Icesave Case Study
Challenge:
Icesave is a new on-line brand owned and operated by Landsbanki, Iceland's premier bank. In October 2006 Kinross + Render launched the brand's first product, an easy access on-line savings account. The product is designed around a brand promise of consistent competitiveness and values of clarity, transparency and simplicity.
Strategy:
Our strategy focused on generating a buzz around the brand and the core message of competitiveness. It was important to give the brand a personality and, given consumer research had highlighted positive attitudes towards Iceland, we drew on the country's characteristics.
Tactics:
The first phase of our programme focused on cost effective media relations, given the product's obvious strengths and competitive launch rate etc. Supported by the basics of a well researched media and industry commentator database, competitor profiling, media mapping and trends analysis, the team undertook a pre-launch programme of briefings. We also prepared stunning launch photography featuring an ice skater carving the launch rate in ice with her skates.
An Ice Bar went on tour to the offices of NatMags and IPC Media, with briefings held at the stand over iced tea and coffee for personal finance, website and features editors. An Icesave goody bag, containing products that summarised all the best things about Iceland, helped to generate excitement and make Icesave memorable. 30 magazines attended the roadshow and within a day coverage appeared on Good Housekeeping, Web User and What Investment websites. Features, profiles and joint competitions were also established for 2007, with a range of long lead-time home interest, country and leisure titles.
Results:
Launch day generated extensive coverage across national, regional and on-line media, followed through in the weekend papers. Follow up activities included case study placement and a press trip to Iceland for non-competing journalists from Financial Mail on Sunday, Management Today, Moneywise and Woman & Home. Being one of the first out with a positive response for savers to the Bank of England's interest rate rise generated a further swathe of positive coverage.
The programme will continue in 2007, with an exciting new report - Futures on Ice, a programme for broadcasters and, potentially, direct to consumer promotions.
Within the first three months of launch, Icesave's PR reached a circulation of 150,420,490, with positive messages about the product or direct recommendations - independent of the coverage achieved across most of the best buy tables. On-line coverage from the best financial advice websites was extensive and the BBC's Money Box covered Icesave in two programmes, including an interview with Icesave MD Mark Sismey-Durrant.
Coverage in nationals, from both a features and news perspective, was extensive and overwhelmingly supportive - 148 separate items were published in Quarter 1. Typical headlines ranged from MoneyMail's "A hot rate on offer at Icesave" to the Independent on Sunday's "The Iceman cometh and savers swoon". The programme also achieved a number of cover stories, including one in The Guardian, which also featured a full page spread inside on Icesave and one of our photographs.
This positive coverage has continued in the three months since launch. The Sunday Times has already run two of our case studies - under the headlines "Icesave looks like a hot deal" and "Savers told to dump ING for Icesave". Further in-depth features are planned by journalists attending the press trip and Ice Bar roadshow.
A significant proportion of the consumer rush to the web site could be linked to the PR. Most importantly, Icesave exceeded its target level of subscribers for the launch period many times over, achieving deposits of £2 billion and over 60,000 customers within four months of launch.
Client quality review was 100% positive, concluding"The PR results exceeded all our expectations and had a huge impact on our success."
