Working with a leading multinational financial services company, we developed a propensity to purchase model, to help better cut-though the noise of the busy insurance, pensions and investments market.
Target audience & marketing channel
Focusing on the highly competitive over-50s group as their target audience, our client tasked us with improving the ROI of their direct mail campaigns. To achieve this, we designed a marketing programme based on a propensity to purchase model. This approach enabled us to reach the target consumer audience most likely to be interested in buying insurance and pensions products, at the precise moment these potential customers are most likely to buy.
Strategy & execution
Combining marketing campaign response history of our client's existing customers and using geo-demographic data to create a propensity model, we set out to distinguish the target audience to fit our brief. Through identifying the most valuable consumer response profiles we were able to fully optimise our client's ongoing targeting criteria.
The project was a phenomenal success with response rates for the first campaign since we introduced the programme increasing by a huge 56%. This meant for savings of an estimated £800,000 on direct mail campaigns over the course of the first year of the marketing programme. This work also went on to become award winning, securing an award from the Chartered Institute of Marketing.
We continue to work with this client on a regular basis, consistently achieving strong response rates.
Talk to us today about how to achieve better results for your next marketing programme.