TCU Neeley Associate Professor of Professional Practice in Marketing offers expertise on brand messaging and celebrity endorsements for car insurance companies.
September 29, 2021
By Erin Smutz
Lance Bettencourt, associate professor of professional practice in marketing, was featured on WalletHub for his insights on how car insurance companies build trust with customers through messaging.
“One of the challenges of selling insurance is that it is as intangible as it gets,” Bettencourt said. “There is nothing to try, taste or feel to get a sense of whether it meets your needs. Customers buy a promise to cover them in the event of an emergency, and not much more. And that relies on a lot of trust.”
Bettencourt explains that celebrity endorsements and characters (e.g., Flo at Progressive or the gecko at Geico) can help people connect with brands, hence the reason insurance companies use them frequently.
“Celebrities have no particular credibility when it comes to insurance, but they are familiar, likable and trustworthy – at least that is the goal,” he said. “Brand equity is hugely valuable when it comes to customer purchases, and it is strengthened with familiarity and trust, especially with an intangible service such as insurance.”
He also adds that marketing is much more than just a message – it’s about listening and understanding people’s needs, then taking action.
“Marketing is about creating offerings that satisfy these needs, delivering services when and where customers need them, setting prices that are aligned with the value provided, and communicating about an offer in a way that resonates with customers,” Bettencourt said.
Read the full article on the WalletHub website here.