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Transcript of geico
It may be hard to communicate and get to know the product (insurance policies) across so many segments
Insight: research/survey findings
What strategy would you use?
BAV from the web
Note: Strength = (Differentiation + Relevancy)/2
Note: Stature = (Esteem + Knowlleadge)/2
Who took the survey?
Female in its 31 and male in its 36
Highly Educated (College degree or above)
"Insurance policies are hard to understand"
Innovators: Change leaders and the most receptive of new ideas.
Experiences: Appreciate the unconventional.
No attribute base brand image stands out - Ad strategy not based on a unique selling proposition
The attributes that is less important for consumers is exactly the attribute from which GEICO is not recognized (face to face service)
Its strategy of eliminating the middle man and replacing it with new technologies is align with respondents personality (VALS)
Recognized by its “coverage levels”
Competitors are getting closer
How? Fear appeal
The worst score in the brand perceptual map
Comparative Ads - it is not appropriate; this strategy should be used for new brands or brands with small market share.
Action inducing: "call now today"
Founded in 1922, State Farm was the first in the market
It does not have a distinctive attribute
The fact that it was the first in the market gave it a remarkable advantage because consumers do not understand insurance policies and tend to be loyal to their insurer
Generic message: "get to a better state" State Farm.
Premptive: first to make a claim
Conative - Action Inducing
Target audiences by using different campaigns.
"Someone" to gain your attention
Same product different strategies
Companies engage their audience by using humor appeal; in general consumers resent to have insurance.
Companies with a broad audience still can target their product to different segments and rank high in differentiation.
Can you think of other product/ company?
Deodorant: Axe vs Dove
• BARY, A. (2009, November 08). No. 4 progressive closes in on auto-insurance leaders. Retrieved from http://online.wsj.com/news/articles/SB125763204384036233
• Carinsurancecompanies.net. (2010). Top 10 car insurance companies. Retrieved from http://www.infographicsarchive.com/miscellaneous/top-10-car-insurance-companies/
• GEICO. (n.d.). Geico's story from the beginning. Retrieved from http://www.geico.com/about/corporate/history-the-full-story/
• Peretti, L. (2008). Geico integrated marketing communications case study. Unpublished raw data, Retrieved from https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCwQFjAA&url=http://edoqs.com/download/79b35e3574e32cb96cf7fb1d699eff6e&ei=8GeCUvW8HdOtsQS9roEw&usg=AFQjCNHs05ui9STQPivFRezTYK77Jd1_w&sig2=OxiUiW34omyRvbAyu2dJBA&bvm=bv.56343320,bs.1,d.cWc
Rule#1: Identify with a Symbol
Rule#2: Visual/Visceral Impact
Rule#3 Engage people
Simple: "15 minutes cou save you 15% or more in care insurance"