Awards 2014, category 15: Moreish Marketing for LV=
Best channel marketing initiative: Take Heart from the LV= response to the 2014 budget
An integrated campaign that provided independent financial advisers (IFAs) with the clarity, guidance and inspiration they needed to manage client relationships following dramatic pension changes announced in the March 2014 Budget. The new pension rules radically affected those nearing or at retirement with immediate effect; allowing people greater access to their pension savings without the need for an annuity. Customers at retirement were looking to IFAs for guidance on the best options available to them now and in the future.
LV= enabled advisers to ‘take heart’ from lots of innovative product changes within weeks of the announcement; and a dedicated microsite and marketing campaign made sure IFAs were aware of all the information they needed to maximise the opportunities created and interpret how the changes would affect their clients now and in the future.
From April – June 2014 LV= market share of annuity business grew by 13% with new business falling by only 8.4% compared with an average fall of 17% experienced by competitors. And in the same period, LV= received over £25m worth of additional pension money into their new 1 year fixed term annuity launched quickly in response to the budget.