Lincoln Financial and Standard Life Case Study: different approaches to engaging consumers with pensions

Published by: Datamonitor

Published: Jul. 28, 2009 - 129 Pages

Table of Contents

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.

Abstract

• 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

• 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

About MarketResearch.com
MarketResearch.com is an online aggregator selling over 250,000 market research reports, company profiles and country profiles from over 650 research firms. Our reports will provide you with the critical business and competitive intelligence you need for strategic planning and marketing research. Coverage includes the US, UK, Europe, Asia and global markets.