Voya Financial, Inc. has created a Chinese version of its name to help appeal to the Asian-American community and reinforce its commitment to this growing market.
The Chinese name is pronounced wò yǎ—which translates to richness and happiness of life for the future.
According to the Pew Research Center, the Asian population in the U.S. grew 72% between 2000 and 2015—from 11.9 million to 20.4 million—the fastest growth rate of any major racial or ethnic group, Voya says. A study found Asian-Americans are focused on saving for retirement, but that competes with a focus on taking care of extended family.
“As the demographics of the U.S. continue to shift, we need to make sure that we’re thinking about the financial needs of all Americans. This includes understanding cultural differences and looking for creative ways to better communicate the services that we offer,” says Rodney O. Martin Jr., chairman and chief executive officer, Voya Financial.
In addition to unveiling its new Chinese name, Voya launched a three-month advertising campaign to help build brand awareness in the Asian-American community. The campaign leveraged a combination of television and digital ads as well as paid searches to target key Asian-American markets and media channels. For example, as part of the campaign activation, the company has been running Voya commercials in Mandarin on Chinese television stations in a number of select U.S. cities—like San Francisco, Los Angeles and New York City.To celebrate the Chinese New Year on February 16, Voya also launched a series of posts on its social media channels. More information can be found by visiting the Mandarin page at voya.com/journey.