Prudential
Commercial
2024
Situation:
Prudential Financial is a Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers. Prudential was seeking an external partner to assist with better serving the Black customer segment, a segment it had traditionally underserved.
Our Role:
We worked closely with Prudential’s Black Consumer Initiative (BCI) business leadership team to develop the business strategy, metrics, and program parameters for its BCI initiative that was targeted to 3 pilot markets.
We led:
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Defined the market opportunity and size in each of the pilot markets. Identified within each pilot geography the viable market opportunity for Prudential to not only address the financial wellness concerns of the Black community but to also accelerate Black consumer customer acquisition over-time. Prudential traditionally focused its acquisition efforts on the Middle Market and Mass Affluent segments. Our effort was to help Prudential identify, define, and size the opportunity with Black Mass Market consumers to accelerate acquisition and growth across an expanded addressable market.
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Within the Black consumer segment, we crystalized who the target audiences are that Prudential should focus on by pilot markets. We refined, in terms that support scale, the defined target audiences for BCI and developed personas that can help internal and external stakeholders better understand the target consumer (e.g., demographics, psychographic profile, financial products owned and financial wellness needs, distribution and communication preferences etc.)
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We package the measurable success criteria and metrics KPIs for Prudential. We supported the BCI core team in defining key success metrics of what Prudential can expect through a measured outcome given the focused effort to enhance their business capabilities, build brand awareness, consideration, and acquisition over-time of the target audience given the market opportunity in each pilot market.
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We provided a high-level sequencing of recommended business strategies that Prudential should undertake to achieve the defined business target.
Results:
We developed a robust package of competitive analysis, strategic plan, target market segmentation, viable market opportunity, product recommendations, and marketing plan to support the company’s objective of penetrating the Black consumer demographic.
