The paper “ The Media Campaign to be Undertaken for RACV Renters’ Insurance" is a thoughtful example of a case study on marketing. The Royal Automobile Club of Victoria offers various benefits to members. These comprise of among others, the RACV Show Your Card and Save program which offers discounts and special bargains at participating establishments as well as preferential rates for accommodations all through Australia. In the last year, the over 500,000 members of RACV managed to save $17million dollars through this scheme alone. The Years of Membership Benefits program attaches discounts to the color of membership card with a maximum of 20% on insurance as well as other packages.
There are also discounts to Cobram Resort, Cape Schanck Resort, Inverloch Resort, Noosa Resort and Queensland Royal Pines Resort for members. Within the RACV organization, there is a three-year initiative themed “ Membership in a Connected World” . This seeks to reinforce the club’ s commitment to put members first and acknowledge the desire for members to interact with the club in different ways. It involves developing various methods of communication including phone, online, physically or by slow mail.
This development will be propped up by the second phase of the web-based member relationship business systems. The support of the wider community of Victoria is a priority for RACV. Corporate Social Responsibility is more important than ever to the club, nearly doubling its contribution for the past year. Members are expectant of a high caliber of service when they get in touch with RACV. In these hard economic times when it’ s necessary to be careful with spending, it is fortunate that there are a lot of services to assist in the saving of money. Recommended StrategyThere are over half a million renters in Victoria without renters’ insurance.
There is a largely untapped market that may be waiting for just the right messages to get on board. One of the chief concerns of modern-day living is managing finances in a way that will enable the derivation of maximum savings. Should the marketing of renters’ insurance address this concern, it is possible to increase its popularity amongst this age group and others. If these savings can be demonstrated in a practical manner, then communicated to the general public in a way that they can get the message; this will result in growth in sales.
The target age group that is 25-39 is not as techno-savvy as the younger generation but they do utilize social media sites such as Facebook and Twitter as well as other e-communication vehicles like email, instant messaging services, and Google. Many occupations require constant internet usage and therefore it should be the principal vehicle for advertisement. Advertisements should focus on the financial benefits of renters’ insurance vis a vis, significant savings in the event of loss of property and other savings derived from utilizing the service.
Furthermore, the security of their deposits illustrated by the financial strength of RACV and its stability in these uncertain times is a huge selling point. RACV turned a profit of $63.5million last year. According to the Managing Director, the commission from insurance policies was $64.4million for the year, an increase of $5.9million from the previous year. The popularity of home, as well as car insurance, continues to grow, with 1.7 million policies currently active, representing a growth of 4.2%.