New services to attract new users
I am in the process or writing my 5th book, "Grow the Core". Sucker for punishment. This one is a bit easier to write though, as it will be a shorter eBook, as part of a new digital business insight website called "Shoulders of Giants".
As the name of the book suggests, this one is all about how to grow your business by selling more of what made you famous, rather than trying to stretch into new markets. And as I was looking for good cases of core brand growth, I was reminded of More>Than’s Drivetime insurance product.
Drivetime is a great example of launching a new ‘version’ of the core product, in this case insurance, to target a specific user group. Its a welcome and worthy bit of innovation in a market that has tended to be price-driven.
Drivetime offers drivers aged 18-25 a 40% discount if they agree not to drive between 11pm and 6am. This time-slot is when most accidents involving young drivers happen. The driving is tracked using a GPS system that is fitted for free. Clever, eh? More>Than can offer cheaper insurance, because they know there will be less claims to pay out on. Young drivers get cheaper insurance. And society as a whole benefits from fewer accidents.
So, a good example of identifying a consumer group, understanding their needs, and then how to create and market a product for them that make money for you.