LONDON - The golden rule of retirement planning is to start saving what you can, as early as you can. Those who don't start saving until their 50s are clearly not in an ideal situation. Yet all is not lost.
This is the message that Prudential wanted to promote. "We know from our research that a lot of people are not confident about their retirement," says Colin Woodcock, head of brand and proposition. "The UK savings gap is much publicised and a lot of customers don't know they can make a real difference if they feel they've left it too late."
Prudential operates in a crowded market, with myriad companies providing ISAs, life mortgages, annuities and pensions. It needed its services to stand out.
STRATEGY
Earlier in 2007, Prudential asked its DM agency Tequila\London to formulate a campaign that would create positive feelings about retirement and raise the company's visibility as a retirement services provider.
The project began with an analysis of Prudential's target audience. "We're looking at people approaching retirement - 55-plus baby boomers and beyond, people who are financially engaged," Woodcock says.
A big decision was to move away from cliched retirement messaging and focus on the positive aspects of retirement planning. "It's evident that there's an appetite for a positive view of retirement," Woodcock says. Another strategy was to place banner ads on websites such as Yahoo! and telegraph.co.uk, as well as ads in the national press. "We know this audience is active online," Woodcock adds.
EXECUTION
From October 2007, consumers were targeted with online, outdoor and press advertising, particularly in the financial sections of the national press, while ads aimed at advisers were placed in trade titles.
The ads posed a series of questions, such as "What do you see?", to encourage consumers "to visualise their retirement possibilities", Woodcock explains. These ads drove people to an interactive website displaying Prudential's suite of services.
This direct response ad and web activity was integrated with DRTV work, which aired at times appropriate to the product. Life-time mortgage ads, for instance, had mostly daytime slots.
A second tier of activity aimed to stimulate conversation about retirement options. "One opportunity is to chat to your family about inheritance versus income. Some people can have a better retirement if they can conclude that it's right to release money from their home," Woodcock says.
RESULTS
The campaign is ongoing and, for confidentiality reasons, Woodcock will not divulge results. "We use brand tracking and response measurement, and the results have been encouraging. And we've seen a significant increase in website traffic and engagement," Woodcock explains.
"The work is constantly being refined. We've got a winning formula - a creative approach that has the flexibility to accommodate specific brand messages and solve the issues around retirement."
Brand: PrudentialClient: Prudential
Brief: To promote the brand as a retirement services provider and make
Prudential stand out
Target audience: People aged 55+
Budget: Undisclosed
Agency: Tequila\London
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