When market conditions change, you need to respond quickly and concisely. That could mean repositioning your product, redefining your audience or changing the vehicles you use to communicate.
Media Logic’s work with Penn Mutual on the development and launch of its Accumulation Builder Indexed Universal Life product (IUL) gives us a great example of how Brand Amp can be used in exactly this type of situation.
Now, when most people think of insurance, “exciting” probably isn’t the first word that springs to mind. But things around Penn Mutual have been exciting lately, as the company has been revving up its product development engines to address the unique challenges of our current economy.
John Hayes, Global CMO of American Express, summed it up nicely at a recent marketing conference when he said:
“The marketer that stops innovating in tough times is
‘carving their brand’s own tombstone.’ Companies that build
the infrastructure to respond to changing customer behavior
quickly will reap the rewards from customers who will be
looking to award their hard-earned dollars to those brands
which provide them with the greatest value and understand
their needs.”
Harnessing the power of Brand Amp, Media Logic and Penn Mutual looked at the shifts in the marketplace and identified key opportunities. This, in turn, led to development of a compelling value proposition and product messaging for “Accumulation Builder IUL” – an innovative new insurance product designed to unlock the potential of Penn agents’ current customer base.
To build engagement and increase product momentum, Media Logic also built proprietary tools that allowed Penn’s agents to get up to speed on the new product quickly and get ready to sell it confidently.
By taking advantage of BrandAmp, Penn Mutual was able to keep its offering in step with the evolution of its customers’ needs – helping ignite conversation and re-excite a target population.
