A new article has been posted on our blog by Heather Sloan:
I just finished reading Malcom Gladwell's latest book, "David and Goliath – Underdogs, Misfits and the Art of Battling Giants." Like his past works, this book is packed full of interesting data that makes you rethink the things you thought you already knew. While it's not a book about marketing, two of his findings stood out as being applicable to promotional strategy.
1. Change the terms of engagement. In the Biblical story of David vs. Goliath, many people perceive David as the underdog. He is a younger, smaller shepherd, inexperienced in battle and fighting without armor going up against Goliath – a massive, bellowing warrior. However, Gladwell paints a different picture of David. He believes that if you closely assessed the situation, it was obvious that David would win because he changed the mode of attack. Instead of engaging in hand-to-hand combat, he kept his distance and used his sling to send a high-velocity stone into the giant's forehead – just as he'd done countless times before to defend his sheep from predators.
Gladwell notes that throughout history, smaller armies have successfully defeated larger armies, but typically only when they change the terms of engagement.
The insurance marketing takeaway: Do something unexpected. Engage with prospects and customer differently. Catch your competitors off guard.
2. Beware of the law of diminishing returns. As marketers, we are all about results. We test different approaches, find out what works and then redeploy the most successful strategies. It seems logical. However, Gladwell cautions us about something he refers to as the "U" curve. The "U" curve is the point at which more of a good thing does not yield more of a good result. One example he gave is from the education field. Everyone knows that smaller class sizes are good … to a point. For example, when you drop from 30 students 20 students in a class, there are measurable positive results. However, when you drop from 20 students to 10 students, there is no further gain – and in fact – there is often a loss in class dynamics, learning diversity and consequential results.
The insurance marketing takeaway: Keep the "U" curve top of mind when you engage in email marketing, social media and other outreach. Don't assume that because a strategy worked well once, it will continue to work well over time and when volume is increased.
As Albert Einstein once said, "Insanity is doing the same thing over and over and expecting different results."
What are you doing different this year? Share your David vs. Goliath strategies below, and if you haven't already done so, subscribe in the upper right corner of this screen.
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07 Jan, 2014
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Source: http://insurancedataonline.blogspot.com/2014/01/insurance-marketers-blog-new-year.html
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