Businesses are constantly looking for new ways to reach their target market as technology improves and consumer trends change. State Farm is no different. Video ads at gas stations are one of the newest ways and attempts to reach consumers. Retention rates in the auto insurance industry are not the best, and I think State Farm's new digital marketing approach and partnership with 18,000 gas stations across the country will give them an edge. The early numbers certainly suggest that they will benefit from these new ads. In a recent survey, 48% of respondents recalled seeing State Farm's ads, and 69% said they would consider them the next time they shop their insurance.
These numbers are extremely positive. I wouldn't be surprised if their competition follows suit with gas station ads. If State Farm's initial ads are successful as I think they'll be, State Farm should be able to increase their reach, which will hopefully lead to more sales and hopefully an increase in their retention rates. That should prove to be a considerable advantage despite the competition being right on their heels.
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