What Is Geico's Brand Equity?
In the mid-1930s, Lillian and Leo Goodwin were self-confident that they could create a successful auto insurance company advertising directly to carefully targeted consumer groups. In Texas Leo Goodwin created a business plan and in 1936 he founded GEICO (Government Employees Insurance Company) company. Many people did not know that GEICO was originally targeted to enlisted military, and federal employees. In a year GEICO had hired 12 employees and written 3,700 policies. In 1948, Lorimer Davidson a friend of the Goodwins and financier, joined GEICO to assist them with finding new stockholders. Business professor Benjamin Graham at Columbia University in New York was amongst the new stockholders. Intrigued by the business, Warren Buffett …show more content…
Resources can contain perceived quality, brand responsiveness, brand fidelity, intellectual property, and brand associations. GEICO’s specific attributes used to establish brand equity is by offering homeowners, renters, boat and other types of insurance coverage to their customers. GEICO has very competitive rates and makes it easy to get a quote over the phone, through their mobile application, or online. GEICO offers discounts for policyholders who purchase Multiple policies and provides a premium reduction through its vehicle …show more content…
Many consumers have the perception that shopping for auto insurance is difficult and takes extremely too long. GEICO creates the desire for consumers’ decisions to purchase by offering the ease of buying and ongoing use, reliable quality, stress-free encounters, and convenience. The goal skews younger consumers who are comfortable and computer-savvy with the way technology can make their lives easier; thus, they are likely to receive the straightforward approach to car insurance.
GEICO uses competitive marketing that talks about its qualities of the brand on how easy it is to submit a claim, how much consumers can save, and how fast it is to get a quote. This testimonial itself builds desire. In today’s economy everyone is looking to save money especially on auto insurance. Customers also desire a variety of coverage selections to fit their different needs and GEICO provides several selections to customers that need to modify their policy to satisfy their insurance
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