Paul Holmes 05 Jul 2001 // 11:00PM GMT
Public relations services were needed to translate what AnnuityScout.com already had established as a reputable firm to the online marketplace. Hill and Knowlton’s messaging proved successful for AnnuityScout.com, as the majority of media coverage was overwhelmingly positive on the “new breed” of annuities. In particular, AnnuityScout.com was featured in many stories as experts in the industry, providing an excellent service that offers investors value and education in the process.
AnnuityScout.com has had a presence in the annuity marketplace since 1987, known as Independent Advantage Financial (IAF). The new name, AnnuityScout.com was founded to coincide with the company’s pursuit of an online distribution channel. Going online was the next logical step for AnnuityScout, allowing the company to pull together everything its management team has learned to give their customers the best value and buying experience.
OPPORTUNITIES/CHALLENGES
One of the largest obstacles to the success of gaining awareness and media recognition was the fact that annuities have a reputation as being “old, stale, boring, or misunderstood.” However, this stereotype served to fuel the need for research and made us strive to showcase AnnuityScout.com as not only offering an innovative service to investors, but providing a logical alternative in an unstable investment market.
RESEARCH
Hill and Knowlton conducted extensive research, such as media soft-soundings, competitive coverage and media audits, to formulate AnnuityScout.com’s positioning within the annuity industry.
Our research revealed:
- AnnuityScout is the only shopping service for no-load annuities
- AnnuityScout could capture a position as the nation’s leading marketplace for annuities
- Its shopping service allows for a neutral, non-competitive position in the annuity market place
- AnnuityScout could take advantage of an analogy between mutual funds and annuities, with the difference being a lag of 15 years. As annuities move to no-load, they are poised to take-off, just as mutual funds did during the last two decades.
- With the right outreach, AnnuityScout could provide insurance companies with the opportunity to reach investors and not offend their existing agents, while creating more volume in under-served markets.
PLANNING
A year-long communications/media plan was put in place, with quarterly foci that would build awareness and understanding among desired segments and audiences. The plan emphasized the need to create Web traffic and generate name recognition as well as trust and security in the company and its offerings.
Objectives:
- Drive potential investor traffic to AnnuityScout’s newly constructed Web site
- Attract insurance companies as strategic partners
- Attract funding to fuel aggressive company growth
STRATEGIC APPROACH
Our overarching strategy was to showcase AnnuityScout.com as a tool for financial planning and wealth building to attract media coverage. Specifically we sought to:
Educate the public about annuities, either directly or through the media Capitalize on the industry’s evolved state and how today’s product can fit the needs of a changing marketplace to enhance AnnuityScout.com’s online presence Build a solid media kit, highlighting AnnuityScout.com’s longevity in the annuity industry and breadth of knowledge and resources. Included in the kit is the site map and print interviews to help guide reporters about the products/topics that company executives can address Provide spokespeople for radio, TV, online and print media Penetrate trade publications to attract the appropriate industry players with by-line articles, story ideas, etc. Obtain coverage in personal finance sections of newspapers and magazines to attract individual buyers EXECUTION The need to target trade media nationwide took priority in the year-long plan, given the ability of these outlets to reach strategic partners and product suppliers. Therefore, our plan included: RESULTS To date, AnnuityScout.com has been featured in the following sampling of outlets: Magazines: Investment trades: Newswires and Online media: Daily newspapers: Broadcast radio and television: Throughout the intensive five-month start-up period, the media exposure was significant and acknowledged by the client as a critical contribution both to Web site hits and sales. During the outreach campaign, AnnuityScout.com monitored and measured performance in relation to web hits and sales. As indicated below, the campaign made a substantial impact on AnnuityScout.com’s operations. Web hits per month: Number of User Sessions Number of Page Views APRIL 19,530 37,547 MAY 47,447 121,473 JUNE 63,858 230,420 JULY 68,932 558,048 AUGUST 91,260 558,048 Sales of annuities per month: Sales APRIL $ 3,293,632.00 MAY $ 3,505,504.00 JUNE $ 4,927,184.00 JULY $10,384,493.00 AUGUST $10,335,565.00