Enterprising Developments

Branding is Passe, Here's What's More Important

Joe McKendrick
Insurance Experts' Forum, June 4, 2010

Doc Searles, a well-regarded sage of the digital realm, recently posted an interesting analysis of the death of “branding” as we know it; lessons that could help the insurance industry as it moves headlong into the digital age.

Branding, of course, has been a bedrock strategy for the industry for decades, from Prudential's Rock of Gibraltar to GEICO's chirpy little gecko. Would you have thought a little lizard with a British accent (or is it Australian?) could be employed so well to convince people to buy car insurance? But I digress.

Searles says branding—at least as we've come to know it—is a dinosaur (much larger than a gecko, incidentally). “Brands are boring, brands are bull,” he says.

So, then, what is more relevant than branding to reach markets with a message? A well-earned reputation, Searles says. And a good reputation will prevail over bad branding than the reverse, he points out. Consider Toyota's pedal travails—they're staying in the game thanks to their still-stellar reputation for good cars, despite their lousy branding over the years.

With the rise of the Internet and social networking, the consumer is calling the shots, and a company needs to show that it is responsive and socially responsible. Searles points out that the Internet favors reality over bull, and branding needs to take a back seat.

To advance in the 20-teens, insurance companies need to get out and engage with customers through these new channels. They can no longer afford to sit back and rely on the power of their branding.

Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.

Readers are encouraged to respond to Joe using the “Add Your Comments” box below. He can also be reached at joe@mckendrickresearch.com.

This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.

The opinions of bloggers on www.insurancenetworking.com do not necessarily reflect those of Insurance Networking News.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

Is the Long March to IFRS Convergence Over?

Once a given, the adoption of a single set of accounting standards for the insurance industry is on hold.

So You Plan to Buy a Core System … Now What?

There are many questions for carriers to consider even before the implementation process begins.

What It Takes to Have a Tech-Savvy Workplace

The tools and technologies to build the next workplace are available, but not common yet in corporate settings.

Avoiding the Bermuda Triangle of Data

Handled poorly, questions around data ownership, data quality and data security can sidetrack big data conversations and alienate business stakeholders.

A Prototype of the Successful Innovation Leader

Celent research reveals the prototype for the successful senior innovation leader.

Global Supply Chain, Local Problem

As a technology provider, your client’s ability to deliver products and services to their customers, when and where they need them, is at the heart of their business success.