Leveraging Our Distribution Network & Channels to Enhance the Brand Experience ·...

14th Annual MARKETING WORLD 2013:

A Frost & Sullivan Executive MindXchange

Leveraging Our Distribution

Network & Channels

to Enhance the Brand Experience

Ketty Trivedi

Director, Voluntary Marketing, Prudential Group Insurance

The Prudential Insurance Company of America (Prudential)

0247061-00001-00

Key Take-Aways

• Employee communication preferences

• Insight into consumer purchase decisions

• Best practices to build a positive brand experience

POLLING RESPONSE INSTRUCTIONS

POLLING QUESTION

What impacts brand experience

the most?

4

Poll: What impacts brand experience the most?

What Is Brand Experience?

FEELINGS

&

ATTITUDES

1. EXPECTATIONS

2. EXPERIENCE

3. RECOLLECTIONS

Source: Creating a Positive Brand Experience, Zoo Media Group, 2013.

6

Prudential A trusted brand. An industry leader.

Source: 2012 Prudential Financial, Inc., Newark, NJ, USA.

7

Distribution Networks & Channels

8

1 BROKER / CONSULTANT

2 EMPLOYER

3 EMPLOYEE

B2B

B2C

The Distribution Network

9

1 BROKER / CONSULTANT

2 EMPLOYER

3 EMPLOYEE

RELATIONSHIP

VALUE & PRICE

EDUCATION

The Sales Factors

10

PRUDENTIAL ACCOUNT MANAGEMENT

EMPLOYER BENEFITS ADMINISTRATION

The Marketing Channel

11

WORK

SITE

ONLINE HOME

MAILING

B2B

B2C

CUSTOMERS’ PRIORITIES

NUMBER OF COMPETITORS

COMMODITY LABEL

LIMITED ACCESS

LIMITED KNOWLEDGE

LIMITED ACCESS

The Challenges

12

RESEARCH

CONSULTATION

EXPERIENCE

The Solutions

13

RESEARCH:

Employee

Communication Preferences

14

Annual Employee Benefits Research 2006 - 2013

15

APPROACH CURRENT SNAPSHOT

LOOK AHEAD 5 YEARS

PURPOSE DEVELOP PRODUCTS

SHARE WITH MARKET

16

POLLING QUESTION

Which communication do

employees prefer

for employee benefits?

17

Poll: Which communication do employees prefer ...

2010

2010

2010

2011

2011

2011

2012

2012

2012

Multi-Year Findings

19

1

2

3

Group

Meeting

Work

Email

Home

Mail

Online

Presentation

Source: Fifth Annual Study of Employee Benefits: Today & Beyond, 2010; Sixth Annual Study of Employee Benefits: Today & Beyond, 2011;

Seventh Annual Study of Employee Benefits: Today & Beyond, 2012.

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

2010 2011 2012

Mobile

Emerging Employee Preferences

20

Social

Source: Fifth Annual Study of Employee Benefits: Today & Beyond, 2010; Sixth Annual Study of Employee Benefits: Today & Beyond, 2011;

Seventh Annual Study of Employee Benefits: Today & Beyond, 2012.

RESEARCH:

Insight into Consumer

Purchase Decisions

21

Employees’ Perspectives

22

Consumer Insights Reveals Opportunities to Improve Financial Wellness, Prudential Financial, 2012.

Know they need it.

Don’t know how much they need.

Think it’s for current & future debt.

Overlook day-to-day expenses.

Narrow

View

Source: Consumer Insight Reveals Opportunities to Improve Financial Wellness, Prudential Group Insurance, 2012.

POLLING QUESTION

How do employees make

benefits purchase decisions?

23

Poll: How do employees make benefits purchase ...

FRAMING Select enough to cover narrow view.

ANCHORING Select the default amount.

SHORTCUTS Based on cost and perceived affordability.

Basis of Purchase Decisions

25

Source: Consumer Insight Reveals Opportunities to Improve Financial Wellness, Prudential Group Insurance, 2012.

DEFAULT

Leverages inertia.

Expands understanding.

CHECKLISTS

PERSONALIZATION

Makes it real.

Effective Interventions

26

Source: Consumer Insight Reveals Opportunities to Enhance Effectiveness of Enrollment Sites, Prudential Group Insurance, 2013.

EXPERIENCE:

Effective Strategies

27

POLLING QUESTION

What drives the highest

response from consumers?

28

Poll: What drives the highest response from co...

Experience Shows What Matters

ANALYZE NEEDS

Gender

Age

Salary

Life Stage

Multicultural Groups

TIMING

On-Cycle

30

5%

11% Off-Cycle

Source: Prudential Group Insurance Results, 2012 & 2013.

Experience Shows What Matters

PERSONAL

ADVICE

Take Action

CONVENIENCE &

PERSONALIZATION

Online

31

9%

16%

8%

48%

Home Mailing

Online & Home Mailing Source: Prudential Group Insurance Results, 2012 & 2013.

CONSULTATION:

Best Practices

Build Positive Brand Experiences

32

Understand Your Consumer

33

LIKE? TIMING?

THINK? NEED?

Influence Your Consumer

For Internal Use Only 34

EDUCATE

AND

PAMPER

35

Q&A The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102.

© 2013. Prudential, the Prudential Logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related

entities, registered in many jurisdictions worldwide.