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Marketing
Analysis

Market Segment

Our target market is lower to middle income individuals. We also intend targeting group schemes especially mining and farming communities.

Competition

Our competitors are some of the big well known funeral undertakers in the Northwest and other provinces.. With the new owners, Martins- Thusanang Funeral Parlour, now known as BTRT has introduce new innovative products to increase its market share. One of its new such product is called Ongeza Life cover. This product offered in partnership with Ongeza Life (PTY) LTD an authorized Financial Services Provider. The product is underwritten by GaurdRisk. This policy has the following features:

The company services people from the surrounding townships and villages. People living in rural areas face a set of factors that pose major challenges to development. The spatial dispersion of rural populations often increases the cost and difficulty of providing rural goods and services effectively. The specific economic conditions in rural areas result in fewer opportunities than in nonrural locations. Consequently, the tax base is limited, so rural areas are rarely able to mobilize sufficient resources to finance their own development programmes, leaving them dependent on transfers from the government. Factor markets in rural areas often operate imperfectly, rendering the search for efficient outcomes an extremely challenging one. Furthermore, rural areas are often politically marginalized, leaving little opportunity for the rural poor to influence government policies. The only strategic way of improving rural areas is to implement an integrated rural development strategy through other services like funeral parlours, manufacturing to create labour intensive employment.

You Pay once-off premium- No monthly premium.
It doesn’t lapse.
No debit orders- You can top up whenever you want to.
No medical tests
6 Months waiting period for death due to natural causes.
No waiting period for accidental death

Life Cover flyer

SWOT ANALYSIS

sTRENGTHS

Our strengths lie on our experienced and competent people. We employ people from the local community and train them to run the business. The team will be increased by employing funeral insurance agents to increase sales and to generate commission revenue. An incentive scheme will be established for staff to encourage sense of belonging. The funeral insurance products are in demand especially during the Covid-19 pandemic and this is likely going to be more in demand as the population grows.

WEAKNESESS

As a rural based company, our biggest weakness is inability to attract or access funding for projects. We also don’t have collateral deposit to attract funding by banks for expansion projects. Lack of access to water, information and proper roads prohibit access to clients and market. We also are unable to sell our products to big companies and government projects due to lack of capacity and strong balance sheet.

OPPORTUNITIES

The opportunities that are created by the enthusiasm of rural people, their willingness to work, their keenness to learn, and their wish to be integrated into the mainstream economy must be unlocked. Rural people have shown a historic willingness to organize around development opportunities. We have a historic opportunity to reverse rural stagnation, to tie together the links between rural towns and their hinterlands and support rural entrepreneurship. We are better positioned to get support from government, local municipality, Mines and private funding entities because we will be partnering to improve the livelihood of people living in the rural poor communities. Given our experience in the funeral services space, the company has huge growth potential. There are townships and villages in all 3 towns where the business is operating. Employing more sales agents will not only increase revenue but also create employment opportunities.

tHREATS

Lack of funding for rural projects and support from municipalities and government is likely to inhibit the success of the business. We are dependent on professional and financial support by external parties to survive. Funeral industry is highly contested and big companies are a threat to smaller funeral parlours. Insurance companies sell similar funeral policies and compete directly with smaller operators.

MarketingAnalysis