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Industry: Email Alert RSS FeedHigh-Yielding Assets - Lincoln National Corp. strategy to target affluent individuals
American Demographics, March 1, 2001 by Marshal M. Rosenthal
Byline: MARSHAL M. ROSENTHAL
LINCOLN SETS ITS SIGHTS ON THE RICH AND NOT-SO-FAMOUS. THE MEMO In 1996, Lincoln National Corporation provided a full range of financial services to consumers, but did so under several different brand names, including Lincoln Life, the Delaware Group, and Vantage Global Advisers. In anticipation of a more competitive marketplace, execs at the Philadelphia-based company hit on a strategy: to target small-business owners and provide high-end financial services to high-asset individual investors - people with at least $3 million in income-producing assets. Trouble was, most consumers had no idea that Lincoln or its subsidiaries even existed. Those who were familiar with the company thought of it as a regional insurance provider - not a natural place to park your spare millions. This 95-year-old firm was going to have to unify, update, and strengthen its brand in order to attract the superrich. But how?
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THE DISCOVERY Wirthlin Worldwide, a research firm in McLean, Virginia, conducted six exploratory focus groups in Philadelphia, New York City, and Chicago, followed by a national telephone survey of 1,000 people. Key finding: Consumers who were aware of the Lincoln name had a favorable impression of the company - in fact, more favorable than any of its competitors. Lincoln companies earned high ratings for integrity, straight talk, trustworthiness, and breadth of products and services. Further research revealed an unclaimed niche in the industry: Consumers did not identify a single company as being both innovative and easy to work with - a position that Lincoln could own.
Based on this new positioning, advertising agency Martin/Williams, in Minneapolis, created brand elements that were tested in a series of 12 focus groups in San Francisco, Chicago, and Columbus, Ohio. The result was a new logo that would unify all Lincoln's subsidiaries: A silhouette of Abraham Lincoln, who tested well on integrity, trustworthiness, and straight talk. There was also a new tag line, "Clear Solutions in A Complex World."
THE TACTICS Martin/Williams created four television spots which feature the affluent in their natural habitat - not satisfied with just maintaining their standard of living, but seeking the security and freedom to be able to really enjoy their lives. For instance, one spot shows a person driving a vintage race car. The voice-over: "At 25, I wanted to make vice president. At 35, I wanted to make my first million. At 45, I wanted to make enough to buy the company. Now all I want is to make it around this track two-tenths of a second faster." Another spot features a doctor who has spent a lifetime building her practice and is now working on her development as a human being by treating underprivileged children.
Advertising executions for print, Web banner ads, and other media were spun directly off the television spots, which ran on ESPN, CNN, Headline News, A&E, The History Channel, MSNBC, as well as the major networks. Affluent consumers were targeted in high-profile magazines, including Bloomberg, Barron's, Fortune, and Time, as well as specialty publications like Architectural Digest, Travel+Leisure, and Smithsonian. Early 1998 saw the launch of the lfg.com Web site, which echoed the advertising with the corporate logo, theme, and images from the print and television campaigns. Online banner advertising was also placed on such high-traffic sites as Yahoo, ESPN.com, and The Wall Street Journal online.
THE PAYOFF Lincoln Financial Group's re-branding campaign caught the attention of the affluent, according to two years of tracking by Wirthlin Worldwide. Between 1998 and 2000, aided brand awareness among consumers with assets between $250,000 and $500,000 rose to 36 percent from 22 percent. Between 1999 and 2000, aided brand awareness among consumers with assets of more than $500,000 increased to 38 percent from 31 percent. The company's Web site is also evidence of the re-branding campaign's success. In 1998, Lincoln's site garnered just over 1,000 hits a day. By June 2000, that number had climbed to over 36,000 per day.
Marketer Lincoln Financial Group Advertising Agency Martin/Williams Public Relations Agency Fleishman-Hillard Research Company Wirthlin Worldwide
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