Billions for your attention!
Charging Too Much??
The big guys in the personal lines insurance industry must be charging way too much for their product. Why else would they be able to spend BILLIONS, yes I said BILLIONS, of dollars kicking each other around the broadcast airwaves. Flo versus Mayhem vs Geckos, Cavemen and whatever else Warren Buffet's money can buy. Where is it going to stop? And when? According to Advertising Age, it doesn't look like the budgets on crazy spending are going to be cut anytime soon. And all for a product you don't understand, don't want to buy, and don't want to use once you've bought it. How does that make any sense?
Small Giant Leading the Way
The local way is "A Little Different"
Meanwhile, back in the Northwest, PEMCO Insurance, where I am the CMO, is standing in David's shoes looking up at all the Goliath's and he's holding a new and improved slingshot. There's no big war chest behind the nimble David, but he's surrounded himself with thousands and thousands of like-minded friends who don't mind giving him a boost now and then. They sing his praises.
Because David, er PEMCO, is. . . A lot like them. A little different.
Another trade publication, Insurance & Technology, came out this week with a feature story that talked about the new slingshot. They call it social media. I call it social engagement. I explained why in an interview for the story.
For me, it comes down to the noun and verb of it all. We know that nouns are people, places and things. Verbs, on the other hand, show action. Isn't it more important to be concerned about what you are doing (engagement is a verb) than to worry so much about the new tools that are available to do it (media is a noun)?
The way I look at it, while the big guys are fighting it out with the big broadcast budgets, the edge might very well go to the company that outflanks them with powerful, talk-worthy relationships.
I hope you'll take a look at both stories and let me know what you think. See the edge?
The Alternative - An Edge
