You’re Boring? Then Market Like an Insurance Company

It’s not always nice to say the quiet part out loud, but financial services can be…well…boring. And that’s not a reflection on your credit union or community bank - it’s just a reality. Consumers simply aren’t as interested in loans and accounts as they are in the latest iPhone or Nike sneaker.

But this isn’t a game over kind of problem. Why?

Because marketing can make even the most “boring” products and services into exciting experiences. Take insurance companies, for example.

Not many people get hyped up about insurance companies, but you certainly know these companies’ marketing efforts. Here are some quick ways to market like an insurance company and make your institution more interesting.

Find Your Voice

The insurance industry has some of the most recognizable spokespeople around. Who doesn’t know Flo from Progressive? Or the Geico gecko?

You could have a spokesperson, too. And this method doesn’t have to rely on crazy budgets or hiring an actor. Make your most popular staff member into your spokesperson. Your members or customers already love this person, so give them more of what they love!

One credit union client in Texas has a staff member who acts as a spokesperson in this way. His big, fun-loving personality has found its way onto vacation loan ads and into SEG-related events.

But even if you can’t have a spokesperson, you can have a distinct voice. For example, Flo gives Progressive a friendly vibe. How does your brand voice feel? Whether it’s quirky or grounded, make it consistent across all platforms and easily identifiable.

Pinpoint the Pain Points

Insurance companies understand their consumers’ fears.

They know people are afraid of unexpected, costly events. As Allstate’s commercials say, “if you don’t have the right auto insurance coverage, you could be left to pay for this [an auto accident] yourself.” In fact, their mascot – Mayhem – is the perfect description of consumers’ fears.

As a credit union or community bank, there’s a temptation to focus on features. And while your too-good-to-pass-up rates are definitely an asset to your institution, they don’t sell on their own.

Focus on the problems your features solve. Lead with how dealership-backed auto loans could leave consumers paying more. Or highlight how payday lenders will put your members or customers into a deeper financial hole.

Once you point out the problem, you can present the solution – you!

Be Fearless and Fun

As strange as it sounds, insurance companies aren’t afraid to be zany. Liberty Mutual’s “LiMu Emu & Doug” are great examples of wacky marketing for a fairly grounded product (car insurance).

The data supports this tactic, too – 72% of consumers choose funny brands over their competition. However, 95% of brands are too afraid to act fun.

True, it’s possible your brand is more legacy institution than hip coffee shop, which means being wacky really doesn’t fit. But don’t let fear about humor keep you from taking the leap. Take risks and have fun with it. Draw your members or customers into a brand directed toward their happiness.

Because before they ever buy your accounts or loans, they’ll need to buy your brand.

If you want to add a “fun factor” to your credit union or community bank’s marketing, book a free consultation to ask about creative services. Get ready to show consumers you’re anything but boring.