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The most expensive ad ever made?

It's a recession and so what better time for an insurance firm to rename itself and spend £10 million ($15 million) on an advert.  Starring Bruce Willis, Dame Edna Everage, Ringo Starr, Elle Macpherson
and Alice Cooper, the purpose of the ad is to announce that the
200-year old brand, Norwich Union, is now officially renamed Aviva. 

Norwich Union is Britain's biggest insurer and this is one of the most expensive adverts ever aired
on British TV.  That is why some of us are asking why spend all of this money now, especially when Norwich Union have been part of Aviva since 2002?

According to the FAQ of the Aviva website, "although rebranding costs money, the savings we'll make by marketing
one brand instead of several more than make up for it. Becoming one
brand means we'll get maximum value out of our marketing budget and
means we can share our learning and expertise across all our markets."

Ah, so that makes perfect sense. 

That's why you'd spend £10 million on the rebranding campaign.

And that is why you'd leave the RAC, another brand within the Aviva Group, as … the RAC.

Makes perfect sense to me.

Or maybe it doesn't make sense.

When I blog about Wells Fargo and others using social media effectively, they get their customers to make their ads and post them on YouTube.

A £10 million TV campaign smacks of old school marketing think.

"Oh yea, let's get some big name celebs and brainwash the nation over the holidays", I hear Aviva execs shouting in the boardroom whilst hi-fiving.

Thing is, no-one's really watching.

Wouldn't they have been better getting some geeks who changed their name to Bill Gates or Elvis Presley to post their stories on YouTube and then take the best and cut them into an ad.

It would have been far more effective … and a lot, lot cheaper.

They could have then used those savings in a tie-up with MoneySupermarket or Confused – the insurance broker comparison websites – offering cheaper premiums.

Ah, but you have to remember who the audience is … group pension policy decision-makers in large corporations.

And maybe, just maybe, they are the ones sitting watching the box on Boxing Day.

Very hit and miss though.  I think the viral comparasite tie-up would have been far more cost-effective and then get the sales guys to take out the group pension policy decision-makers for New Year's lunches.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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