2018 Principal Business Challenge

Annie Fudenberg, Lauren Grossman, Brianna Meister, Kaley Noonan, Megan Prince, Jessie Stein

Funny video

Agenda

• Millennial background
• Smart speaker usage
• Our product concept
• Marketing campaigns

Millennials

Current Smart Speaker Use:

• 33% of respondents own an Alexa
• Current usage of Alexa:
• Music ~ 30.42%
• Weather ~ 20.00%
• Alarm Clock ~16.62%
• Setting Reminders ~ 11.83%

Survey Results about financial apps

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Rewards for app

Millennial Preferences and Principal Offerings

• The best way to incorporate Principal is a mobile app that is compatible with smart speakers
• This is a way to stay current with millennial usage trends and expand Principal offerings to new consumers
• Not all millennials would feel comfortable using Alexa for their finances, but many would consider it

The Product: Principal App with Alexa Capabilities

• Ability to:
• Basic budget-keeping for college-aged consumers
• Answer financial questions
• Send direct messages to assigned Principal advisor
• Offer video chat capabilities (in the future)
• Start basic with millenials to gain their attention and trust

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Encourage constant engagement with smart speaker:

Engagement

Loyalty

Increase Bottom Line

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• Reward System

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https://influitive.com/blog/customer-engagement-loyalty-revenue/

The Promotion

Who we will spread it to and why

1. College kids at career fairs
2. Investing in advertising on the Alexa skill website
3. New individuals enrolling through firms Principal works with

Promoting to College Students

Step 1

Step 2

Step 3

Attend college career fairs and include demo of Alexa skill

Offer college students a discount on Alexa upon signing up for Principal skill

Establish relationship with college students by getting your name into students’ evoked set

Example of Marketing Advertisement

Advertising on Alexa Skills

• Recently, Alexa has already began to partner with firms in an attempt to become a new financial hub
• Principal must act fast in order to have a spot among competitors
• Paying for advertising on Alexa’s skill page will pay off
• Bonus: reducing advertising to only Alexa page eliminates the waste of advertising to those who do not own Alexa speakers

Promoting to New Potential Customers

• Reconnecting with college students after graduation
• Translate from simple budget management to more complex financial products offered by Principal
• Reaching out of companies by offering promotions
• Offer discounts of mass orders of Alexas
• Offer free Alexas to people/companies who purchase a certain amount of Principal products
• Emphasis on using existing relationships to reach new customers

Conclusion

• Original question: Should Principal go into the financial industry on the Alexa speaker?
• Answer: There is an opportunity for Principal to expand its market reach and build stronger client relations by reaching out to potential customers at an earlier age by pairing their services with the Alexa speaker
• Attracting customers in college to help with basic financials such as budget keeping
• Reconnect with these people as they enter the workforce
• Continue to build relationships with large companies by promoting Alexa and Principal services