Julian Steedman, MD, at Brandex gives his thoughts on ATL advertising, its challenges and how the market has adopted new ways of marketing.
Campaign: A word we are hearing more and more in the London Insurance Market. If I add the heady, soho-honed acronym of ATL (Above the Line) in front of it, you’d have been hardpushed to find one of those in the Square Mile in the last 10 years.
Outside the Square Mile is a very different story and therein lies an interesting dichotomy for marketeers within the London City limits, according to our data.
There have been two long standing challenges in the London Insurance Market for as long as I can remember, and I go all the way back before the internet. The first is getting buy-in to invest money in advertising, marketing and long-term brand building, and the second has been how to track whether you’re advertising or marketing campaign has worked.
Now the world has moved on significantly in the last 20 years when it comes to marketing channels, digital and the ability to track digital multi-channel activity.
Liberty Specialty Markets’ ‘Raising the bar for Claims’ ad spotted on the tube.
But how do you get that to stand out? You have to be brave, different and creative according to Gracechurch data. And you have to spend money on getting both digital and analog eyeballs!
So back to the conundrum of ATL advertising. What is interesting is how well some brands in the
London Market perform either as part of a global brand or in the retail insurance space.
A place where only the big budgets succeed, but this is not always the case.
For some, this adds to the confusion of what the brand stands for, particularly where M&A activity has muddied the waters. It is very different selling pet insurance in Leeds than it is selling satellite insurance in Lloyds, and brand advertising needs to reflect those nuances.
But mainly the brands that have retail ATL running, or global sponsorship programmes in football, motor racing, sailing et al, have a clear head start when it comes to front of mind awareness and marketing effectiveness.
This is clearly evidenced in the latest Gracechurch London Market Marketing effectiveness tracking. According to Gracechurch data, London brokers who are aware of an insurer are seven times more likely to shortlist that insurer for good quality business.
It is interesting to see the more ‘specialist ’brands adopting some of those strategies and tactics, you only have to head down into Bank Station or Liverpool Street to see it in action.
Does it work? Well, you have to come and ask us that question… Don’t you just love marketing effectiveness tracking data!