BCP

Low risk, high credibility most appropriateIn the context of the Body Guard product, we believe the market dictates a relatively low-risk, highly credible campaign.There are few industries that rely more on trust and credibility than the financial sector. For this reason,...

Low risk, high credibility most appropriate

In the context of the Body Guard product, we believe the market dictates a relatively low-risk, highly credible campaign.

There are few industries that rely more on trust and credibility than the financial sector. For this reason, we have decided to take a relatively pragmatic approach to developing our strategy.

Communication goals

The goal of this phase one plan is to establish the general lines of communication in order to:

1) inform current customers Body Guard is offered at no cost;

2) create interest in the company’s insurance coverage by demonstrating its innovative but security-minded Body Guard product.

Media strategy – media risk

Media strategy is based on the ability of Body Guard to attract interest among current clients and potential new customers.

It is clearly a service linked to a specific lifestyle (those who can afford vacations with at least half being retired, having saved money for years.)

The client has expressed a desire to extend the typical media plan into innovative areas, to convey, it is assumed, an image of an innovative and up-to-date insurance company.

It must be recognized, however, that what is considered innovative by a group of marketing people may not produce the same level of comfort for a retiree.

There are three components to the strategy.

Current clients and younger prospects (35-50 years)

Send a direct mail questionnaire to current clients, with the key questions being where and when they vacation.

A month before their vacation, a reminder/return mail card is sent out with Body Guard’s offer.

Younger prospects can be reached using this method, provided the creative has a more adventurous tone.

We believe there is great potential for an exchange of customer lists between the insurance client and companies such as airlines (frequent flyers), car rental agencies (frequent renters), travel agents and perhaps tour operators.

Trade support

Trade travel magazines will be important because travel agents are often the only personal contact travellers have.

Supporting a travel agent incentive package could prove to be effective.

General awareness for the prime prospect

General awareness of Body Guard is to be built using targetted television (conventional and specialty) and some daily newspapers.

Emphasis is to be placed on the retirement market, via tv sponsorship of targetted lifestyle shows.

Magazines for the 50+ market are to be adopted to maintain visibility among the prime group.

Media execution

Current base/younger prospects (35-50 years) – Building a rapport with this clientele seems the most reasonable route to developing new customers and keeping the older ones for years to come.

The timing should be determined by the customer’s needs as defined in the vacation questionnaire.

Trade support – Trade publication activity must precede the important fall/winter period. A June-November window should be considered.

General awareness for prime prospects – An early fall flight of regular television, with a strong emphasis on news, public affairs, travel shows and specials should be considered in order to reach the higher household income group.

Although older demos watch relatively more tv, this is not the case for higher income groups.

Sponsorship of weather forecasts for the southern u.s. on The Weather Network/ Meteomedia should also be considered.

For the investment, this is an interesting and flexible support vehicle even if the forecasts are broadcast nationally.

Daily newspaper banners on the financial page listing the exchange rates in the major markets of Quebec and Ontario are recommended, depending upon each market’s potential returns.

Client information and/or syndicated research will help determine the exact markets. Cover the months of September, October, January and February.

Emphasis awareness – Sponsor presentations of golf on tv wherever possible – regional, local and tsn/rds.

Golf is the retirement sport and continues to grow in popularity. The idea is to build an association between golf, security and vacations.

At least one tv program for the 50+ crowd offers access to lifestyle shows in Ontario. The distribution of the Body Guard information pieces is negotiable with the sponsorship of the program (added-value) fall and winter.

Get on Vision TV. It has the right demographic profile and lots of credibility. Fall and winter.

Explain the Body Guard concept in magazines that are read by the older target. Be there often and build familiarity with readers.

Conclusion

The hardest aspect of using the Body Guard service to keep and attract insurance customers is the lack of intrinsic relation between a customer’s renewal of insurance and his or her vacation.

These two events may take place six months apart. Therefore, it is necessary to have strong residual awareness.

Building an association with golf will help create the connection to the Body Guard service. Golf is ideal because it is a retirement sport for men and women and widely presented in the media.

The temptation to jump on new opportunities for the sake of appearing innovative has its risks, especially for a financial institution targetting a large proportion of retired persons.

We recommend dealing from a position of established strength with some proven new media techniques.

Pierre Arthur is head of the BCP Planning Group, the media division of Montreal-based advertising agency BCP. This submission was written in collaboration with Rodney Neander, Claude Champagne, Carol Ann Kairns and France Aumont, all members of the BCP Planning Group.