In Andorra are living just 80.000 people (yes, it is a little country) and there are 12 insurance companies. A massive amount of competitors for just a small market, especially if we take into consideration that there’s public health cover for every resident. From a marketing perspective, the positive aspect was that we could find out which our competitors were. And excluding the banks, just a couple companies had set up a clear marketing strategy.
The name of the client was Multisegur Assegurances, an insurance company that had been established for 30 years. But this fact was far not enough to make decisions on a brand strategy, nor to decide its positioning in the market. So I carried on a benchmarking study.
I studied a few aspects of the products offered by every single insurance company with the help of a positioning map; from here I classified those between direct and indirect competitors with its opportunities and strengths in their communication actions. I analysed the impact of the media (clipping from advertisement to corporative contents), and the digital channels that each company had “active” (website and social media), and from here a deeper analytics of the communication of each group of competitors. With all this information, I elaborated a SWOT analysis for each company. Put all together, I discovered a full bunch of opportunities for which the brand could stand out. We made some conclusions: the need of communication adapted to new channels, like viral content and audio-visuals; making a "human transparency" exercise with the help of specific actions; developing the sports concept in a wider variety of activities; and the support in social issues with the backing of Corporate Social Responsibility.
From here we saw everything clearly: Multisegur loves their country and makes efforts to find the excellence in their sector.
All communication should go under the umbrella of its DNA:
The implication with the society “We pedal together in the same direction” the official TV spot related to the sponsorship of a the "Multisegur Volta als Ports" event (read more about Sponsorship Marketing here).
Products adapted to needs of the customers, with high transparency in their conditions and accessible language for them to understand.
The goals we set up for the for the upcoming year were:
Reinforcement of quality content: gaining awareness and presence on media with a pile of strategic actions.
Persistence in communicating the values of the Brand through sports values such as “team, collaboration, goals, commitment, and initiative”.
Express their human aspect through caring and loving the country by supporting Corporate Social Responsibility actions (read more about Sustainable Marketing here).
Getting their audience to know the real value of their products: adaptive and multi-risk.
Sharing content about a diverse range of topics related to the Brand and that Andorrans can be interested in (read more about Permission Marketing here).
Diversify the channels to reach new targets.
For each goal, we set up a calendar with several actions that answered to these aims.
When I started with the digital strategist role of at this company, we realised that we work right from the foundations. The global communication of its brand was disorganised – from the messaging to the design. And when I asked which was their positioning on the market regarding the high amount of competitors, they only knew their focus was Colombian students (and just because most of the employers where from this nationality). There was no other strategy that a couple of education agents going to play as DJ in the Colombian clubs of Brisbane city.
When I carried on the benchmarking study, I picked the most important competitors in Education and Migration. Once they were selected, I crossed factors such as the markets (ON / OFF shore; the countries); the value to the customers; and the online marketing (website, blog, content quality, social media, SEO). To be realistic, much of this work is manual, however I also like to use tools such as SEMRush.
Looking at the conclusions of the report, for me, the direction was clear: the need to open new markets – such as Europe and other South American countries that were growing in the number of students and migrants. Working on a clear Offshore strategy (as the company was too focused onshore due that they had offices on the Gold Coast and Brisbane). We could achieve this if we performed a different range of actions under a new and well-designed online strategy: content marketing (blog and SEO), social media marketing (improve the management of all the channels), a new website, SEM campaigns, newsletters (and segmentation of the audience)… And of course organising Onshore events with a strategic plan: promotion of the activities to attract potential clients, and creating stories as well as contents that would be useful and inspiring for them.
Also, we implemented the “Tip of the week” video-section and started doing Facebook live chats where the community could ask questions about Migration and Education.
But at the end, the direction given by the CEO was to focus mainly on the onshore markets – by organising events and the biannual Migration Seminars. The biggest mistake here was that we were organising the same kind of events in Brisbane and the Gold Coast, without accepting that the markets are completely different. The Gold Coast office was located far away from the area where students were hanging out, and have an interest in leisure related with outdoor activities and entertainment (students on the Gold Coast come for the lifestyle this city provides). Instead of approaching to their needs, the decision was to organise the same events in both towns (for entrepreneurs, engineers, tax workshops) - which not many attendees whatsoever. The markets were completely different! While Brisbane is a city with 2 million people composed of business like-minded people and university students, on the Gold Coast, with half million people, the students are keen to surf, party and organise front-beach barbecues with their friends. With students being able to work 20 hours/week in Australia, for them to spend AUD$10 to reach EMSA's office was not worth it. With money they could buy 2 beers instead… as simple as that!
It is crucial to understand the markets where you are operating before implementing any marketing strategy. It is worth spending time & money doing a benchmarking study that gives you THE DATA, so you can determine where you are trying to compete. Same as you won’t be doing the same actions in every digital channel, you also should not treat the different targets identically. Understanding your customer-base, the location where you operate and your competitors is KEY!
If you need some help in your next benchmarking study, get in touch! We offer a very personalised study with conclusions that will enable to activate a strategy for all your marketing actions (NO BULLSHIT!).