Lincoln Financial and Standard Life Case Study: different approaches to engaging consumers with pensions

Publication Date	July 2009
Publisher	Datamonitor
Product Type	Report
Pages	22
ISBN Number	not applicable
Product Code	DAT11771

Buy this product or for assistance call +44 20 7060 7474

PDF £2,700.00$4491 | €3022

PRINT £2,760.00$4591 | €3089

FAX Order above formats by FAX

Summary

This case study on Standard Life and Lincoln Financial Group forms part of Datamonitor's new series highlighting best practice in specific areas of financial services.

Scope

This case study analyses the key successful elements in the marketing strategies Standard Life and Lincoln Financial Group
The case study examines how the brands have developed to its current status and why they appeal to consumers so strongly
Datamonitor's Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies

Highlights

Standard Life and Lincoln Financial Group have successfully identified the increasing diversity of the baby boomer accumulator segment, and both have invested in highly successful but different marketing campaigns aiming work up some excitement about the potential the 'third age' holds.

Reasons to Purchase

Gain insight into the methods used by important industry players to give them a competitive edge
Identify specific areas for operational improvements
Capitalize on the knowledge of experienced companies when entering a new niche or market

Content

DATAMONITOR VIEW

CATALYST

SUMMARY

ANALYSIS

Introduction
Both Lincoln and Standard Life are cornerstones of their country's financial services world
Standard Life and Lincoln are specialists in the retirement income space
Both Standard Life and Lincoln have created innovative marketing campaigns which address the changing concept of 'retirement'
Standard Life's 'Active Money' SIPP campaign
Lincoln Financial Group's 'Futureself' campaign
Both campaigns have been successful in connecting to their target markets but in different ways
Both campaign appeal to a number of Megatrends but demonstrate significant complexities
Demographic complexities are shifting preferences in the retirement market
Lifestage complexities drive changing needs for retirement income
Financial intelligence complexity varies across traditional lines of consumer sophistication
Convenience is particularly key to Standard Life's offering
The pre-retirement generation is growing in terms of both numbers and influence
Other providers are moving their strategies in this direction
Looking to the future

APPENDIX

Data Definitions
The Datamonitor Financial Services consumer insight Megatrend framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
Table 1: Total new business premium providers in the UK 2008 by market share
Table 2: Attitudes towards responsibility for providing for retirement in the UK and US
Table 3: Attitudes towards financial advice by country and age group
Table 4: Attitudes towards thinking about retirement, by age group
Figure 1: Both Standard Life and Lincoln have created strong customer-focused brand platforms
Figure 2: Total new business premiums in 2008 placed Standard Life as the UK's market leader
Figure 3: Standard Life effectively employs the use of celebrity to promote its 'Active Money' SIPP
Figure 4: Lincoln's TV advertisement encourages consumers to make an emotional connection to their 'Futureselves'
Figure 5: Lincoln uses an extensive online platform to guide consumer through the future challenges they can plan for
Figure 6: Lincoln has advertised in print next to crosswords
Figure 7: Both campaigns target the same segment but appeal in different ways
Figure 8: The majority of both UK and US consumers believe it is their responsibility to provide for themselves in retirement
Figure 9: Attitudes towards seeking professional advice before making financial decisions
Figure 10: 18-24 year olds are least likely to want to think about retirement
Figure 11: Standard Life's Active Money SIPP website proves a convenient website for time-constrained consumers to learn about the product