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How Media Works: Advertising and the Purchase Funnel For Auto and Life Insurance

How Media Works: Advertising and the Purchase Funnel For Auto and Life Insurance. A Yankelovich Study for the Television Bureau of Advertising. Study Objectives.

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How Media Works: Advertising and the Purchase Funnel For Auto and Life Insurance

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  1. How Media Works:Advertising and the Purchase FunnelFor Auto and Life Insurance A Yankelovich Study for the Television Bureau of Advertising

  2. Study Objectives Determine the role that TV plays as part of a multi-platform environment for advertising. More specifically, the goals of the research were to understand: • The role of television advertising in driving consumer actions throughout the purchase decision process • How television interacts with other media platforms, including new media such as the Internet • How purchase decisions are made as a result of this interaction, including the role of different media platforms in the purchase cycle Source: TVB/Yankelovich “How Media Works,” April 2009

  3. Methodology • Survey results were obtained via online interviews among 3,002 consumers who had seen a television ad in the past 2 months that made an impression on them. • Interviews took place January 29 to February 10, 2009; Super Bowl Sunday was excluded. • Respondents were first asked in which categories they have seen a television ad in the past two months that made an impression on them. • Each respondent then completed an ad survey for up to three of these categories. • The survey measured the overall impression of each ad, actions taken after seeing the ad, and whether ads for the same product or service were encountered in other media, etc. • The respondents were asked questions on which media most increased awareness and interest, or prompted action across the range of categories studied. Source: TVB/Yankelovich “How Media Works,” April 2009

  4. One Quarter of Respondents are In the Market “Are you currently considering a purchase in the Automobile or Life Insurance Category?” (Asked of those who recalled seeing a TV ad for Automobile or Life Insurance in the last 2 months) Source: TVB/Yankelovich “How Media Works,” April 2009

  5. Customer Profile: Auto and Life Insurance Advertising Source: TVB/Yankelovich “How Media Works,” April 2009

  6. Over 40% of All Respondents Have Seen an Auto or Life Insurance Ad That Got Their Attention Saw an ad that got your attention: Source: TVB/Yankelovich “How Media Works,” April 2009

  7. Half of Consumers Who Saw TV Ads for Auto or Life Insurance Made a Related Purchase in the Past Year Last time made a auto or Life Insurance transaction: 49% of those who recently saw a TV ad for auto/life insurance have made a purchase in the past year Source: TVB/Yankelovich “How Media Works,” April 2009

  8. Advertisements For Auto or Life Insurance Largely Make a Positive Impression Type of impression made by TV ad for auto/life insurance: Source: TVB/Yankelovich “How Media Works,” April 2009

  9. Total Auto/Life Insurance Over Half of Respondents Find Auto or Life Insurance Ads to be Attention-Getting Ratings of Auto/Life Insurance Television Ads: How much did it get your attention? How relevant was it? How informative was it? 42% total 34% Insurance 53% total 47% Insurance 54% total 56% Insurance Source: TVB/Yankelovich “How Media Works,” April 2009

  10. After Viewing TV Ads for Insurance, Respondents Are Likely to Research and Discuss Ad Information, and Consider Purchase Source: TVB/Yankelovich “How Media Works,” April 2009

  11. Respondents More Likely to Recall Auto and Life Insurance Ads on Radio Source: TVB/Yankelovich “How Media Works,” April 2009

  12. Auto/Life InsuranceAdvertising Impact at Various Stages ofthe Consumer Purchase Funnel Awareness Interest Consider Want to Visit Make Purchase Purchase Store/Website Purchase Source: TVB/Yankelovich “How Media Works,” April 2009

  13. Auto/Life Insurance Media Impact at Various Stages of the Consumer Purchase Funnel Media cited by less than 3% of respondents were incorporated into the total for “other.” Source: TVB/Yankelovich “How Media Works,” April 2009

  14. Conclusions • Insurance is a need-driven category; 25% of consumers are in the market at any given time. • Television ads are more likely than the average commercial to be recalled by consumers. • It appears that more people are conducting life and auto insurance transactions than claim to be in the market. • This creates a strong marketing opportunity. Marketers can reach people at the Awareness phase of the purchase funnel to capture customers as the need for a category purchase arises. • At 46%, television advertising is the primary category driver in the Awareness stage of the purchase funnel. Source: TVB/Yankelovich “How Media Works,” April 2009

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