FMNL7726 - Half page vertical advert for Mortgage Introducer (September 2013 News Review: Protection Distinctly different Not so Sports Direct
by Peter Le Beau, managing director, Le Beau Visage
I was on a tube train recently going to a football match. A lot of young lads fuelled by some early alcohol were in fine and expletive-ridden voice when the train pulled in to Parsons Green station. Tey decided to deride a young man and his girlfriend who were standing quietly on the platform. Te remarks were obscene, highly personal and completely un- deserved but the abused young man just shrugged them off. Ten they started to mock attire with
his the chant
“Sports Direct, Sports Direct, Sports Direct.” As someone who regularly
buys very reasonably priced attire at that shop I thought this was an inexplicable ploy. But to my surprise the young man flew into an uncontrol- lable rage and beat at the tube doors just as they closed. Tis triggered a very clear
thought in my mind. Brands matter enormously and aſter discussing the incident with some of the lads on the train they explained that the SD brand was perceived to be of lower quality because it was cheap. I thought it odd but indica-
tive. It was not the time to en-
quire about any insurance brands that they recollected. A wet Saturday lunchtime in West London on the way to a match is not a time or situation conducive to conducting mar- ket research. In fact that group might not be a likely demo-
www.mortgageintroducer.com
graphic in terms of the need to purchase life or health cover. But if we do want to get young people as a whole remotely interested in the products we sell we need to find a propo- sition that can be purchased online and surround it with a brand that has real appeal and credibility for the under 30 age group. Regular
research by the
Syndicate has shown the im- portance of recommendations from family and friends and observation of the way young- er people approach financial transactions underlines the importance of trust and a pre- requisite for purchase. A composite picture is start-
ing to build. Online access… trust…
credibility and image. Not an easy combination to achieve and not one that currently exists in our market. Te big question is will anyone think to build such a brand or will they take the time-honoured traditional view that young people don’t buy insurance. Maybe the answer lies in the
extension of an existing cool brand like Google or Facebook or maybe it lies in a new player able to engage with the new world of tablets, androids and apps.
Of course even if you cre-
ate a brand the products you sell should enhance that brand and there must be a proper alignment of product, process and access. Certainly there are
easier
markets to penetrate but given the ease which you can navi- gate through the underwriting process and with their pro- pensity to buy online it might be a very feasible challenge to attempt.
MORTGAGE INTRODUCER SEPTEMBER 2013 15
www.paragon-mortgages.co.uk 0845 849 4057
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