Aviva Lets Change Insurance

Aviva: Let’s Change Insurance Institute of Communication Agencies Bronze, Canadian Advertising Success Stories, 2010 Title: Source: Issue: Business Results Period (Consecutive Months): April-September 2008 Start of Advertising/Communication Effort: April 2008 Base Period for Comparison: April-September 2007 a) Synopsis of the Case Bold advertisers in the past have proven that a Jujitsu approach to strategy can help brands turn a perceived weakness into a strength. But what if people are turned off by the whole category you operate in? And what if they are so cynical they’re not prepared to listen to you?

Do you like this text sample?
We can make your essay even better one!


order now

This is the story of how a convention-doubting insurance company – one that almost no one had heard of prior to investing in brand advertising – managed to make a name for itself and reverse a five-year share decline. How? By accentuating the negative and channeling the deep-rooted frustration people feel towards the insurance industry in the name of honest reform. In the process, Aviva got more than Just breakthrough advertising; it developed a new way of approaching its marketing, as the company embraced a wide-ranging brand strategy that would bring tighter shape and focus to everything from product design to staff training. Summary of Business Results the future”) by 34%. National Share grew for the first time in five years, from 8. 4% to 8. 7%. SITUATION ANALYSIS a) Overall Assessment Aviva: A sleeping giant. Prior to benefiting from brand advertising, Avis’s size was massively out of kilter with its public profile: number two in market share in the Canadian auto and home insurance category, but only 2-3% in unprompted brand awareness – less than half its market share. How could this possibly be? Consider two reasons: 1 . Home & Auto Insurance is most often a mandatory, passive purchase we delegate too broker.

People tend to see their Downloaded from war. Mom 2 broker as “their insurer” rather than the underwriting company. So, even to thousands of its customers, Aviva was known only by way of policy documents. 2. Aviva was a recent entity formed by the merger of other big insurance names in 2000 – something that had never been communicated in a high-profile way to the public. Multiple brands names were still in existence. Avis’s relative brand anonymity was holding back its market potential. The data made for unhappy reading: The amalgamated company, Aviva, was slowly losing market traction with share slipping from 9% in 2004 to 8. % in 2007. But what impact was low brand wariness having on market share? Aviva commissioned model choice analysis research that strongly underlined the role that brand recognition played in the buying decision: people are twice as likely to accept a broker recommendation about an insurance company they’ve heard of than one they have not. Said another way, Aviva could have the perfect product, perfectly priced, but without a reputation to bank on, it would lose out on 50% of its broker recommendations to its competitors. ) Resulting Objectives Business

ˆ Back To Top
x

Hi!
I'm Samanta

Would you like to get such a paper? How about receiving a customized one?

Check it out