Will a shift in approach be effective for Prudential?

For years insurance companies have tried to get people to save more money for retirement with little success.  In fact, according to a recent study the situation is "worse than you thought," and the average American couple has only $5,000 saved.  (Malito, 2017)

Back in December 2015, Prudential launched a new campaign focusing on social proof as a means of persuasion.  You can look at the commercial here...

https://www.youtube.com/watch?v=2QIBj__R7ec

My students that semester had high hopes for the campaign.  You can read their comments here...

http://pjlehrer.blogspot.com/2015/12/is-using-social-proof-secret-to-getting.html

But since that campaign was discontinued, and I can find no trace of it currently on the website, one has to assume it was not effective. 

And now it is being replaced by a new campaign.  According to Niharika Shah, VP head of brand marketing and advertising "rather than throwing out stats and facts the formula allows us to tell a people-powered story." (Pasquarelli, 2017)

You can look at the new commercial here...

https://www.youtube.com/watch?v=eIPrH4XYDKs

So, what do you think?  Which of the approaches that we discussed in class last night are they using?  Are they using them well?  Do you think they will be successful this time?  Or are Millennials more likely to use new disrupter brands such as Ladder, Fabric and Tomorrow? 

Malito, A. (2017, May 20) It’s worse than you thought: Americans are drastically under-saved for retirement. marketwatch.com.  Retrieved September 6, 2017, from

http://www.marketwatch.com/story/the-amount-of-americans-not-saving-for-retirement-is-even-worse-than-you-thought-2017-02-21

Pasquarelli, A. (2017, September 1) Prudential Taps Real-Life Couples to Push Retirement Services. adage.com.  Retrieved September 6, 2017, from http://adage.com/article/cmo-strategy/prudential/310313/

 

 

 

Sorry Mass Mutual, I don't think Millennials will respond to your new campaign. Assuming they were even your target.

Maybe it's just me.  But when I watch this new commercial from Mass Mutual I am confused.  According to the company, the insight that led to the campaign is that interdependence is our greatest gift.  And based on this they have chosen to try to persuade Millennials through their parents.  Or are they trying to persuade parents to buy more insurance to help their kids?  (Pasquarelli, 2017)

When I look at this ad, I think that unfortunately they are trying to do both, and as a result they are doing neither well.  Rule #1 in marketing - know who your target is. 

Take a look and see what you think...

https://www.youtube.com/watch?v=IF1dvq3Qu2Y

Over the past several years we have seen a couple of insurance companies trying to engage Millennials.  According to my students, Prudential, who uses "social proof," i.e. the need to belong, to persuade was the most successful.  And some appreciated the humor in the NY Life spot, which uses "liking" to connect with the target.  You can read their thoughts here...

http://pjlehrer.blogspot.com/2016/09/prudential-vs-new-york-life-which-will.html

But I can't help but wonder what they would make of Mass Mutual's effort.  In all likelihood, they won't even notice it.

Pasquarelli, A. & Stein, L. (2017, May 15)  Finances Are Family Affair in MassMutual Campaign.  adage.com.  retrieved May 19, 2017, from

http://adage.com/article/cmo-strategy/massmutual-pushes-multi-generational-dependence/309017/