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    Icici

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    ICICI Prudential launched a marketing campaign to promote retirement planning products in India, where such products were largely untapped. The campaign aimed to reposition retirement planning as relevant for 30-40 year olds and change behaviors to encourage early planning. It used a multi-channel strategy including TV, print, radio, outdoor and direct marketing with the message to "Retire from work, not life." The campaign was highly successful, receiving over 35,000 consumer responses. It exceeded sales targets and helped ICICI Prudential gain a 23% market share of the pensions market within 6 months.

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    Icici

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    robinkapoor
    668 views4 pages
    ICICI Prudential launched a marketing campaign to promote retirement planning products in India, where such products were largely untapped. The campaign aimed to reposition retirement planning as relevant for 30-40 year olds and change behaviors to encourage early planning. It used a multi-channel strategy including TV, print, radio, outdoor and direct marketing with the message to "Retire from work, not life." The campaign was highly successful, receiving over 35,000 consumer responses. It exceeded sales targets and helped ICICI Prudential gain a 23% market share of the pensions market within 6 months.

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    ICICI Prudential launched a marketing campaign to promote retirement planning products in India, where such products were largely untapped. The campaign aimed to reposition retirement planning as relevant for 30-40 year olds and change behaviors to encourage early planning. It used a multi-channel strategy including TV, print, radio, outdoor and direct marketing with the message to "Retire from work, not life." The campaign was highly successful, receiving over 35,000 consumer responses. It exceeded sales targets and helped ICICI Prudential gain a 23% market share of the pensions market within 6 months.

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    668 views4 pages

    Icici

    Uploaded by

    robinkapoor
    ICICI Prudential launched a marketing campaign to promote retirement planning products in India, where such products were largely untapped. The campaign aimed to reposition retirement planning as relevant for 30-40 year olds and change behaviors to encourage early planning. It used a multi-channel strategy including TV, print, radio, outdoor and direct marketing with the message to "Retire from work, not life." The campaign was highly successful, receiving over 35,000 consumer responses. It exceeded sales targets and helped ICICI Prudential gain a 23% market share of the pensions market within 6 months.

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    ICICI

    In spite of the vast potential, the retirement solutions category remained virtually
    untapped by the Indian Insurance players - until ICICI Prudential decided to build and
    explore this hidden goldmine. The following case study discusses how ICICI Prudential
    used smart marketing strategy to exploit this opportunity to its advantage.
    Sussan Verghese
    ICICI Prudential.

    Market Scenario
    With increasing life expectancy on one hand and rising inflation and medical costs on the
    other, the need for planning one’s retirement was emerging as an important one.
    However, it was quite surprising to know only 11 per cent of India’s total working
    population was adequately covered for post-retirement life. This was mainly due to low
    awareness of and attitudinal barriers with respect to these issues among consumers.

    The Opportunity
    About 90 per cent of the working population in India was without retirement cover. Of
    this, a sizeable portion belonged to the age group of 30-40 yrs - a big market left
    unexploited so far.Even the market leader LIC, which has been in the country for
    decades, had failed to truly drive growth of the retirement products category. Proof being
    the mere 4.16 per cent contribution of pension products to its entire portfolio (as of end
    2002).

    The Barriers
    The task of capturing the unexploited market however, turned out to be an uphill one.
    The first barrier was low awareness of the need for early retirement planning among
    consumers. Add to it the consumer’s notion that planning for retirement starts only in
    your 50s. The bigger issue however, was the consumer’s perceptions and fears as far
    as retirement was concerned. The word ‘retirement’ itself brought to mind all the
    negatives associated with old age – loss of independence (social, financial and physical),
    causing ‘avoidance’ or deferment of decisions regarding the same.

    The Challenge

    • To re-position the traditional concept of retirement planning and thus create


    relevance for it among the 30-40 yrs age group.
    • To change behaviour, inducing consumers to invest in retirement planning early in
    life.

    CAMPAIGN OBJECTIVES

    • Bring the concept of planning for retirement into the consideration set of 30-40
    year old working men/ women thereby creating a new market
    • 50 per cent of pensions contributions to come from persons
    below 40 years Sales and market share targets within six
    months post campaign (for the period Sep 2002 to Mar 2003):
    • 1. Sales target: INR 400 million
    • 2. Share of total pensions market: 10 per cent
    • 3.Contribution of pensions to portfolio: 20 per cent

    TARGET AUDIENCE

    • SEC A, B, 30-40 year old, chief wage earner, who: is at the prime of his working
    life, with a higher disposable income and majority of work life still at hand.
    • Currently thinks that retirement planning holds very low importance, as compared
    to other needs of asset acquisition, child’s education etc.

    CREATIVE STRATEGY
    Consumer Insight “Retirement is a long way off – why plan for it now?”“Retirement
    means the end of all good things in life”Creative strategy
    To a younger target group, for whom retirement is synonymous with growing old, the
    strategy was to offer a fresh perspective by mirroring the never say die attitude of the 35
    yr old. If age doesn’t stop him from sharing in the joys of life now, why should it stop
    him later? Proposition
    ICICI Prudential Retirement solutions help you plan early for retirement, ensuring that
    you will continue to live life the way you always wanted to.The advertising message
    “Retire from work – not life!”

    OTHER COMMUNICATION PROGRAMS


    The laddered task of share gain through changing consumer attitudes and behaviour,
    called for a multi-dimensional communication strategy that went beyond traditional mass
    media.
    1. Retirement Solutions Seminars: Through a tie up with The Times of India, full-page
    educative advertorials were released in three metros inviting consumers for a free seminar
    on early retirement planning. Over 2000 consumers attended these seminars.
    2. Direct Marketing Campaign: More than 15 databases were carefully chosen to
    accurately target the 30-40 yr old. Customers of/subscribers to ICICI Bank credit card
    holders, Safety Bond holders, Money control and Myiris are few of the databases that
    were used.
    3. Retirement Planner: An educative booklet in the form of a planner was created
    explaining why it made better sense to start planning for retirement several years in
    advance. The mode of distribution was an innovation in Brand Equity (The Economic
    Times).
    4. Retirement calculator: A user-friendly calculator was designed to help customers
    calculate the current savings required in order to meet post-retirement expenses. This was
    made available on the brand website and used extensively as a needs analysis tool at the
    time of sale.
    MEDIA STRATEGY
    The overriding objective of the media strategy was customer interaction through various
    touch points using a 24-hour cycle. So a multi media strategy was developed to contact
    the target at every possible touch point.
    1. TV: This was the main medium for reach, impact and demonstrate the emotional pay
    off. For the first month of launch a high reach, high frequency plan was implemented,
    followed up with three months of sustained activity. The activity started with 40-second
    commercials and then moved to 20 and 30 seconds edits aimed at increasing frequency.
    2. Print: Press reinforced the rational benefit of saving early to cushion your retirement
    by highlighting the product’s comprehensive features. Vehicles were chosen based on the
    best cost per response i.e. the publication which would generate the maximum no of call
    ins.
    3. Radio: The new FM channels launched in the previous year were explored to reach
    audiences out of home. The spots were aired so as to get the morning and evening office-
    going traffic.
    4. Outdoor: A high visibility-high impact outdoor strategy was implemented across 21
    cities. Morning traffic sites were specifically selected to target the office going consumer.

    5. Internet: Used innovatively to seek responses via click-throughs. Financial sites and
    general interest sites were chosen considering the net is used both in office and at home.
    6. Direct Marketing: Mailers and brochures played the dual role of educating the
    consumer on the rationale behind planning early for retirement and the advantages of
    ICICI Pru Retirement Solutions.
    7. Public Relations: Was effectively used to educate consumers on early retirement
    planning, making them more receptive towards the brand’s communication. Competitive
    Media Spends: The combined spend of just the top 2 competitors put to- gether amounted
    to Rs 16 crores approx. Comparatively the spends on the ICICI Pru campaign was Rs 4.8
    crores.

    MEDIA

    • Television
    • Newspaper
    • Consumer Magazine
    • Radio
    • Point-of-Purchase
    • Out-of-Home
    • Public Relations
    • Sales Promotion
    • Consumer Seminars

    EVIDENCE OF RESULTS Overwhelming response

    • To begin with, the campaign triggered a large number of consumer response calls
    and e-mails (35000 calls and 3000 emails).
    • The response rate for mailers sent out (Direct Marketing) varied from five per
    cent to 7.5 per cent, far higher than both domestic and international norms across
    categories.

    Changing Attitudes
    The average age of a person investing in ICICI Pru retirement solutions dropped to 38.5
    years.

    Sales and Market Shares:


    The success of the campaign was not limited to phone calls alone. The campaign
    contributed greatly to the organisation’s topline and bottomline as is evident form the
    charts below: 1. Sales achieved for the period Sept ‘02 to Mar ’03, were INR 740 million
    as compared to a target of INR 400 million. 2. Market share Gain: The brand increased its
    share of pensions market to 23 per cent against target of 10 per cent for the period Sep
    2002 to Mar 2003. The table below which compares ICICI Pru’s share in the pensions
    market with the overall life insurance category puts the campaign’s success in
    perspective.

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