The new Pension Freedoms, introduced in the 2014 government budget, has changed the way most people want to access their pension funds and resulted in a revolution in pension planning.
In many cases, more than one retirement product would be required. ‘Blending’ solutions in this way was a relatively new concept and advisers were cautious adopters.
LV= took a customer-centric approach to this problem and developed a new, provider neutral, online tool for advisers, enabling them compare different retirement scenarios with their clients – LV= Retirement Pathfinder.
Because of the unique nature of Retirement Pathfinder, we chose a simple concept that would be recognisable and relevant to our target market of financial advisers.
We used a range of marketing media to get the widest interaction with advisers as possible.
In our creative approach we conveyed that like new cars, retirements products have various options that can be difficult to choose between, but the only way to make an informed decision is to trial a few and take them for a spin.
By taking different retirement products on a ‘test drive’ with clients it would make their retirement options feel very real.
Because the main objective of the campaign was to get advisers to take the online tool for a “spin”, 75% of the trade marketing media budget was spent online, with animated display ads that clicked through to the tool.
In line with the overarching aim of the campaign, there was a high volume of visits to the relevant web pages – all metrics for online ads and emails were significantly higher than benchmark – internal and industry:
54% of advisers who visited the web pages downloaded the LV= Retirement Pathfinder tool within the first two months after launch.
Over 14,000 landing page views – the highest ever recorded in an LV= campaign.
Over 18,000 downloads of a client report pdf (demonstrating that advisers were comfortable using the tool with clients)
31, 000 email views with a 44% email open rate (well above the industry benchmark of 22%)
Calls to the LV= Retirement Desk (the given number on all communication) doubled during the campaign period.
LV= Retirement Pathfinder drove over 15% of new registrations to the LV= website during the campaign.
LV= are on track to deliver 20% more pension business than in any other year – the success of the Retirement Pathfinder has contributed to this unprecedented upturn in business.