Post on 20-Jan-2015
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25th Oct. ‘09
Debashis calls Siddharth to his room and says, “Aegon Religare is putting in a lot (efforts & investment) into marketing. Think of something we can do for them. We can go and present.”
Between 25th Oct. ’09 and 1st November ‘09, Siddharth & his colleague, Punit do the following:
• Check Aegon Religare’s campaigns• Talk to the people around:
1. About their brand preferences when it comes to Life Insurance
2. Check awareness and recall levels of i. Aegon Religare, the brand, &ii. Campaigns of Aegon Religare
• Check campaigns of other brands battling in the space of Life Insurance
Morning, 2nd November ’09, the team at Carat Fresh Integrated meet to:
• Share observations on brands in the Life Insurance space• Share perceptions and observations on Aegon Religare and its campaigns• Identify critical issues/problems facing the brand• Think of engagement ideas to market Aegon Religare
The team is asked not to make any distinctions between ATL or BTL, etc or restrict thoughts to just brand activation/promotion activities
Two hours later, the team:
• Identifies 2 critical issues facing the brand• Comes up with tentative solutions for both the issues• Decides to meet again first thing in the morning on Wednesday, 4th Nov ‘09
Morning, 4th November ’09, Brijesh Parekh, a member of the Carat Fresh Integrated team, discovers an Aegon Religare ad on the front page of The Times of India:
A closer look at the ad:
A closer look at the copy in the ad:
Inference:
It seems that Aegon Religare is trying to bring forth the heritage of the brand (which is extremely critical because of the nature of Life Insurance category) and win people’s trust doing the same.
This issue - Unawareness of the Heritage of Aegon Religare (and the possible resultant lack of belief in the brand) – also happens to be one of the two critical issues identified by the Carat Fresh Integrated team
No. Companies
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd.
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Ltd
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
No. Companies
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Shriram Life Insurance Co, Ltd.
16 Bharti AXA Life Insurance Company Ltd.
17 Future Generali Life Insurance Company Ltd.
18 IDBI Fortis Life Insurance Company Ltd.
19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20 AEGON Religare Life Insurance Company Limited.
21 DLF Pramerica Life Insurance Co. Ltd.
22 Star Union Dai-ichi Life Insurance Comp. Ltd.
A look at the brands in the Life Insurance category in India:
Note: The list is in no particular order and does not represent in anyway the standing of the brands in the market
Observations based on the list:
Many of the brands are a result of some or the other joint venture between an Indian company and an international company.
Majority of the brands have Indian names which already had a significant presence and were very well known in the public domain. People already would have had interaction with such brands earlier. In a way, the trust was already established.
The next slide shows such brands highlighted in ‘red’ + bold.
No. Companies
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd.
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Ltd
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
No. Companies
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Shriram Life Insurance Co, Ltd.
16 Bharti AXA Life Insurance Company Ltd.
17 Future Generali Life Insurance Company Ltd.
18 IDBI Fortis Life Insurance Company Ltd.
19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20 AEGON Religare Life Insurance Company Limited.
21 DLF Pramerica Life Insurance Co. Ltd.
22 Star Union Dai-ichi Life Insurance Comp. Ltd.
A look at the brands in the Life Insurance category in India:
Note: The list is in no particular order and does not represent in anyway the standing of the brands in the market
In case of
The Indian brand Religare is relatively new in the public domain in the country. As a consequence, the awareness of the brand and knowledge about the brand is limited. As such, unlike in the case of many other brands, the Indian name Religare in the brand Aegon Religare results in limited benefits.
Add to the above factor, before the launch of Aegon Religare very few people would’ve known about Aegon and its heritage.
Besides, Aegon Religare is also one of the late entrants in the Life Insurance category in India.
It is indeed imperative for Aegon Religare to make people aware of its heritage and win their trust.
To turn the tide in its favor in a highly contested Life Insurance category, Aegon Religare launched the
following campaigns:
Each of these campaigns is unique and clutter-breaking.
However, we’ve observed the following:
Memorable Campaigns but weak associations of the campaigns with the brandWhile prospects distinctly recall the K.I.L.B. and Star Child campaigns, they find it difficult to recall that the campaigns were done by the brand Aegon Religare
Brand Name doesn’t facilitate instant memoryProspects find it difficult to remember the entire name Aegon Religare
Brand Name difficult to pronounce # 2Even when aided (by making them hear the correct pronunication), prospects find it difficult to pronounce the name correctly with immediate effect
Brand Name difficult to pronounce # 1Prospects who don’t remember (and even many of those who remember) find it difficult to pronounce the brand name correctly
Observations & inferences given on the earlier slide give us the second critical issue facing the brand Aegon Religare:
‘Memorability’ of the brand name Aegon Religare is low
Unlike other brand names in the category, the names Aegon and Religare are new in the public domain
Along with the newness, it is the sound of the brand name that isn’t conducive to instant pronunciation, and therefore inhibits memory. This, in turn, inhibits conversion of newness into familiarity and trust (which gets built because of familiarity).
In essence:
Easy Sound Easy Pronunciation Easy Memory Recall FamiliarityTrust as a result of familiartiy
How does sound become easy?
By making words poetic
By turning words into slogans
By making words rhyme
By adding music to words (in other words, jingles)By adding a rhythm
Often by making words rhyme
Some sound successes:
“Videocon Washing Machine”
Cadbury’s Dairy Milk “Kuch khaas hai zindagi mein”
“Gold Spot, The Zing Thing”
“Naye Bharat ki nayi raftaar, Hamara Bajaj”
Idea Cellular “Walk when you talk”
HDFC Standard Life “Sar utha ke jiyo”
Max New York Life “Karo zyaada ka iraada“
“Lime n’ Lemoni Limca!”
Pepsi “Yeh hai youngistan meri jaan”
Tata Sky “Isko laga daala toh life jingalala”
“Congress ka haath, aam aadmi ke saath”
VIP “Kal bhi aaj bhi, aaj bhi kal bhi”
Carat Fresh Integrated’s Recommendation:
A slogan-driven campaign to make the brand name Aegon Religare memorable
The campaign…
Helpin’ U PrepareAegon Religare!
And, if needed, similar slogans in Hindi and other languages as well
Coz, Insurance is all about preparation
Why ‘PREPARE’?
Preparing for the future
Preparing for child’s future
Preparing for retirement
Preparing for security of your family members
Helpin’ U PrepareAegon Religare!
Ideally, such a campaign should receive both - ATL & BTL support.
Since we aren’t looking into ATL duties at the moment, we suggest an activation campaign for the same.
Helpin’ U PrepareAegon Religare!
Activation Idea
Slogan Star Child Plan+
Helpin’ U PrepareAegon Religare!
Activation Objectives
Improving ‘Memorability’ of the brand name
Generating leads for Star
Child Plan+
Helpin’ U PrepareAegon Religare!
Activation Idea – An OverviewDiscovering talent at an early age is critical
Aegon Religare will hold and administer a psychology test to little children which will help them discover their inclinations
Since this psychology test will enable discovery of hidden talents/inclinations, it will be titled the EUREKA TEST
Once the test is administered the child’s parents will receive a detailed report on the child’s inclinations
Along with the report, parents will also receive AEGON RELIGARE STAR CHILD PLAN information kit
The information kit will explain how the child’s talents can be developed and how the parents’ dreams for their child can be achieved through AEGON RELIGARE STAR CHILD PLAN
If needed, parents can contact Aegon Religare to assist them in finding the right institutes for developing their child’s talents
Where will EUREKA TEST be held?
Touch Points
Schools
Residential societiesClubs
Tuition classes
Helpin’ U PrepareAegon Religare!
How will EUREKA TEST be promoted?
Helpin’ U PrepareAegon Religare!
MediaLeaflets
BannersPR
Radio
Helpin’ U PrepareAegon Religare!
End Benefits
Genuine and unique engagement platform for the brand. First of its kind in the industry.
A chance to convert EUREKA TEST into an annual property and thereby, generate fresh leads year-after-year.
The brand gets to own an important word ‘PREPARE’ given the context of Life Insurance, and opens up opportunities to leverage the word in future.
In consonance with and leveraging the ATL campaign
Last but not the least, the brand name will stay on the tongues and in the minds of parents as well as their children
Direct contact with the prospects.
Helpin’ U PrepareAegon Religare!
THIS IS IT.