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(Extracted from How Asia Advertises by Jim Aitchison)
Re-branding A Unit Trust
The Problem:
The 1997 economic downturn left its legacy in Singapore. Many consumers had been burnt, or knew someone else who had been. Anything considered an “investment” was automatically equated with high risk. Most Singaporean were happy to leave their money in savings accounts; at least with a savings account, “you know your money is secure”.
Not surprisingly, the unit trust category was stagnant. And conventional advertising didn’t help; complicated communications with bank talk, pie charts and graphs only confirmed consumers’ prevailing fears.
Against this scenario, DBS Bank planned the rebranding and relaunch of what had been previously communicated as a unit trust product. Frank Russell, one of the world’s largest investment strategy consultants, managed the fund. It was distributed by the bank and leveraged the DBS brand. The business objective was to have 30,000 Singaporeans each invest US$6,000 in the fund over a 12-month period.
The Strategy:
Despite their fears, Singaporeans did want to be wealthier. They didn’t want to hear about investing. Rather, they wanted to know how to save more.
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Armed with that insight, the agency developed the campaign proposition: A smarter way to save. The fund was branded “eight”, the luckiest Chinese number of all. Amusing situations in TV commercials and print ads portrayed Singaporeans and their dreams of wealth, each execution tagged with the positive injunction Get Ready For A Better Life. A Walter Mitty-esque man is seen with his son, dreaming of the day when he can afford a lavishly-stocked wine cellar. A girl flying Economy fantasizes about being in Business Class. A young executive imagines being chauffeur – driven to work – much to the puzzlement of a bus driver.
The tonality was light and engaging. Consumers were directed to pick up the prospectus, itself a refreshing change from previous unit trust publications. “eight” was explained in a colorful outsized book, written in consumer language and uncluttered by jargon.
The Results:
100,000 copies of the prospectus were moved in the first week of the campaign. “eight” attracted US$130 million in the first 4 weeks. The 12-month business objective – US$180 million – was achieved in 8 weeks. “eight” re-stimulated the category, which it now leads.
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