Brand strategy for Convoy: a leading financial planning...
Transcript of Brand strategy for Convoy: a leading financial planning...
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Convoy Business Administration Paper 2005
Authors: Cato, Roy, Ricky, Heidi 1
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Convoy Business Administration Paper
2005“Brand Strategy for Convoy –a Leading Financial Planning
Services Provider”Authors:Leung, Sze Man CatoLi, Ching Yeung RoyNg, Ming Tak RickyTam, Hoi Yi Heidi
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Agenda• Marketing Research
• Competitive Analysis
• Recommendation– Target customer– Positioning– Objective– Promotion strategies– Budget
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Convoy Business Administration Paper 2005
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Primary Research
Exploratory Research
• Secondary Data
• Focus Group
Step 1:Descriptive Research
• Survey(Through questionnaires)
• Sample size = 200•Interviewees: People interested in financial planning services when they have surplus on their income.
Step 2:
Marketing Research
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Findings from the survey
There are five major findings from our survey:
1. Awareness level of financial planning service providers
2. Potential customers of financial planning services
3. Selection criteria of financial planning service providers
4. Preferred brand image of a financial planning service providers
5. Situations that respondents will use financial planning services
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Finding 1aAwareness Level of Financial Planning Service Providers – First of Mind Brand Awareness
(a) First of Mind Brand Awareness
1st
Number of respondents
Total: 187
AIA Convoy Hang Seng Bank HSBC Others
Conclusion:HSBC becomes the first of mind brand when customers think of financial planning service provider.
Companies
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163148
87 76 72 62 64
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142
6946
86 92103
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100
150
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Total: 1337(b) Aided Brand Awareness
Number of responds
1st – 81.5 %HSBC
Companies
2nd – 74%AIA
3rd– 71%Hang Seng Bank
12th – 32%
Convoy
Conclusions:The top 3 aided brand awareness:
1. HSBC (81.5%) 2. AIA (74%) 3. Hang Seng Bank (71%)
Whereas, Convoy ranked 12 in aided brand awareness (32%)
Insight:Brand recognition of Convoy in the market is just fair. There are still rooms for improvements.
Finding 1bAwareness Level of Financial Planning Service Providers – Aided Brand Awareness
HSBCAIA Company (Bermuda) LtdCiti GroupZurich Insurance GroupCASH Frederick Taylor LtdCMG Asia LtdConvoy Financial Service LtdDBS Bank (HK) LtdGlobal Investment Advisors Ltd.
Hang Seng Bank Ltd.ING Financial Planning Ltd.INVESCO HK. Ltd.Manulife (International) Ltd.Standard Chartered Bank (HK) Ltd.The Prudential Assurance Company Ltd.
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Finding 2: Potential Customers of Financial Planning Service
3.1458 or above
3.2348 to 57
3.738 to 47
2.9228 to 37
2.5918 to 27 Age
4.03Above $60,001
3.73$50,001 - $60,000
3.1$40,001 - $50,000
2.97$30,001 - $40,000
2.86$20,001 - $30,000
2.8$10,001 - $20,000
1.75Below $10,000 Family Income
3.47Female
2.88MaleGenderMean*Factors Conclusions:
• 3 groups of people have higher intention to use financial planning services:
1. Female
2. Aged between 38 to 47.
3. Family Income > $60,001.
Insight:• We suggest Convoy to use demographic factors to narrow their target market, so as to make the promotion campaign more cost effective.
* Remark: Mean is equal to the intention of respondents in using financial planning services, the higher the mean, the higher of the intention.
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Finding 3:Selection Criteria of Financial Planning Service Providers
0.134Diversify Services
0.139Charge
0.169Services Quality
0.171Professional Knowledge
0.187Trust of Company Advisor
0.205Brand Image
Impact Level *(A higher impact level represents more important)
Factors Conclusions:
With the use of Regression, the top three factors affecting selection criteria are as follows:
1. Brand Image
2. Trust of Company Advisor
3. Professional Knowledge
Insights:
We suggest that Convoy should build a good brand image, emphasis on trustworthy and having professional knowledge when formulating the branding strategies.
*Remark: Impact level are the beta value in the regression analysis
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Finding 4:Preferred Brand Image of a Financial Planning Service Provider
Total: 200Strong Financial Support
Mature
Youthful
Diversify Product
Cogency
Professional
1st
2nd
Insight:
We suggest Convoy to build a brand image of cogency (中肯) and being professional as it is most preferred by the potential customers.
Number of respondents
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Finding 5:Situations that Respondents will Use Financial Planning Service
Insights:Convoy can target at people having the following characteristics :
1. Have surplus of money
2. Want to have a higher expected return
3. Want to accomplish their life goal
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93
115101
43
23
87 7
Total: 578
2nd – 18.86%Want to have a higher expected return
1st – 19.90%Having surplus of money
3rd – 17.47%To accomplish life goal
To make retirement provisionsWant to have a higher expected return
To have surplus of moneyTo accomplish life goal
Don’t know how to manage wealthDon’t want to manage wealth by themselvesTo prepare for child-rearing and education expenseOthers
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Agenda
• Marketing Research
• Competitive Analysis
• Recommendation– Target customer– Positioning– Objective– Promotion strategies– Budget
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Competitive Analysis
Banking organizations
e.g. HSBC
Insurance Companies
e.g. AIA
Independent Financial Advisors
e.g. Convoy
Three main types of organizations providing financial planning service
3 different dimensions for comparison(1) Product nature
(2) Number of investment categories for customers to choose from
(3) Level of cogency (中肯) in giving advice to customers.
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Competitive Analysis
1. More investment products for customers to choose from
2. More cogency advice can be provided to customers
Competitive advantage of Convoy
HSBCMain Competitor of Convoy
Conclusions:Banking Organizations and IFAs are targeting at the same group of customers
Insights from competitive analysis•As see from Finding 4 (Slide 9), cogent is the most preferred brand image of potential customers;
•Here, when IFA compared with banks or insurance companies, Convoy is providing a more cogent (中肯) advice to their customers;
•So the competitive advantage of cogency should be emphasized in formulating the branding strategies.
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Agenda• Marketing Research
• Competitive Analysis
• Recommendation– Target customer– Positioning– Objective– Promotion strategies– Budget
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Recommended Target CustomerSegmentation:People having surplus of money are with the following characteristics:
Psychographic segmentation
Demographic segmentation
• Want to have a higher expected return on investment
• Want to accomplish their life goal
• Aged between 38-47
• Family monthly income >$60,000
Selection Criteria: (From finding 3, 4; slide 8,9) 1. Brand image of the services providers : Professional, Cogency
2. Trust of the advisors
3. Professional knowledge of the advisors
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Recommended Positioning
• Convoy ≣ IFA – with the image of being professional and providing
cogency advice.
Aim:To create the association of Convoy to IFA, Convoy can make the target customers perceive Convoy equal to IFA
Objective:To increase Convoy awareness in the target market from 32% to 72%, so that Convoy becomes the top five brand awarenessservices provider.
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Promotion Theme
Being professional and cogency, we use our talent to manage
your wealth.
專業中立 用我才引您財
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Agenda• Marketing Research
• Competitive Analysis
• Recommendation– Target customer– Positioning– Objective– Promotion strategies– Budget
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Recommended Strategies
Form Belief, Cogency and Professional4b. Print Advertisement 2- Marble
Form Belief, Trust and Professional4a. Print Advertisement 1- Sky
Create Awareness and StrengthenRelationship
3. Convoy Charity Bowling Day
Educate customer and induce Action2. Educational ProgramCreate Awareness1. TV Commercial
PurposesPromotion Campaign
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Recommended Strategies1. TV Commercial
Purposes• To create awareness within Convoy’s target customers that
Convoy can help their customers to accomplish their life goals
• Rationale behind: – Findings show that accomplishing life goal is the third
reason for people to use financial planning service.
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1. At first, we show several warm and fragrant family photos. 21
2. Then, it quickly zooms out from the windows to the sky. 22
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3. In the sky, there is Convoy text statement formed by clouds. 23
4. Lastly, an ending slide with promotion theme is shown. 24
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Recommended Strategies1. TV Commercial
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Recommended Strategies2. Educational Program“Convoy, Your IFA Presents:
One-minute Financial Planning Tips”
Purposes• To increase awareness level of Convoy• To help consumers perceive Convoy is equal to IFA
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Message Strategies• There are totally four episodes (With reference to AIDA Model)
Aims at educating people about IFA and providing tips for investmentBuild a professional image for Convoy
• Followed by the logo of Convoy and the slogan “Convoy is your independent financial planning advisor”
To help people associate Convoy is equal to IFA
Induce ActionHow to choose IFA?Episode 4Create DesireBenefits of using IFA to investEpisode 3Create InterestWhat is IFA?Episode 2Build AttentionThe Importance of InvestmentEpisode 1
PurposesTopicsEpisodes
Recommended Strategies2. Educational Program“Convoy, Your IFA Presents:
One-minute Financial Planning Tips”
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Others Supporting of the educational program• At the same period, radio advertisement will be used as a complement of
the program.• Advertorials in finance and business magazines
Media planning• TVB Jade
– Rationale behind: • Having a high reach of HK citizen
• Roadshow (media on KMB bus)– Rationale behind:
• Cost is relatively lower compared with TV
• Commercial Radio 1– Rationale behind:
• Having a high reach of HK citizen
Recommended Strategies2. Educational Program“Convoy, Your IFA Presents:
One-minute Financial Planning Tips”
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Recommended Strategies3. Convoy Charity Bowling Day
Purposes• To strengthen the relationship with customers of Convoy
and the public• To build up a caring image and corporate goodwill in Hong
Kong and China
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Strategies• From our findings bowling
is the favorite hobbies for the respondents who have higher intention to use financial planning services.
• Customers only need to donate HK$500 and they can join the bowling competition
• The winners can join the final-round competition with the famous singers.
10:00-18:00Time:
Olympian CityVenue:
Andy Lau, Gigi LeungCelebrities:
Morning andAfternoon Session
Sessions:
June 2006Date:
Recommended Strategies3. Convoy Charity Bowling Day
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Strategies• The charity fund will donate to the needed children in
Mainland China.
To build up a caring image and corporate goodwill in Hong Kong and China
Convoy can show her social responsibility in Mainland China
Make people in Mainland to perceive that Convoy is reliable and can be trusted
Easier to enter to Mainland China market in future
Recommended Strategies3. Convoy Charity Bowling Day
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Recommended Strategies4. Print Advertisement
Purposes• To form a belief and further emphasize cogency, trustworthy and
being professional• Rationale behind:
– The top three selection criteria of financial planning service provider are brand image, trust of company advisor and professional knowledge.
– Findings show that people prefer a financial planning service provider with the brand image of cogency, professional.
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Purpose• To form a belief that Convoy is
trustworthy and being professional
Message StrategySlogan: “Just because I trust you”
• Girl praying to the God• To create association between
trusting God and trusting Convoy. • The slogan of “Just because I
trust you” is to strengthen the effect of the print ad.
Media Planning• Headline Daily and Next Magazine
Recommended Strategies4a. Print Advertisement 1 - Sky
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Recommended Strategies4b. Print Advertisement 2 - Marble
Purpose• To form a belief that Convoy is
cogency and being professional
Message StrategiesSlogan: “Convoy can help your life tobecome as simple as childhood”• Customers play marbles when they
were young• Create the stopping power and
recall their memories • Using the black and white marbles
are to emphasize on the cogency (中肯) of Convoy
Media Planning• Headline Daily and Next Magazine
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$800,000$100,0008Headline Daily, ROP, full page Full Color, Mon - Fri, 1 spot per week, for 8 weeksNewspaper Ad: Cogency
$800,000$100,0008Headline Daily, ROP, full page Full Color, Mon - Fri, 1 spot per week, for 8 weeksNewspaper Ad: Trust
$1,500,000 $1,500,000 ---Sunday, 10:00a.m to 6:00p.m, hold in Olympian City with 6 lanes Event Marketing: Bowling
$502,720 $502,720 ---KMB, 60s, 800 bus per days, 8 days per months KMB Roadshow
$5,373,160Total Budget
$360,000$45,0008Next Magazine, ROP, full page Full Color, Mon - Fri, 1 spot per week, for 8 weeksMagazine Ad: Cogency
$360,000$45,0008Next Magazine, ROP, full page Full Color, Mon - Fri, 1 spot per week, for 8 weeksMagazine Ad: Trust
$139,440 $139,440 ---CR1, buy a package, 9 times/day, 252 times/ monthRadio
$570,480$142,620 4TVB Jade, J3 (23:35 - 24:35), F9, Sat – Sun, 60s, one time/ week
$340,520$85,130 4TVB Jade, J7(18:55 - 22:55), F3, Mon – Fri, 10s, one time/ weekTVC
Total cost ($)PriceTimesDetailsPromotion tools
Budget
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The End
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