people only took away the appearance of the actors and not the relevance of insurance.
But in my opinion, they have done well in adding a different fresh perspective about offering perks. It is a good idea considering that insurance is mostly related to negative calamities. This negative connotation is something that could have led the young people not buying insurance because with millennials they have the slogan “YOLO” among others. They want to know that what they are committing to is only coming in to bring them more joy and happiness.
Xiaoyu Zheng
I do not think this advert will be successful. The reason is that it does not precisely communicate its desired message to the target audience. It’s obvious their target audience is youth, and preferably with vehicles. However, it presents a short scene with barely enough words to make the target audience understand what the actual message is. The news would likely be done before the audience got to it meaning they would have to rewind and even so if the video intends to tell young people to ensure their vehicles in case of accidents, it has done a poor job. Do I think they achieved their goal to provide a relevant entertainment scenario? Yes. The video is entertaining and very catchy. The way the two are conversing is impressive, and seeing the car parts come apart attracts attention. However, if this video came up in my feed, the first and maybe the only thing I would notice is the wrecked vehicle. I would not remember who placed.
A group of perks may very well be beneficial to some people, but then again I think they are merely a way of companies, insurance or otherwise to attract more customers. So to say, this idea does not appeal to me. I would say, however, that this video executes the vision of perks properly, especially when they bring in the phrase ‘accident forgiveness’. It may qualify as a perk, but it does not make sense to say that accidents will be forgiven if you need to sell insurance. Why then would youth need insurance?
I personally think the campaign would be successful because their representation of targeting millennials aged 24-39 was clear and informative. However, often times young generations or millennials are less aware of different insurance policy’s and as a result they tend to accept any policies that comes up online. And, those policies are not as effective as they look like, therefore, once someone gets into an accident end up paying everything out of pocket. Hence, the insurance company did a great job putting the message out there saying, “nothing happened” as a person was with them for 3years with 0 claims which will help them getting more people from that targeted aged group.
I must admit the title of the article “Farmers Insurance Targets Millennials” used as a reference for this blog post made me think: “Why Millennials?”. It allowed me to use my newly found skill of finding research that would contradict this statement and make it untrue. However, in an article titled “Which Generation Has the Worst Drivers?” written by Jim Gorzelany, he explains that “newly minted licenses and those within retirement age” are often the topic of conversation when it comes to this question of who the worst driver is, but this isn’t true (Gorzelany, 2020).
Millennials in their 30’s tend to have more incidences than those in other generation classifiers. After learning this, I find that it is imperative to have insurance to protect yourself. While I, as a millennial, might be a careful driver I would want the best insurance possible to protect myself from someone who might not be so careful. Insurance ranging from all levels should be considered. I’ve always had health insurance, and when I drove it was important for me to have the best insurance.
Concerning this announcement, as it relates to Farmers Insurance’s perks, it brings about concern but also is very memorable. It makes me think; Do millennials have true accountability for their actions? The “Policy Perks” program seems to sweep the damage of this vehicle under the rug and forgives the accident after 3 years of not filing a claim. If I found myself in this situation, I’m sure I would want to maximize on the “Policy Perks” of accident forgiveness. But what if these statements are unquestionably true that millennials are likely to have a “moving violation, or at fault accident, highest in receiving speeding tickets, and driving under the influence” (Gorzelany, 2020)?
It seems like this target market of millennials might have more than one incident within the 3-year mark.
While, I find that the Policy Perk would be appealing, and that Farmers Insurance would captivate the attention of millennials, I would hope to never use it. That said, it doesn’t seem like too much of a perk for me. It’s a bit daunting to know that 3 years would have to go by before I am forgiven for an accident as though it never happened. I’m sure some contingencies happen along the way, but I would choose to be safe, and not spread a message of forgiveness for folks with a lower awareness for insurance such as millennials (Gazdik, 2020).
Jonathan Antoshka
References:
Gorzelany, Jim. “Which Generation Has The Worst Drivers?” Forbes, Forbes Magazine, 28 Jan. 2020, www.forbes.com/sites/jimgorzelany/2020/01/28/which-generation-has-the-worst-drivers/.
Gazdik, Tanya. “Farmers Insurance Targets Millennials.” 09/14/2020, 13 Sept. 2020, www.mediapost.com/publications/article/355693/farmers-insurance-targets-millennials.html?utm_source=newsletter.
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