Prudential: Day One - Painting a real picture of retirement in America
Droga5 New York
With almost $50 billion in revenues and $3.6 billion in profits, Prudential is ranked 55th in the list of Fortune 500 companies, and competes with financial services providers such as Metlife, Fidelity and Vanguard. Unlike many financial institutions, Prudential (Pru) weathered the 2008 financial crisis well, becoming one of the largest financial companies not to take government bailout (TARP) money. It boasts a remarkable 98% brand recognition and attributes anchored in "stability" and "security." But this apparent strength came with a crippling downside.
When the Agency won the Prudential business in 2011 (becoming its first agency of record since 1996) the brand was not as strong as it seemed. Its 135-year track record had been a badge of confidence, but now was perceived as a dusty, bookish institution suffering from a lack of relevance.