Allstate Market Research

Allstate an insurance company which has been around just as long as it’s competitors, such as State Farm, Nationwide, and Progressive. However; what separates these companies apart from each other is not only great customer service but how they meet the demands of their customers. According to an article written in Business Week magazine, Allstate began to see an erosion in their non-traditional market share (Helm, 2007).
Marketing Intelligence
` Allstate may have benefited earlier from the motorcycle boom, if their reaction time to this trend was more proactive than reactive. Allstate knew of the motorcycle trend, however; their reaction time to it was less than favorable. The media alone supplied Allstate the information they needed,
Allstate define the problem as an erosion in the market share. They realized they were not keeping up with non-traditional market sector such as motorcycle riders. Allstate’s marketing manager Lorraine Kern, stated the she first determine how Allstate compare in the market to their competitors, she then compile data using interviews with management, review all internal presentations and studies, and she interview external consulting firms that Allstate use for statistical data purposes. Once all of the data is put together, a decision is made to determine whether there’s a need in the market (Ruquet, 2011). Every successful business must utilize the marketing research process, which will determine if there is a need in the market for their business. Allstate uses a database that runs six days a week to survey and compile data in markets all over the United States. This is one of the ways they are able to determine which markets were good for
Allstate has a six week program that all agents must complete to become a part of the agency. The program consist of regional classroom training, agency monitoring, and ten days at the National Educational Center. Allstate has also partnered with the local city governments offering employees discounts on their policies. This was their way of penetrating the government market, which insurance companies such as Geico use to monopolize. The opinions of their current customers and future customers is extremely important the growth of the company. Allstate has an advisory board, which consist of agents from around the United States. These agents are the face of Allstate, they deal with customers on a daily basis and access the needs and demands of the customers. Allstate’s decision to form an advisory board consisting of agents who deal with customers on a daily basis was a crucial decision for Allstate. Speaking with the customers not only give the company a sense of what demands are needed in a particular market, it also gives the company an idea of what ethnic group a particular market consist of . This gives the company a sense of what type of financial products will be demanded in the market at