The one and only John reporting in. I will be discussing the critical success factors for PYB, more specifically strength’s and threats.
1. Previously mentioned by Ben, Protect Your Bubble has strong marketing campaigns. Through this they have created a recognisable character and a name that would surface in day to day conversations that is insurance related. However, Gareth pointed out that PYB are not strong in their international sales, a big cause is the recession, with this being said, improvement to increase their international sales would be a big focus.
Therefore, a strategy for PYB could be to establish a marketing campaign that would appeal to consumers outside of the UK. As many people are still feeling the aftermath of the recession, a main focus of the campaign is offer discounts to new customers using their services. Also, if they can mirror the success they’ve had in the UK. They can establish a recognisable brand worldwide which may see them as a market leader in other types of insurances in the future.
2. A strength that has been discussed is that PYB are a very profitable company with their gadget insurance and that they are expanding with new services into different types of insurances. BUT! Comparison sites make it difficult for PYB to expand as they show reviews and prices of all companies which may harm reputation and make people go for the cheapest instead of the best.
A strategy for PYB could be to make their relationship marketing stronger. This means that instead of pushing for sales by possibly offering cheaper insurance to compete, they could make customers feel valued by using their services. This could be accomplished by offering deals on multiple services, emails to existing customers about their other services to intrigue them. Therefore, word of mouth would increase their reputation as a company that values their customers which would attract new customers.
Until next time…