Louis Vuitton luggage, a Prada bag, a Tiffany bracelet, even an American Girl doll. These are all items which may have shown up as gifts or you may have asked for as gifts over the course of this past holiday season. And while the quality of those products is high, the quality of the product is not the reason you asked or received that gift.
Branding is Powerful Concept in Work Comp Management
Hello, I’m Michael Stack, CEO of Amaxx, and today I want to talk to you about the importance of branding, how powerful it is. Because the difference in quality between a Louis Vuitton piece of luggage and another maybe generic piece of luggage might not be that different, but the cost is dramatically different. And the reason is for the status that brand brings and the meaning that it brings to have that certain type of brand on that particular product.
Brainstorm Your Workers’ Comp Brand As One of First Steps
When we think about your work comp program … and let’s put this in that context … one of the first things that we do when we’re working with an organization is define that brand for what you stand for. I want to encourage you to take the step, and I want to give you an example of what this might look like.
What you’re going to do is you’re going to do some brainstorming. You’re going to get your team together, senior management, maybe a couple supervisors, your vendor teams, your claims handling team, some various people that are going to be working together with you on this project of reform as you’re starting to take the step.
And ideally what you’ll do is you’ll create some meaning behind this, and likely what we like to do is create an acronym. I want to give you an example. So say you work for the ACME company and you brainstorm and you talk about sort of the culture of what your organization means and what you stand for as a company, and you come up with the ACME IPAR program, the ACME Injury, Prevention and Recovery program.
Create Logo & Awareness of Your Work Comp Brand
You then create a logo around this. We create some branding around this. We create some awareness around this, and so when you’re introducing your work comp program to your company, you say, “This is what we do here at ACME. We have the ACME Injury Prevention and Recovery program, and when you’re hurt as an employee, we’re going to take care of you.”
A tremendous first step, carries a tremendous amount of meaning, particularly when you back that up and meet those expectations in the injury management of employees when they do get hurt.
Again, I’m Michael Stack, CEO of Amaxx. And remember your work today in worker’s compensation can have a dramatic impact on your company’s bottom line. But it will have a dramatic impact on someone’s life. So be great.
Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is founder & lead trainer of Amaxx Workers’ Comp Training Center .
Workers’ Comp Roundup Blog: https://blog.reduceyourworkerscomp.com/
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