Geico’s Marketing Strategy

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Geico’s Marketing Strategy

Over the last several years, Geico seems to have secured its place as an insurance juggernaut with its massive campaigns and a focus on strategic target markets. This has not happened by accident as they have focused on their positioning within their target segments and on their brand management. As a result, they have climbed up the ranks in the industry and have become a nationally recognized brand. Their recent success can be attributed to their big investments in advertising as opposed to other expenditures. The thought is that by keeping costs down, Geico can then offer lower prices, which is the foundation of their massive advertising.

Unlike other insurance companies, Geico has long been known for running four or five different campaigns at once. The look and style of their ads vary, but the core concepts are repeated from one campaign to another. They’re funny, clever and peculiar so that you don’t know what to expect next. More importantly, they make you think about car insurance and whether or not you need to buy it. The idea behind the multiple campaigns is to get the consumers attention by breaking through the proverbial clutter and avoiding the risk of losing customer interest. Insurance isn’t a product that people usually take too much consideration before buying, but Geico is well aware of that. Their goal is to create engagement which makes the consumer actually think about and consider the product. Most people don’t know that they are going to need insurance, so when that realization hits, they usually research the two or three companies they are aware of and would consider. Geico is more often than not in this evoked state for consumers. It is important to be top of mind in this industry or any industry for that matter as there are multiple competitors aiming for the same goals. This is why Geico will never stop reminding you that “15 minutes can save you 15 percent or more on car insurance.” It pays to the first brand they think of, and Geico is an example of an insurance company that has plenty of money to spend on that privilege. Don’t expect to see their out of the box commercials to go away anytime soon.

(Side note): Here are a two of my favorite Geico commercials. I can’t help but laugh every time.

 

 

 

 


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