Tuesday, July 31, 2012
Will Insurance Advertising Get More Serious?
According to USA Today, we might start seeing less slapstick comedy in insurance commercials, but more serious calls to emotion. Several major carriers keep losing market share, despite heavy spending on advertising. This may cause a shift in emphasis from funny to more serious, emotional appeals.
http://www.usatoday.com/money/industries/insurance/story/2012-07-26/insurers-funny-ads/56489910/1
It's hard to believe Geico, Progressive, State Farm and Allstate all spend more on advertising than consumer-product companies like Coca-Cola, Budweiser and Home Depot. Yet, while they increase expenditures on advertising, some of the major carriers are actually seeing a decrease in market share! Nationwide has increased advertising expenses by 60% since 2007, but has lost 9% market share over the last 2 years. Allstate has lost market share for 5 straight years.
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