When should brands take risks?

When should brands take risks?

In many industries, there’s no discernible difference between the products on offer, so it is hard to build brand loyalty. So, how do you go about recruiting a new customer?

You need to be different and memorable. You need to be able to say something about your brand that makes the consumer go for you.

For example, in the world of insurance, let’s imagine the brand decision is between Hiscox or Admiral.

Hiscox’ ads are straightforward, whereas Admiral’s are cartoony and unbelievable, involving a bastardised version of a cartoon character.

Most people want to be associated with straightforward advice with no messing around.

So how do you ensure you’re chosen over the competition? You need to become famous.

Do something different…

Again, by doing something different to someone else. It’s all about the power of difference.

How do you build a halo of fame? That’s what will make people think of your brand.

Obviously, they only think about finding a new insurance provider when a contract is due for renewal. So, you need to be top of mind. You need to consistently bang your drum – all the time.

In January, we published our Pink Paper Insurance Insight which is a satirical take on the white paper, albeit with a serious message.

Our aim was to grab the insurance industry by the shoulders and shake them awake to the issues faced by their sector and how to fix them with advertising.

Humans are irrational beings. Trying to appeal to them purely through logic is like trying to paint the Sistine Chapel using a calculator.

Actually, do the opposite to everyone else

So how do you get noticed? Take risks. Do the opposite to everyone else. Get a reaction from people. Appeal to their human nature.

In a nutshell: you need to grab people by the tear-ducts, funny-bones and heartstrings to get noticed. You’ve got to find the thing that appeals to their heart, as well as their head.

Whether the issue in question is the coronavirus, floods in the UK, fires in France and Oz – all it takes is bad press about your brand being difficult or not paying out via someone saying, Oh those people don’t pay out’ for your reputation to be damaged.

In fact, 68% of customers already believe that insurance companies actively avoid paying out a claim where possible, even though 95% of claims are paid out. There’s enough kindling on the fire.

Clever brand leaders, such as Richard Branson and Steve Jobs,always knew the power of the brand: You don’t have to have the best product in the universe, but you can make people believe in something so they buy into a promise by buying your product. That way, they can brag to their peers about having bought your brand – their family, friends, partner all get to hear why they chose you.