In our previous article, we learned in-depth about the SWOT analysis of GEICO. In this article, we are going to do a detailed study on the marketing strategy of GEICO – the United States’ fastest-growing insurance company.
The GEICO company was started in 1936 as United States’ first digital insurer to the fastest growing insurance company.
Marketing strategy is an overall game plan for achieving the marketing objectives of the organisation, where digital marketing connects businesses with ideal customers online making it easy and effective. If you are very much interested in new-age digital marketing, then you should definitely check out IIDE’s Free MasterClass on Digital Marketing 101 by our CEO and Founder, Karan Shah
GEICO, the country’s first fully digital insurance provider is highlighting its presence in many ways. Before we do an in-depth analysis of the Marketing Strategy of GEICO, let us kick start by learning the company’s background, competitors, and digital presence.
(The People Behind The Success Of GEICO)
GEICO stands for government employees insurance company which is an American fastest-growing auto insurance company. Earlier the company was only dealing with auto insurance but now it has also started offering extended services to all-terrain vehicles, motorcycles, boats, insurance etc.
It truly believes in “Real service, real savings”. GEICO was established in 1936 by Leo and Lillian Goodwin. GEICO is built on ingenuity, perseverance, innovation, resilience, and hard and honest work.
|Area Served||United States|
|Market Share/ Revenue||$35.093 billion USD (2020)|
|Vision||To provide affordable and dependable direct auto insurance to drivers across the United States.|
|Tagline||“Fifteen minutes could save you 15% or more on car insurance”|
Marketing Strategy of GEICO
Segmentation, Targeting, and Positioning
Marketing is the process of breaking your target market into approachable groups. This segmentation is based on key markets which the company wants to target, the main target audience of GEICO was certain cities that were economically well developed.
In targeting the main aim is to select the most attractive segments to focus your marketing on. GEICO companies’ main aim or target was to reach more people within the segment which we have mentioned before which is Economically developed cities.
It is the act of designing a company’s product or image in a distinctive way such that it influences the mind of the target audience as well as the target market. Some of the key images that GEICO has created in the market stay different from other sources.
GEICO in terms of marketing campaigns never fails to impress the audience and its customers. They frequently do many commercial advertisements and post the same on their Youtube channel.
They have published a series of numerous commercials that showcase – 15 minutes could have saved you 15% more – a GEICO promotional message for individuals to buy insurance services from GEICO.
The ad content is humorous and funny, you’ll enjoy watching and it will surely make you laugh.
The video above has got more than 575,000+ views and GEICO marketing campaigns are ones that consumers can recall. Since 1999, GEICO has been active in giving great hit commercials that help GEICO re-engage consumers and drive traffic to its website—all with recycled material that still works.
Social Media Marketing
GEICO is active on Social Media platforms like Facebook, Instagram, Twitter, and LinkedIn. It has got its maximum number of followers on Facebook than on Instagram & LinkedIn and the least on Twitter.
- No. of followers – 601k+
- No. of followers – 46k+
- No.of followers – 125k+
- No.of followers – 69.7k+
The posts posted on Instagram and Facebook are similar in that are related to promotional, commercial videos, blog promotional posts, festive wishes etc and more.
On LinkedIn the story is different, the posts are related to the internal workforce that works at GEICO, their achievements, their viewpoints on careers at GEICO etc. As LinkedIn is more of a professional and job-based platform.
SEO is an organic process through which we get our website to rank higher up on any search engine for higher visibility. In today’s day and age, it is very essential to stay visible on the search engine because that is where most of the buying and selling happens. Let us first understand the metrics with which we measure the success or failure of the SEO strategy of a firm. The number of organic keywords – below 500 is bad, above 1000 is good, 10,000+ is amazing. The number of organic keywords here is 634,000+ therefore we can say that the SEO strategy of GEICO is really amazing.
The process of identifying, engaging, and supporting individuals who initiate conversations with a brand’s customers is known as influencer marketing. It is a growing trend used in public relations campaigns. In recent years, this strategy has become increasingly focused on social media, allowing brands to market through social media influencers. Influencer marketing will also be a big trend in 2022 and beyond.
Influencer marketing, which mixes brands and influencers working together, maybe a strong strategy that may help businesses develop. It is a marketing approach that’s been employed successfully by thousands of organisations and brands for over a decade and is still growing.
The first GEICO celebrity advertisements, which paired well-known figures like Little Richard, Charo, and Joan Rivers with actual GEICO customers, debuted in July 2006. In these commercials, the client would summarise their experience working with Geico, and the celebrity would add their unique perspective.
As we know GEICO is a company that provides insurance services, so all of the services can be provided at home or by visiting their centre. Through their website one can request a quote for the particular insurance they are seeking and then GEICO will directly connect you with one of their executives for further communication.
Users can find all the details and benefits included in different insurance products & packages from GEICO’s website.
GEICO has a mobile application called ‘GEICO mobile – car insurance’, available both in the Play Store as well as App Store. It can be downloaded free of cost and it is highly effective and user-friendly. More than 1cr+ people have downloaded the application which is an excellent number. The best aspect is that the team from GEICO reaches out to people facing any type of query as mentioned in the comments section and they don’t shy away from negative comments or feedback. This is an excellent sign that the company is open to criticism.
Content Marketing Strategies
GEICO is really active in posting content on social media sites like Facebook, Instagram, and Twitter about their upcoming services, deals that are going on, information including tips and guidance and also some awareness messages. GEICO is an 85+ years old company and as time evolved the company also changes itself accordingly in terms of content marketing strategies to the delivery of that content.
On GEICO’s website, you can explore various articles talking about driving and safety tips, how to save money, and protect your home and something about GEICO’s commercials. Their content is also highlighted in various journals, magazines and newspapers. The company since its inception is ahead in delivering quality content.
This ends the elaborative marketing strategy of GEICO. Let us conclude our learning below from the marketing strategy of GEICO.
Conclusion – What is unique GEICO marketing?
As an insurance provider, Geico has found success by giving customers choice and low prices, as well as by launching successful ad campaigns that emphasise savings. The innovative and user-friendly initiatives of the insurer are among the main factors contributing to its success.
GEICO does make use of almost every marketing strategy listed above, its social media presence has been very beneficial.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of GEICO has given you a good insight into the company’s marketing strategies.
If you like such in-depth analysis of companies just like the marketing strategy of GEICO check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read the marketing strategy of GEICO, and do share your thoughts on this case study marketing strategy of GEICO in the comments section below.