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ZAG by Marty Neumeier
#1 Strategy of High-performance brands
Com 459Jeff McNeillLyn Jang
Step #1 - Who are you?
I am the NYL insurance company=life insurance company
1-1
Where do you have the most credibility?
-life insurance & annuities
-high quality products
-product financial management
-high level of personal satisfaction
1-2
Where do you have the most experience?
Community
Place wherever people are
1-3
Where does your
passion lie? “Customer’s loyalty”
A future obituary
for your brand
New York life insurance company for 190 years, the company keep, closed its door yesterday.
NYL had a long history of helping to Provide security for individuals, families and businesses for 190years. It extend the brand to the all over the world. Closed with cash and assets worth in excess of 4 biiion dollars, a sum the company says it will donate to causes that include third world education, and poor countries. By providing various life insurance, annuities and long-term care, they created the vital link between the company and its customers. The NYL kept #1 life insurance sales and customer loyalty in the U.S until this year.
The NYL will be remembered as the best saver for people’s lives
Step #2 - What do you do?
What business are you in?
Mutual life-insurance business
(Mutual fund, variable annuities, variable
universal life insurance)
Sell insurances
Decide what your purpose
Satisfy people’s needs its security
Help people to prepare their future
State your purpose
in 12 words
Or less
We are here to make you be ready
For Tomorrow
Step #3 What’s your vision?
What do you want to accomplish
in 5,10 or 20 years
Make consumers want our product
Make consumers say NYL products is the one they trust
How can you make this vision
palpable and exciting? A focusing on life insurance, we seek continued growth
for successful asset accumulation product ( can’t deny the fact consumers Want accumulation product)
- Annuity , mutual funds-
And to grow long=term care business
While remaining a life insurance company, we still have to furnish Quality equity products for our agent to make available to their prospects and clients.
Test it on a real piece of communication
NYL named #1 in customer loyalty in2007
The Brand Keys Customer Loyalty Engagement Index,
fielded annually in the spring and fall,
currently examine customers' relationships
with 362 brands in 55 categories.
Go back and refine it further NYL is the they prefer most, and
We will make customer keep us
customers
choices
NYLOTHER
COMPETETORS
Paint a vivid picture of your future
Step #4 What wave are you Riding?
What trend is powering
your business?
A movement away from the traditional mutual structure to the “demutualized”-
stock company- format
- The aforementioned shift to financial services
How powerful is it?
Those tends within the industry have been forcing such profound change
Can you ride more than one trend at a time?
Yes, but we don’t-
remain a life insurance company
instead of becoming a
financial supermarket and remain a mutual company instead
Of joining the parade to Wall Street.
Make a list of the trend
s that will power your success
-become a financial supermarket
-join the parade to Wall Street
-remain a life insurance company
-remain a mutual company
Step #5 Who shares the Brandscape
Who else
Competes in your
Category?
Foremore, First, Metropolitan, Prudential, Euitable,
Northwestern Mutual, Massachusetts Mutual, Guardian life,
Mutual of New York, John Hancock, Manulife and sun life,
ING,The Hartford,MetLife,Travelers,Prudential,AXA,Aetna
Who comes first,
Second, and third in
Customers’ minds?
1)NY Life 2)ING 3)The Hartford4)MetLife5)Travelers
Find out how
Your brand ranks
With customers
NYL is the best insurance company
Design a strategy to become
Number one or two, Or, become the
First mover in a new category
Central to our success are our New York Life agents, who are widely recognized as
the best-trained professionals in the industry.
Our agents have the ability to understand each customer's objectives and draw
upon New York Life's products to best address those objectives.
Step #6 What makes you the “ONLY”
WHAT THE ONLY Focusing on life insurance, seeking continued growth for successful asset accumulation products-annuities and mutual funds- and grow long-term care business
HOW THAT While other companies rush to offer financial service, taking their eye off the ball; no more focusing on life insurance, the key product, we are focusing on life insurance where other top competitors lose market share .
WHO FOR Clients
WHERE IN In home court, life insurance market filed,
WHY WHO As life expectancies increase and the population ages, people’s need for protection is balanced by their need for wealth.
WHEN IN AN ERA OF
The First Choice Since 1845For more than 160 years, New York Life Insurance Company's unwavering financial strength and time-tested investment strategies
have provided consistent value and solid financial protection for our clients and their families.
Since becoming the first American life insurance company to pay a cash dividend to policyholders in the mid-1800s,
New York Life has continued to build a history of innovation — enhancing our existing product lines, creating new financial products,
and maintaining a diversified portfolio to best accommodate our customers' changing needs and lifestyles.
Central to our success are our New York Life agents, who are widely recognized as the best-trained professionals in the industry.
Our agents have the ability to understand each customer's objectives and draw upon New York Life's products
to best address those objectives.
As you seek financial security for yourself and your loved ones,
you want the best: A strong and vital company with a competitive product line and a superior sales force
that is committed to providing personal attention to your individual needs.
Step #7What should
You add or Subtract?
What existing brandElements are undermining your onliness?
What new brandElements could
Strengthen your onliness?
How do the remaining element align with your vision?
Make a list of allCurrent and planned
Offerings and brand elements
Be brutal-it’sBetter to err
On the side of sacrifice
Decide which Offerings to keep, Sacrifice, or add
, the company you keep (slogan), color- Blue, #1 life insurance sales in the U.S ( another slogan)
Need a new slogan which contains “Trust”, blog, more work on website
Our vision: Make consumers want our product Make consumers say NYL products is the one they trust All slogan can be align with our vision
==Humanity is Our CornerstoneOne of New York Life's core values is its commitment to humanity. In fact, our charitable contributions date back to 1853,
when the Company helped victims of a yellow fever outbreak in New Orleans. Since then, New York Life has distinguished itself by responding in times of crisis, helping to build stronger,
more vibrant communities and contributing resources to address emerging social issues.In 1951, the Company established the first formal contributions budget. In 1979, the New York Life Foundation —
the primary vehicle through which the Company supports charitable causes — was established. Since then, the Foundation has donated more than $75 million
to national and local nonprofit organizations, including Camp Fire USA, the Hispanic Scholarship Fund, Girls Inc., and the Schomburg Center for Research in Black Culture.
In 1998, the foundation implemented its Nurturing the Children initiative, which focuses on childhood education and mentoring programs.
Since the Foundation's inceptions, we've given more than $100 million in grants. $26 million has been devoted to the Nurturing the Children initiative as of January 1, 2006.
For all of these reasons, we believe that while we are known for a long history of financial strength, our greatest strength comes from our firm belief in humanity and compassion
Should add more financial services, scarify health insurance, rest of them should be kept
Life insurances, investment annuities, long term care insurances, mutual funds, retirement income, Health insurances
Step #8Who loves
You?
Diagram your brand’s ecosystem
Who makes up yourBrand community?
Decide how each participant will both contribute and benefit
How can you manageThe “gives and gets”
So everyone’s happy?
people
We have a variety of products (keep creating more products)So that people have more choice
They buy what they want, and we get what we want- money
Business process( innovation&adaptation)
-operating business Integration platforms
= Agent= Product service
Channels ValueCommunity experience platforms
Create promises
Target market- Customer platforms
To reach loyal customer, supplies Perceive value
Step #9Who’s the
Enemy?
Which competitor can you paint as the bad guy?
Tell your customers what you are not
In no uncertain terms
The HartfordING
MetLife Travelers Prudential
In the rush to offer financial services, many of our top competitors had taken their eye off the ball; they
No longer focusing on life insurance, theirKey product,.
But we are focusing on life insurance and we also seek continued Growth for
our successful asset accumulation products.As life expectancies increase and the populationAges, people’s need for protection is balanced
By their need for wealth.
10. What do they call you?
Is your name Helping or
Hurting your brand?
If it’s hurting, is there an opportunity to change it?
If it’s too late to change it, is there a way to work around it?
Is it suitable for brand play?Does it have creative" legs’
Choose a name that's different,Brief, and appropriate
Make sure it’s Easy to spell and pronounce
Find out if the name can be used as a url
Determine how easy or difficult if will be to legally defend
Helpful
It IS suitable for brand play, we are New York Life and if you have a respected brand name with life in it, what better business to be in?
Easy to spell, pronounce, this name has been used for 160 years
Step #11How do you
Explain Yourself?
What’s the one true statement you can make about your brand?
Avoid any commas or “ands”
Craft a true line thatTells why your
Brand is compelling
Turn your truelineInto a tagline to use
With customers
#1 in Customer loyalty, customer satisfaction
-One of New York Life's core values is its commitment to humanity.
NYL is always fulfilling customer’s needs
Step #12How do you
Spread the word
How can you align all your CommunicationsWith your zag?
How can you unpack your name, Trueline, and tagline?
Only compete at the touchpoints whereYour can win
Make sure your messaging is as different as your brand
How can you enroll brand advocates through messaging?
Agent= Messenger
Throughout the history, agents at NYL have been the vital lint between the company
And its customers. Our agents are workingEveryday to spread the word, they are becoming
Leaders in their own communities.Agents have licenses for various kinds of
insurance and it tells clients that agents are Professional and word agents used are
Believable.
Step # 13How do people
Engage with you?
What are you selling and how are you selling it?
Which touchpoints will let youCompete in white space/?
Map your value proposition against those of your competitors
Discover customer touchpoints whereYou will be unopposed
See which competitive areas you can avoid entirely
Any individuals, selling life, insurances, investment annuities, long terms care insurances, mutual funds, retirement income, health insurance
International markets, focusing on mutual funds
By remaining a life insurance company and sticking with our competencies, we remain a big fish in a small pond
as a major life insurance company, whichWe feel is preferable to becoming a small fish in a big pond,
Competing with Citigroup and Merrill lynch. Simply doing what we do best in domestic
Markets and emerging markets is our most likely avenue for success
•Mutuality differentiates us from the market. As more and more •Companies demutualize, mutuality confers a level of
Uniqueness. It allows our agents to go back and tell clients and prospects that we’re one of the few companies that remains a
Policyholder company, and the becomes a marketing advantages.
Step #14What do theyExperience?
How will customers learn about you?
How can you “enroll”Them in your brand?
Who will be yourCompetition at each
Touchpoint.?
Where should you put your marketing resources?
Bet your resources on the experiences That ZAG
Map the customer journey from non awareness to full
enrollment
Customers learn about us from our agents and people around them who have our brand
As Customers buy our brand,-insurances-, they will be enrolled in our brand.
Other agents from other insurance companies
any communities, anywhere people are
Our customers will experience how they own value is important, how they can make it better moreover they’ll learn how to prepare for their future
customer
Friends how know our brand
TV ads
Agents
Become curious about our brands
Step #15How do you
Earn theirLoyalty?
How can you help customersBuild barriers to competition?
How can you avoidCreating
“disloyalty program”
Start by being loyal to customers
Don’t make new customersFeel punished or
excluded
Give loyal customers the toolsTo introduce new
customer
New York Life Insurance Company is number one in life insurance sales and in customer satisfaction in the U.S.1 Our sales force is
recognized as one of the best trained in the industry, and our agents among the most qualified for understanding and
addressing each customer's individual needs.
All New York Life agents must complete an extensive training program to give them the necessary tools to properly evaluate your insurance
and financial needs. More importantly, their training is ongoing,
so their professional knowledges always up to date and keeps pace with rapid changes
in the financial marketplace.
Customer satisfaction is our agents' driving force, so their primary responsibility Is to ensure that clients and their loved ones have optimal protection,
and to help policyholders achieve a variety of financial goals.
Our agents are well qualified for this important work. Many have received their CLU (Chartered Life Underwriter) and ChFC
(Chartered Financial Consultant) designations, and hold higher level degrees.
Our field force's ongoing commitment to continuing education reflects their dedication
to equip themselves with the best tools available in order to serve you better.New York Life agents rightfully earn the trust and loyalty of their clients.
Perhaps that's why our agents have led the world in Million Dollar Round Table memberships
— the most prestigious of life insurance honors — for 50 consecutive years. The Million Dollar Round Table is an association
of leading sales professionals in the life insurance industry.
STEP #16How do youExtend your
Success?
How do you keepGrowing the brandYear after year?
Avoid extensions thatBring you
Into competition With leaders
Avoid extensions thatUnfocused the brand the
Brand’s meaning
Add extensions that Reinforce the
Brand’s meaning
Choose between a house of brands and a branded house
The New York life strategy
Continue to grow the life insurance, annuity and long-term care businesses domestically
And project core competencies-including actuarial, underwriting and marketing expertise – to high growth,
Emerging international market.
Many of our top competitions had taken their eye off the ball
:they were no longer focusing on life insurance, their key product, and were consequently
Losing market share in theirHouse court. However, NYL, we are focusing on life insurance
The international marketplace We are already active in six countries
in Asia and Latin America and anticipate operatingIn the world’s two most populous nations-
India and China-In the near future.
STEP #17How do you
Protect your portfolio?
How can the wholeBe worth more than
The parts?
How can you stay focused under short-term profit pressure?
Avoid c-sickness-contagion,Confusion, contradiction,
And complexity
Understand the long-termEffects of brand extensions
It might brings some more money as otherCompanies move to Financial services,
However, it’s only part of huge market. We , NYL,Don’t make a small picture, but a big picture. Remaining a mutual builds on the strength of
Our corporate culture. for 155 years, our companyHas managed for the future. Our culture is oriented Towards this financial stewardship: the company’s
Perspective as well as its management Philosophy have always been long-term rather than
Short. And our agents, who represent us to the customer,
are more comfortable with the mutual format. -Mutuality differentiates us from the market. As more
And more companies demutualize, mutualityConfers a level of uniqueness.
-we have no need to raise cash ( we haveSufficient capital to fuel our
Future growth ( at the end of 1999, our surplus-or net worth
-was over $8 billions, with more than $2 billion of That available for strategic acquisitions.