What does a Gecko have to do with Insurance?, is ready.

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What does a Gecko have to do with Insurance?

In many instances, in the absence of a physical product, consumers look to the physical evidence or tangible clues that surround the service to assist them in making service evaluations. Tangible clues may include such evidence as the quality of furniture in a lawyer’s office, the appearance of the personnel in a bank, and the architectural design for a renovated College of Business.

As evidence, tangible clues are also often used in services advertising. Returning to the insurance example, the major challenge of an insurance firm is to communicate to consumers in a 30-second television commercial what the specific firm has to offer and how the firm is different from every other insurance firm under the customer’s consideration. One strategy embraced by many service firms is to use some form of tangible clues in advertising. Prudential uses “The Rock” and promises “rock-solid protection.” Allstate shows us “helping hands” or the character named “Mayhem” and promises that “You’re in good hands with Allstate.” The list goes on and on—Merrill Lynch has “the bull,” Nationwide promotes “blanket-wide protection,” Kemper has “the cavalry,” Travelers Insurance utilizes “the umbrella,” Geico has the “gecko,” Aflac has the “duck,” and Transamerica promotes the shape of its office building as “the power of the pyramid.” The lesson that all these companies have learned over time is that the services they sell are abstract to the consumer and therefore difficult for the average consumer to understand. The answer to this challenge was to provide tangible clues that were easily understood by the public and directly related to the bundle of benefits the services provided. For example, State Farm’s credo of “Like a good neighbor, State Farm is there” reinforces the firm’s practice of assigning a specific agent to each of its clients which in turn effectively differentiates State Farm from its online competitors.

Source:

http://www.youtube.com/watch?v=b6Ijyg42ssg accessed 4 February 2015.

Do you think that the strategies that these companies have taken to create brand awareness and tangible clues has been effective? Comment on what has surprised you about you in this exercise.


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