Can marketing communications strategies ever replace ‘the Man from the Pru’?
One of the more pernicious clichés in journalism is the insertion of the word ‘faceless’ before the words ‘financial institution’. Curiously enough, this cliché took hold over decades when it wasn’t especially true, when financial institutions had whole armies of faces – the men from the Pru, the Britannic, the Refuge, the Pearl and other battalions. Recent announcements from both the Prudential and Britannic appear to sound the death knell for ‘industrial’ selling but raise interesting questions about how this route to market – and its brand values – will be replaced.
The alternatives have to pass some challenging tests. The ‘Man from the Pru’ was intrusive – essential in a social group for whom football league tables will always be more compelling than mortgage league tables. He was interactive, and canny about when to push and when to simply share a cup of tea. He was trusted because he was a common factor within a whole community. He had a distinctive personality because he was a human being. Perhaps most important of all, he enjoyed high salience simply because he regularly called in for premiums.
Before seeking a replacement communications strategy, it is worth noting that the old Blue Collar market is no more.
Life has moved on. We are all middle class now, with homes to purchase and insure, health to safeguard, and old age to secure. Among the C2s and Ds, as everywhere else, more women are working. They are not there to share a cup of tea and a chat with the insurance man. But neither are they, or their partners, avid readers of What Investment?
What are the options?
Telemarketing? Well, it’s certainly intrusive and if you enjoy a dialogue with someone using a script, interactive. Direct mail? It tries its damnedest to be intrusive but it’s not highly interactive and lacks individual personality. Off the page advertising? It would be optimistic to assume this target market regularly scans for the best ISA deal. Internet? Two issues here. First, you’re dealing with the least wired section of the community. Second, it’s essentially a passive medium. Interactive TV? Could be perfect in a few years. Affinity marketing? Getting closer – it’s community based and plenty of people trust the Man U brand, even if they’ve never heard of the product provider.
The hope, of course, is that increasing financial awareness among all social groups will do away with the need for too much intrusion. That growing internet penetration, coupled with iTV developments and well-targeted direct mail will interactively fulfil the in-home sales role. That brand advertising, fulfilment teams, affinity deals and retail outlets will create trust and personality and ensure a high profile. Put all these together within an integrated campaign, add consistent tone and style, unswerving brand values and a lively creative concept and the market can be yours.
One thing to avoid at all costs. Don’t even begin to pretend that the man from the insurance company lives on in the guise of your Chief Executive. If your customers still prefer to deal with a human being, this is the perfect way to remind
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