14th Annual MARKETING WORLD 2013:
A Frost & Sullivan Executive MindXchange
Leveraging Our Distribution
Network & Channels
to Enhance the Brand Experience
Ketty Trivedi
Director, Voluntary Marketing, Prudential Group Insurance
The Prudential Insurance Company of America (Prudential)
0247061-00001-00
Key Take-Aways
• Employee communication preferences
• Insight into consumer purchase decisions
• Best practices to build a positive brand experience
POLLING RESPONSE INSTRUCTIONS
POLLING QUESTION
What impacts brand experience
the most?
4
Poll: What impacts brand experience the most?
What Is Brand Experience?
FEELINGS
&
ATTITUDES
1. EXPECTATIONS
2. EXPERIENCE
3. RECOLLECTIONS
Source: Creating a Positive Brand Experience, Zoo Media Group, 2013.
6
Prudential A trusted brand. An industry leader.
Source: 2012 Prudential Financial, Inc., Newark, NJ, USA.
7
Distribution Networks & Channels
8
1 BROKER / CONSULTANT
2 EMPLOYER
3 EMPLOYEE
B2B
B2C
The Distribution Network
9
1 BROKER / CONSULTANT
2 EMPLOYER
3 EMPLOYEE
RELATIONSHIP
VALUE & PRICE
EDUCATION
The Sales Factors
10
PRUDENTIAL ACCOUNT MANAGEMENT
EMPLOYER BENEFITS ADMINISTRATION
The Marketing Channel
11
WORK
SITE
ONLINE HOME
MAILING
B2B
B2C
CUSTOMERS’ PRIORITIES
NUMBER OF COMPETITORS
COMMODITY LABEL
LIMITED ACCESS
LIMITED KNOWLEDGE
LIMITED ACCESS
The Challenges
12
RESEARCH
CONSULTATION
EXPERIENCE
The Solutions
13
RESEARCH:
Employee
Communication Preferences
14
Annual Employee Benefits Research 2006 - 2013
15
APPROACH CURRENT SNAPSHOT
LOOK AHEAD 5 YEARS
PURPOSE DEVELOP PRODUCTS
SHARE WITH MARKET
16
POLLING QUESTION
Which communication do
employees prefer
for employee benefits?
17
Poll: Which communication do employees prefer ...
2010
2010
2010
2011
2011
2011
2012
2012
2012
Multi-Year Findings
19
1
2
3
Group
Meeting
Work
Home
Online
Presentation
Source: Fifth Annual Study of Employee Benefits: Today & Beyond, 2010; Sixth Annual Study of Employee Benefits: Today & Beyond, 2011;
Seventh Annual Study of Employee Benefits: Today & Beyond, 2012.
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
2010 2011 2012
Mobile
Emerging Employee Preferences
20
Social
Source: Fifth Annual Study of Employee Benefits: Today & Beyond, 2010; Sixth Annual Study of Employee Benefits: Today & Beyond, 2011;
Seventh Annual Study of Employee Benefits: Today & Beyond, 2012.
RESEARCH:
Insight into Consumer
Purchase Decisions
21
Employees’ Perspectives
22
Consumer Insights Reveals Opportunities to Improve Financial Wellness, Prudential Financial, 2012.
Know they need it.
Don’t know how much they need.
Think it’s for current & future debt.
Overlook day-to-day expenses.
Narrow
View
Source: Consumer Insight Reveals Opportunities to Improve Financial Wellness, Prudential Group Insurance, 2012.
POLLING QUESTION
How do employees make
benefits purchase decisions?
23
Poll: How do employees make benefits purchase ...
FRAMING Select enough to cover narrow view.
ANCHORING Select the default amount.
SHORTCUTS Based on cost and perceived affordability.
Basis of Purchase Decisions
25
Source: Consumer Insight Reveals Opportunities to Improve Financial Wellness, Prudential Group Insurance, 2012.
DEFAULT
Leverages inertia.
Expands understanding.
CHECKLISTS
PERSONALIZATION
Makes it real.
Effective Interventions
26
Source: Consumer Insight Reveals Opportunities to Enhance Effectiveness of Enrollment Sites, Prudential Group Insurance, 2013.
EXPERIENCE:
Effective Strategies
27
POLLING QUESTION
What drives the highest
response from consumers?
28
Poll: What drives the highest response from co...
Experience Shows What Matters
ANALYZE NEEDS
Gender
Age
Salary
Life Stage
Multicultural Groups
TIMING
On-Cycle
30
5%
11% Off-Cycle
Source: Prudential Group Insurance Results, 2012 & 2013.
Experience Shows What Matters
PERSONAL
ADVICE
Take Action
CONVENIENCE &
PERSONALIZATION
Online
31
9%
16%
8%
48%
Home Mailing
Online & Home Mailing Source: Prudential Group Insurance Results, 2012 & 2013.
CONSULTATION:
Best Practices
Build Positive Brand Experiences
32
Understand Your Consumer
33
LIKE? TIMING?
THINK? NEED?
Influence Your Consumer
For Internal Use Only 34
EDUCATE
AND
PAMPER
35
Q&A The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102.
© 2013. Prudential, the Prudential Logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related
entities, registered in many jurisdictions worldwide.
