Strengths ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 34 Brand value and brand

Strengths allstate insurance corporation case

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Strengths
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 34 Brand value and brand recognition . Even with the slight changes in business models and some controversy, it should be emphasized that the Allstate Insurance Corporation maintains the image of a consistent organization. As a result of the reputation of the firm continues to be one of a consistent customer focus that implements necessary change to add value to the customer experience. The solid reputation is evidenced by the fact that the firm remains one of the top in the insurance industry. A long history is not an advantage for a company if it constantly changes strategies, objectives and business models. It would be difficult to retain or attract customers if the customer does not feel the organization is stable. In the case of the Allstate Company, 85 years of its history is definitely an advantage because the corporation had been maintaining the same strategies during most of this time. The recognizable slogan “You are in Good Hands with Allstate” is a distinctive feature is one of the main distinctive features of the corporations which allows it to set high prices for its products and services. Along with the successful slogan, the company has been maintaining its meaning by numerous marketing activities which carry the message embedded in this slogan. Celebrity endorses in advertisement, sponsoring many sport teams and events and using regular advertisement contribute to the sustainable image of Allstate. As a result, the company has high customer retention and customer loyalty rates. The brand value achieved by the Allstate Corporation is especially important because a lot of its rivals don’t have such advantage. Traditionally, it is very difficult for an insurance company to build a substantial brand value because “ sells something its customers cannot see and can only use in a time of hardship” (Insurance Claims, 2016). Specialists claim that Allstate has all the four components which are necessary for creating solid brand equity: consistency, quality, protectiveness and good community relations.
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 35 It is relevant to note that the company doesn’t rely on previous experience without implementing any changes in its brand value. On the contrary, an ability to dynamically respond to the challenges connected with the brand is one of the key reasons of the corporation’s eventual success. For example, when managers started observing key performance indicators of stagnation in the late 1990s. On the basis of research, it was decided to create a new logo and make some cosmetic changes in the marketing campaign. As a result, the revenues have significantly increased with the 8.1% growth rate in comparison with the previous year. Thus, while considering brand value and brand recognition the importance of the Allstate Insurance Corporation, two aspects should be recognized. The first aspect is based on the long history of the slogan, “You are in Good Hands with Allstate” that has been and continues to be constantly positioned as the core value and the key principle of the corporation.
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