CorpComms Magazine

When Liverpool Victoria Friendly Society, a mutual dating back to 1843, found it difficult to fit its full name on the stumps at the County Cricket Championships it sponsored, it was just one more sign that it was time for a change.

Last month Liverpool Victoria, which is now headquartered in Bournemouth, unveiled a modern new look that shortens its name to LV=. 'The whole exercise was not something we took on lightly,' explains David Radford, group marketing director. 'We have a long heritage and a well-established consumer franchise with 2.5 mn customers. We were well aware of the pitfalls of doing something radical.'

The starting point was to consult with customers who, because the company is a mutual, are also its owners. 'Their feedback was that we had not kept pace with market developments,' Radford says. 'We had a great tradition and heritage, but we didn't have a modern look or feeling. The perception was that we were very old-fashioned.' The fact that Liverpool Victoria had long abandoned its Liverpool roots merely reinforced this perception of the name being outdated.

The name also polled poorly among non-customers who were unaware Liverpool Victoria was a financial institution offering competitively priced products, which undermined its basic strategy. It further highlighted how a new brand could become a competitive tool.

The launch of the £2 mn new identity, which was designed by London-based consultancy the Partners, marks the culmination of a period of significant restructuring within the company, where the board was revamped and the business units redefined. Shortening the name from Liverpool Victoria Friendly Society was not a difficult decision - many financial advisers were already referring to it as LV, and customers and staff had complained about the lengthy name when it came to text messages and e-mails.

The lime green colour is a dramatic change, but Radford is adamant that it polls well with consumers. 'It stands out and so gives us a competitive advantage,' he insists. 'Many financial companies are staid and conservative, concentrating on blues and sombre colours that suggest they are a safe home for your money.'

By contrast, lime green is fresh and vibrant. It is also a colour more associated with retailers, a fact that attracted LV= as it has no high street presence. The shape of the V is intentional, too, suggesting as it does a heart.

'It is all about customers being at the heart of the business,' explains Radford. The equal sign can mean many things. To some it will mean 'equals a mutual', while others believe it equates to 'competitive'. 'It is flexible but really LV= means a lot of benefits to its customers,' concludes Radford.

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