Lincoln Financial and Standard Life Case Study: different approaches to engaging consumers with pensions
Datamonitor
July 28, 2009 129 Pages - SKU: DFMN2404951
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Introduction
This case study on Standard Life and Lincoln Financial Group forms part of Datamonitor's new series highlighting best practice in specific areas of financial services.
Scope- This case study analyses the key successful elements in the marketing strategies Standard Life and Lincoln Financial Group
- The case study examines how the brands have developed to its current status and why they appeal to consumers so strongly
- Datamonitor's Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies
Highlights
Standard Life and Lincoln Financial Group have successfully identified the increasing diversity of the baby boomer accumulator segment, and both have invested in highly successful but different marketing campaigns aiming work up some excitement about the potential the 'third age' holds.
Reasons to Purchase- Gain insight into the methods used by important industry players to give them a competitive edge
- Identify specific areas for operational improvements
- Capitalize on the knowledge of experienced companies when entering a new niche or market
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- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- ANALYSIS
- Introduction
- Both Lincoln and Standard Life are cornerstones of their country's financial services world
- Standard Life and Lincoln are specialists in the retirement income space
- Both Standard Life and Lincoln have created innovative marketing campaigns which address the changing concept of 'retirement'
- Standard Life's 'Active Money' SIPP campaign
- Lincoln Financial Group's 'Futureself' campaign
- Both campaigns have been successful in connecting to their target markets but in different ways
- Both campaign appeal to a number of Megatrends but demonstrate significant complexities
- Demographic complexities are shifting preferences in the retirement market
- Lifestage complexities drive changing needs for retirement income
- Financial intelligence complexity varies across traditional lines of consumer sophistication
- Convenience is particularly key to Standard Life's offering
- The pre-retirement generation is growing in terms of both numbers and influence
- Other providers are moving their strategies in this direction
- Looking to the future
- APPENDIX
- Data Tables
- Definitions
- The Datamonitor Financial Services consumer insight Megatrend framework
- Authenticity
- Comfort
- Connectivity
- Convenience
- Individualism
- Wellbeing
- Demographic Complexity
- Financial Intelligence Complexity
- Lifestage Complexity
- Wealth Complexity
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Total new business premium providers in the UK 2008 by market share
- Table 2: Attitudes towards responsibility for providing for retirement in the UK and US
- Table 3: Attitudes towards financial advice by country and age group
- Table 4: Attitudes towards thinking about retirement, by age group
- List of Figures
- Figure 1: Both Standard Life and Lincoln have created strong customer-focused brand platforms
- Figure 2: Total new business premiums in 2008 placed Standard Life as the UK's market leader
- Figure 3: Standard Life effectively employs the use of celebrity to promote its 'Active Money' SIPP
- Figure 4: Lincoln's TV advertisement encourages consumers to make an emotional connection to their 'Futureselves'
- Figure 5: Lincoln uses an extensive online platform to guide consumer through the future challenges they can plan for
- Figure 6: Lincoln has advertised in print next to crosswords
- Figure 7: Both campaigns target the same segment but appeal in different ways
- Figure 8: The majority of both UK and US consumers believe it is their responsibility to provide for themselves in retirement
- Figure 9: Attitudes towards seeking professional advice before making financial decisions
- Figure 10: 18-24 year olds are least likely to want to think about retirement
- Figure 11: Standard Life's Active Money SIPP website proves a convenient website for time-constrained consumers to learn about the product.
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