Without any prior warning from the Government, a bombshell budget in 2014 took the pensions industry completely by surprise and wiped £3.2bn off annuity firms within one hour!
As a mutual, LV= were not affected by the stock market losses but the retirement division of the group would potentially be hit hard by the reduced sales on future annuity business.
Within the shockwaves lay significant opportunity – more clients than ever would now be looking at pensions to meet their retirement income needs. If they moved fast, LV= were perfectly placed to position themselves as thought leaders in this area, helping IFAs to offer guidance and advice to their clients.
The Moreish Approach
With no time to lose, LV= and Moreish began planning the campaign on the day of the budget announcement.
Moreish developed a strong and comforting creative theme to hold all of the elements of the integrated online and offline campaign together.
‘Take Heart’ was a confident and yet calming influence amongst the panic and confusion in the industry at the time.
A dedicated post-budget ‘Take Heart’ microsite provided a hub for all of the insight, technical analysis, guides and videos that would help advisers understand the impact of the changes across different products and client segments.
To maximise reach, Moreish devised an extensive campaign of online display advertising, email activity and adverts in trade press, including a front cover wrap on Money Marketing magazine.
- From April – June 2014 LV= market share of annuity business grew by 13% with new business falling by only 8.4% compared with an average fall of 17% experienced by competitors
- In the same period, LV= received over £millions of additional pension money into their new 1 year fixed term annuity launched quickly in response to the budget – with the total invested 66% above their target.
- Online advertising: a phenomenal 0.83% CTRs vs. the financial category advertising average of 0.04%. A testament to the high impact creative and targeted / clear messaging
- Online advertising CPC was £15.25, which was 70% lower than the trade benchmark of £50.
- Within the first month of launch the take heart site received
- 1.787 unique views
- 40% return visitors
- Over 2.5 mins spent on site
- 81% of advisers stated their experience of using Take Heart had been ‘very good’ or ‘good’.
- As a result of the campaign, LV= won ‘Going Beyond Call of Duty’ award at Moneyfacts Life & Pensions for Take Heart campaign and also contributed to LV= being voted ‘Most Trusted Provider’ for 3rd year running by Moneywise.
- The thought leadership shown by the campaign has contributed to significant growth in 2015. LV= Retirement Solutions is set to exceed £1bn of pension business – 20% more pension business than in any other year.
Shortlisted – Best B2B Campaign – Masters of Marketing, Festival of Marketing Awards 2015
Finalist – Channel marketing campaign of the year 2014 – B2B Marketing Awards
Finalist – Thought leadership campaign of the year 2014 – B2B Marketing Awards
Finalist – Best use of thought leadership – B2B Marketing Awards 2015
Finalist – New Product, Service or Innovation – Financial Services Forum Awards 2015
Finalist – Customer Experience – Financial Services Forum Awards 2015
- Online display advertising
- Trade press advertising
- Email campaign
The Take Heart campaign developed with Moreish established LV= as the genuine thought leaders and played a key part in the outstanding business results achieved within weeks.”
Head of Retirement Marketing, LV=