Business Challenges and Campaign Objectives

State Farm offers a variety of products, but its financial services are often eclipsed by the brand’s more recognized insurance products. Even among State Farm policyholders, only 5 percent are aware of the financial services available to them.

Moreover, financial clients can switch service providers at a lower rate than insurance policyholders, creating customer retention challenges for State Farm’s financial planning business. Generating growth in this sector was thereby seen as an indicator of success for this campaign.

Unlike insurance products, where price drives purchase, the financial services category depends on one-to-one conversations. Another critical success measurement of the campaign was State Farm’s ability to create opportunities that encouraged open dialogues.

Insights and Strategy

To shift customer perception, State Farm knew that it needed to connect with African-American women in a pertinent way. It used the following insights to develop the Color Full Lives campaign, a culturally relevant celebration of the goals and aspirations of African-American women:

  • According to Nielsen’s Women of Tomorrow study, 52 percent of African-American women are the primary household decision-maker when it comes to family finances, compared to only 6 percent of men.
  • The ESSENCE Images study reveals that 87 percent of African-American women have a strong desire for culturally relevant content.
  • African-American women overindex on seeking out information about finances, and are listed as the fastest-growing segment of entrepreneurs.

Concept/Big Idea

State Farm developed the Color Full Lives campaign to celebrate the multifaceted lives of African-American women and their financial goals. The campaign was activated at the ESSENCE Festival, the largest female-focused live event in the country, and through the content published on Essence.com, which featured African-American women chasing their dreams and living their most Color Full Lives. Through a series of interactive experiences and custom content, State Farm helped African-American women identify their financial goals and provided them with real-time assistance to guide them down the path toward achieving these goals.

Key Tactics

Together, ESSENCE and State Farm were able to engage African-American women through authentic, relatable content that empowered them to reach their goals.

At ESSENCE Fest, State Farm invited prominent celebrities, such as actors Anthony Anderson and Issa Rae, to speak about their own financial challenges during three intimate panel discussions. Additionally, a Color Full activation challenged women to identify their financial goals and explore a color-themed interactive game based on their individual spending habits. Lastly, celebrity talent challenged three New Orleans women to a financial quiz, awarding each woman $1,000 to jump-start her dreams during the live ESSENCE Fest concerts at the Superdome.

Post-festival, Essence.com featured three videos with entrepreneur and influencer Angela Yee, offering guidance to women and tips on how to achieve goals via State Farm’s financial site, LetsStartToday.com. ESSENCE editors and a State Farm agent hosted Q&A sessions about entrepreneurship and planning for the future through Facebook Live sessions, customized articles, and e-blasts.

Results

State Farm adopted a new approach in its Color Full Lives campaign, focusing on reaching its financial goals by encouraging women to live their most Color Full Lives.

Campaign results included:

  • Over 150,000 consumers engaged at ESSENCE Fest, through State Farm’s activation footprint and main stage moments.
  • Content featured on Essence.com generated over 21 million social and digital impressions, doubling the benchmark.
  • ESSENCE editors reported that the videos created were some of the most viewed by any of their sponsor partners in 2017.
  • Among State Farm customers, less than 5 percent are currently aware that State Farm offers financial services products; however, customers who engaged in the on-site activation reported being 14 percent more likely to consider financial products versus those who did not participate.

Overall, the social sentiment of the campaign was extremely positive and State Farm exceeded its goals. It aims to build upon its 2017 success in the years to come.

 

 

Source

“State Farm Color Full Lives and ESSENCE.” 2018 REGGIE Awards Gold Winner, Multicultural/Lifestyle Segment Campaigns. Brand: State Farm. Lead Agency: The Marketing Arm.