With lending expected to top £2bn in 2016 the Direct channel were targeted with a PVNBP increase of 27% year on year for Equity Release. It was expected that new and existing lenders would make more noise and find new angles within the market and to beat market growth we needed to do things differently and at a pace.
Brief: The briefing process concluded that we needed broader involvement in the customer journey and to have visibility at every point, from awareness to consideration to the end goal of conversion. The audience was clearly defined - 55+ adults who own their own homes and are not good savers - and we needed to appeal to these people to allay any negative connotations they may have held about Equity Release historically, whilst also persuading them that the product was something that could help to create them a better financial future as well as allowing them to stay in their own home.
Response: We sought to engage customers earlier on in the process, engendering trust through Aviva's brand heritage and strong market position and planting the seed of consideration before encouraging them to speak to a financial adviser and find out how they could benefit from Equity Release. A range of media was employed to build a truly integrated multi-channel campaign spanning across email, door to door, press, direct mail and a new channel for this product for Aviva - DRTV. Alongside the offline media channels, we created a response focused 30 second DRTV ad to run on daytime tv across a broad selection of channels weighted to engage the core target audience. Initial results are extremely promising with us almost reaching call volume target in the first month. The campaign has been extended and additional spend allocated to increase spots on top performing channels.