Standard Life, which launched in Hong Kong in late 2000, found its 180-year UK heritage and foundation was irrelevant in Asia, and it failed to generate cut through in the competitive insurance sector.
The company entered the Hong Kong and China markets as part of its efforts to diversify its international strategy in the 90s.
David Hughes, chief operating officer at Standard Life Asia, said: "It was difficult to make our mark in terms of brand positioning. When we first arrived, we did something very traditional in the way we branded our company. We used the corporate blue and gold, and we painted the Star Ferry in those colours for months. While this attracted attention, we felt it didn't distinguish us from the rest of the insurance companies and financial firms."
The company overhauled its brand positioning with Springpoint (see page 11), and this month will launch a major advertising campaign with Lowe, which won the Standard Life advertising and media account after a three-way pitch. The agency will also revamp the company's website, while Motiv8 will handle all below-the-line work, including 'collaterals', which cover a range of publishing projects and booklets targeted at both consumers and the trade.
"The insurance sector here is at a different stage of development than in the US or UK, with most products distributed through agents, who are self-employed and make a living through selling one company's products.
It's a very hierarchical and costly distribution system. What we see in Hong Kong is a developing independent advisor market or broker market, and so the advertising had to reach both consumers and brokers," said Hughes.
He added that despite greater consumer awareness, Hong Kong remained behind Taiwan and Japan in terms of insurance penetration.
The economic downturn in Hong Kong has led insurance and finance companies to focus advertising on consumers' fears of old age and uncertainty of the future.
However, the Standard Life advertising campaign focuses on 'making more of life'. It raises questions which encourage people, such as young couples starting out in life, to look at things differently. One execution shows a child drawing on the walls and furniture, and asks the question: 'Pest or Picasso?'. Another print execution features a drinking glass and the tag line 'Half full or half empty?'.
The campaign includes two TVCs and four print ads, as well as outdoor advertising on buses and trams.
As part of a guerrilla marketing drive, the company will hijack sections of local newspapers and entire walls in Hong Kong.
Product-specific advertising will follow later this year.
DIRECTING STANDARD'S TRANSFORMATION
Above-the-line Lowe
Online Lowe
Direct marketing Motiv8
Brand consultancy Sprintpoint Asia
