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Financial Services Direct Mail Case Studies



Financial Services Direct Marketing Case Studies
Chill Insurance: Refreshing Approach to Life
FBD: No big deal, just a good good deal
Friends First: Awaiting Your Signature
123.ie: The Power of an Envelope
FBD: Our Policy Is You
Standard Life: Bring it Home
Aviva: Brand Migration

 

Chill Insurance: Refreshing Approach to Life


Agency:
DMCM
A very tight budget and the fact that Chill had never done a Direct Mail Life Insurance campaign before were not the ideal starting point in terms of database of customers who had taken out Personal Accident cover for their children going back to school the previous year. This audience was an ideal target for Life Cover cross sell being in their late 20's to early 40's. The agency sought to communicate that Chill offered a 'Refreshing Approach to Life' with the special offer of 50% off the first year's cover and given that they had 30 days to take up the offer, the agency included a mini-credit card pack of branded mints that would literally stay with the recipient for the weeks following the promotion as a constant reminder. The campaign was personally signed and a personal PS was written with each piece. This was possible as the campaign was sent out in regular weekly waves so that all pieces sent could be carefully followed up by phone to ensure the best possible response. The campaign more than tripled the objective response and conversion set, in a notably tough market to win new customers.

FBD: No big deal, just a good good deal


Agency:
Ignition integrated ideas people
By way of dealing with 'marketplace noise', it was a considerable challenge to develop a tone of voice to engage with the consumer in a genuine way that answered their policy concerns very simply, clearly delivered value and benefits to them and made policy renewal seem less like a chore and more like being 'looked after'. The agency wanted to make FBD's corporate claim that 'Our Policy is You' credible to the customer and an important tool of acquisition. It was also important to deliver the current ATL creative platform 'No big deal, just a good good deal' into the 2012 Direct Mail activity. In a cut-throat marketplace where promiscuous customers were shopping around, demanding value and being poached by new insurance providers, who 'shouted rather than touted' for consumers' attention, the agency's challenge was to develop a switch and renewal policy campaign to increase sales in FBD's three insurance markets which they did successfully in 2011. Thus the campaign management continued into 2012 but creative and copy content was refreshed. Direct Mail had worked extremely well in the previous trading year and was a measurable channel in terms of budget, response measurement and ROI. Results from 2011 made it a clear winner in terms of what channel to use in communicating with customers. Insurance is an important purchasing decision and by using direct mail, it was more private, but very direct and personal medium to deliver a proposition to the customer. As such, it allowed use of personalisation and variable text to show product benefits in an individual context, and highlight how with one piece of paper they can make 'go from nought to renewal with ease'.


Friends First: Awaiting Your Signature


Agency: Dialogue
Friends First  created the Friends First Distribution Partnership as Brokers are viewed as their essential partners. Through this programme Friends First offers a significant level of strategic and marketing support to any broker that signs up. To give a sense of the unique opportunity that joining the Distribution Partnership would offer, Friends First sent two mailings to 150 selected brokers. The first was a mysterious request for their signature; the broker was not told why but was simply reassured that they would be very impressed with what followed. The second mailing revealed all. A high quality presentation box was sent that included a unique metal pen etched with the recipient’s signature. The entire mailing was a clear indication of Friends First’s commitment to brokers and they responded accordingly. In fact the brokers who were prompted to join the Distribution Partnership programme by this campaign now account for 40% of Friends First’s total business. 


123.ie: The power of an envelope


Agency:
Acorn Marketing
The financial services market is highly competitive - many brands offer similar products and the market is declining. 123.ie's differentiation is how it does its marketing and how it uses clever tactics to consistently improve the return on investment of its marketing spend. This campaign shows how testing formats in a single vehicle can yield excellent results. It also shows you how you can actually become more sophisticated in profiling and targeting, even with unaddressed mail.

FBD - Our Policy is You


Agency:
Ignition
Insurance in an important purchasing decision and by using Direct Mail it was a very direct and personal medium to deliver a proposition to the consumer. In support of the brand positioning ‘Our Policy is You’, FBD created a tone of voice that was relaxed, personable and conversational, so consumers felt the letter was coming from somebody they could trust as well as having their best at heart in terms of the best policy and benefits. By getting the databasics right first and combining it in a design template for all three insurance policy types, the digitally printed and personalised conversational copy enabled the letter to ‘do all the talking’ for FBD and powerfully reinforce their ‘Our Policy is You’ proposition. This was even printed and personalised on the back of the letter. The campaign delivered a marked increase in quote request traffic and converted sales from the very first mailing (e.g. Car Insurance quote rate jumped from 5.7% to 37% and acquisition jumped from 1.7% to a high of 8%). In addition to an increase in quote and sales conversion rates, the cost per acquisition dropped by 56% making this an extremely effective campaign. So much so that following the campaign FBD sent out a Thank You letter to all new acquisitions complete with personalised season’s greetings.



Standard Life: Bring it Home


Agency:
Drawing Inc
Standard Life wanted to promote their new pension product that enables people who have previously worked in the UK to bring their UK pension home to Ireland. However, with pensions being notoriously boring, perceived to be complex and difficult to understand, even for some financial advisors, Standard Life were faced with a difficult proposition challenge. The strategy was to target financial advisors with clients in the UK with a high impact, memorable direct mail campaign that would generate leads and meetings. They needed to ensure that the recipient grasped the concept as soon as they received the direct mail campaign. To achieve this, each financial advisor was sent a personalised, branded box, with a welcome note, 'Bring it Home' guide, and a triple pack of Toblerone bars in an ‘airport shopping’ wrapper to emphasise the transportable nature of the pension offering. The concept was tested in-house and with selected financial advisors before fully rolling out the campaign. Sales targets were exceeded and relationships re-established with a number of ‘lapsed’ contacts, delivering exceptional return on investment.



Aviva: Brand Migration


As part of the ‘One Aviva’ vision, Aviva wanted to communicate their name change from Hibernian to Aviva. Even though there was no legal requirement to inform customers of the name change, Aviva wanted to capitalise on this unique opportunity to drive awareness of its product portfolio, to generate leads to aid cross selling, update data protection permissions and grow the size of the marketable database. The entire Aviva Group Ireland customer database was segmented into 11 unique customer segments driven by product ownership, which were further defined into four customer groups. Customers received a personalised letter (one of 11 types) depending on their segment tailored by targeted product offers with a variable call to action, variable data protection wording and variable lead generation questions. Each letter contained a unique customer code for tracking. A lead generation form was used to gather additional renewal dates across Aviva’s General Insurance/Life and Health product portfolio. The unique code enabled customers to respond by Freepost or via a microsite. All customers received a brochure with details of discounts and savings and information of the Aviva stadium pre-launch. The campaign resulted in a 10% response rate to lead generation questions, 8% response rate for competition entries, a 75% lower than standard cost per acquisition and the Aviva marketable database was extended from 165k to 590k customers.

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