LV= Personal Sick Pay Product Launch

The Challenge

When LV= launched Personal Sick Pay (a new income protection product for people in ‘high risk’ jobs such as manual occupations and drivers), they approached Moreish to help them make it a success.

In order to maximise sales opportunities, LV= needed to educate financial advisers (IFAs) about their new product and generate widespread awareness whilst differentiating it from the existing Income Protection product, to avoid product cannibalisation.

LV= wanted the campaign to deliver a significant market share of all new sales in this new product category in Q3 and Q4 of 2014, a tough ask in a market of specialist providers with strong adviser relationships.

The Moreish Approach

To boost awareness, Moreish developed an integrated campaign that targeted financial advisers, their clients, and LV=’s 5,700 employees.

The space theme helped deliver anticipation and extra buzz in an often unexciting industry.

‘Launched by popular demand’ indicated that LV= were listening to adviser feedback and leveraging research from 17,000 IFAs in 2013 that led them to develop this new offering.

The integrated marketing campaign ran simultaneously across several channels, maximising product awareness and driving advisers to the campaign website.

The dedicated campaign microsite was packed with product information, quote calculation tools, explainer videos and product comparisons.

Back at LV= HQ the buzz continued with promotional t-shirts, launch pads and pens, and 500 packets of space dust.

The Results

• Within the first 6 weeks of launch, LV= achieved the entire sales target for Q3 & Q4 2014. 2014 sales were 340% of target
• New relationships: The product launch resulted in 250 new adviser firms, who had no prior business with LV=, selling LV=’s Personal Sick Pay.
• Long-term value will be added to the business as these relationships grow and advisers start selling additional products within the LV= range.
• Email open rates were considerably higher than the industry norm of 21% at 56% and 29%, dependent on segment.
• 39,000 social media impressions and extensive trade coverage significantly raised product and brand awareness. As a result of a press releases, articles were published by Money Marketing, FT adviser, Cover, Financial Reporter, and Panacea Adviser – significantly helping raise awareness.
• More than 13,000 advisers saw the online ads during the campaign, totalling 233,000 page impressions.
• The Quick Quote tool received an average time on site of 7 mins, showing high engagement levels.
• Over 15,000 IFA website visitors since product launch.
• Six months post launch, LV= research showed that preference for LV= had increased. 77% of advisers who sell income protection for riskier jobs now use LV=.
• 46% of advisers now rate LV= number one for income protection.
• Product cannibalisation was 0% – achieved through clear targeting and messaging.