Insurance marketing has migrated away from strictly selling through agents to marketing to the masses.
Marketing for any company is very important. If you are in a highly competitive field like insurance it is not only important, it is vital. There are so many insurance companies out there for people to choose from that if a company is not participating in insurance marketing, they will not survive.
For an insurance company to survive they have to constantly change the way they market themselves to get their name out there in front of you. Not only that, but they also have to get you to remember their name.
The Basic Premise
The base premise of insurance marketing now is to get your name out there into the public. If people don’t know who you are, they aren’t going to try and get a quote from you. No quotes mean no business.
Some insurance companies still rely heavily on independent insurance agents to sell their insurance as their only means of marketing. These are usually small insurance companies whose sales will remain small if they continue to do this.
The insurance companies that have made their way to the Fortune 500 list with their company size and revenue are the ones that are actively advertising their presence as an insurance company. They are engaged in effective advertising campaigns so that you will remember them. They are also putting their names on sports complexes, race cars and sponsoring high profile events to get their name out there.
Mascots for teams and other companies have been around for a very long time. They are the symbol that sticks in the heads of people (anyone remember “Avoid the Noid” from Domino’s Pizza?) to get them to remember a company.
They also create a figure that people have an easier time psychologically supporting. Just ask yourself if you see the Walt Disney Company as a huge international corporation or the makers of Mickey Mouse?
We can rally behind the company with passion and smiles when we think of Mickey and all of the other characters. But, when you start to think that it is just a huge company with the goal of separating us from our money, the good feelings start to go away.
In the field of insurance the GEICO Gecko, Flo from Progressive and Mayhem from Allstate are the top three recognized mascots in the insurance industry right now. These are figures that help people remember the insurance companies they represent.
How many of you would have been able to remember GEICO without that gecko with the accent?
Insurance agents used to be the primary insurance marketing avenue that companies took. The agents were located in local markets and it was their job to sell, sell, sell.
Today, agents still sell insurance and are a good portion of insurance marketing, but they are no longer the only source. The internet made a huge change to the way that insurance is marketed as people can now go online, get a quote and purchase their policy right from their home.
Now companies are finding themselves having to step up their own advertising to get their name out there in front of the people that are getting their own insurance without an agent.
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