Plan B™
The Agency Alternative
V-12
Background
When an economic downturn caused poor mutual fund performance across the industry and record investor withdrawals, mid-tier fund companies such as Van Kampen found themselves at a competitive disadvantage. Investors were suddenly only interested in the biggest, most widely advertised fund companies — Fidelity, Vanguard, et. al. And their financial advisors, already reeling from business downturns, were only too happy to go along.
Van Kampen realized that many financial advisors had low awareness of their mutual funds. But using network television and other mass media like the proverbial 800-lb. gorillas was neither possible nor practical. Instead, Van Kampen turned to Plan B for a direct marketing program with the potential to break through and build sales.
Business Objectives
• Drive top of mind brand awareness and a strong, positive brand image among financial advisors.
• Reinforce Van Kampen’s main brand attributes including product breadth, performance, experience and personal service..
• Educate key advisors on Van Kampen product features to build loyalty and repeat purchase.
Insight
Plan B knew how important it would be to create a dramatic point of difference between Van Kampen and its key competitors. After examining competitor’s advertising messages, a strong potential approach began to take center stage — focusing on the advisors themselves.
The large mass-marked funds were all talking to the individual investors in lockstep, each stressing that their own particular fund family was the best choice for today. Plan B felt the strongest position for Van Kampen would be to stress what they can do for advisors — leveraging their experience and knowledge to help advisors grow their business and please their clients.
Plan B also sought to make this an ongoing program, ready to work for advisors year-round rather than on a one-shot basis. This suggested a combination of both print and online program elements for increased involvement among both top-producing advisors and high-potential advisors.
Strategy
• Target new and current financial advisors with a program that emphasizes the importance of the advisor in helping clients reach their financial goals.
• Create a comprehensive year-round program that helps Van Kampen stand out from competitors and generates industry buzz.
• Equip advisors with new marketing programs and tools that help create Van Kampen specific sales opportunities.
Approach
Plan B designed and created the “V12 Power Tools” Program for Van Kampen — relying on 12 individual marketing tools to support financial advisors’ efforts. Two separate mailing packages were prepared to gain advisor participation; one for top producers and one for new and high‑potential advisors.
The top producers received a Power Tools Binder that contained printed sales information on Van Kampen funds, P.O.P. posters for their office, plus a CD-ROM with animated PowerPoint presentations and a desktop publishing application for producing customized brochures and mailing labels. New and high‑potential advisors received the entire presentation on CD-ROM.
Materials were updated quarterly to allow for a steady stream of communications and timely messages that reflected the improving external market conditions. This also allowed advisors to send out their own quarterly marketing materials to clients using exclusive Van Kampen content.
Results
• High levels of participation by financial advisors.
• Wide usage of Van Kampen’s customized direct mail materials to pull more business into advisors’ offices.
• Financial advisors’ new sales of Van Kampen funds registered a significant increase.