LV= The power of love
Principal authors: Miriam Mainwood, Designate Communications and John O'Sullivan, 24-7 ideas.com
Contributing authors: Sarah Bulling, Guy Hedger and Nick Whitnell, LV=
This is a story of how a dynamic, modern rebrand and advertising strategy combined with an intelligent multi-media and multi-channel approach can completely turn a company around.
In 2006, Liverpool Victoria was a business in trouble, losing customers at a terrifying rate. The bulk of the £2.6m marketing budget was spent on lacklustre direct mail campaigns and the TV advertising was sporadic, dull, uninspired and totally ineffective. As a consequence the insurance business was in serious and terminal decline and due to FSA solvency requirements it was predicted then that if the rate of decline had continued, Liverpool Victoria would have had to cease trading personal insurance by 2011.
Action had to be taken and in 2007 the company was rebranded to LV=; the advertising transformed into a contemporary, modern appealing brand; a new icon created (the lime green heart) and the media mix strategy dramatically revised.