The Blake Project was selected to help Nationwide Insurance significantly improve its competitive position in each industry segment and uncover obstacles to successful entry into the financial services sector. They wanted to gain a thorough understanding of what is important to customers in each insurance industry segment (life, home, auto, etc.) and how Nationwide compares to other brands regarding perceived strengths, weaknesses, opportunities and threats in each of those segments. Also understand what obstacles insurance brands would have to overcome when entering the financial services sector.
We conducted a comprehensive brand equity study of the insurance industry including all segments and over one hundred brands. We compared brands on the following dimensions for each industry segment: awareness, relevance, differentiation, quality, value, convenience, emotional connection, preference, position in competitive set, top-of-mind associations, delivery against each category benefit and brand personality, among others. We also explored consumer perceptions of the financial services sector including perceptions of specific financial service firms and insurance companies within the sector. Based upon our findings, we recommended specific actions.