Life insurance and pensions company Aegon is planning to more than double its UK marketing spend to top £10m, in a bid to raise its brand profile among consumers.
The move is part of its strategy to compete more aggressively with “better- known” rivals, including Axa, Aviva and Standard Life.
UK marketing director Steve Clode says the brand has “ambitious plans” to break into the retail space, and is increasing its consumer advertising and marketing accordingly.
“The intention is to increase our retail presence. At the moment pretty much all of our marketing is around independent financial advisers. We are trying to turn the volume up and make it clear that we areboth a big name and a very strong global organisation,” Clode says.
Earlier this week it agreed a £30m, five-year deal with British Tennis, the LawnTennis Association’s flag-ship sponsorship property, and appointed Edinburgh-based Leith Agency as its first lead advertising agency.
Clode says sponsorship will be a more effectiveway of building its brand than through traditional advertising.
“Sponsorship won’t do every marketing job, but it certainly plays in the awareness space,” he says.
The Dutch company entered the UK market in 1996 when it bought the Scottish Equitable brand.
The brand still remains and Clode says there are no plans to axe it.
Clode was appointed UK marketing director last year, joining from Nationwide where he was responsible for a number of initiatives including securing the building society’s sponsorship of the England football team.