The funnel, the pipeline, the hopper—no matter your name for it, we’ll provide the care and feeding, so you never call it empty.
Forrest T. Jones & Company:
Digital Prospect Communications
Forrest T. Jones & Company (FTJ), an insurance agency and administrator, chose FARM to help them educate prospects and increase sales of educator professional liability insurance. This coverage protects educators’ assets in the event of a work-related lawsuit.
The objective of this campaign was to seek new customers and educate them about the benefits of purchasing the policy. Over the past five years, sales had plateaued between 580 and 670 policies a year. The goal for this campaign was a 15 percent increase in sales, or 700+ policies sold.
Affinity insurance marketing has its limitations and challenges.
- The market is limited to only members of professional associations that participate in the trust.
- The associations can opt out of participation in promotion of certain products.
- Associations limit the number of emails that can be sent to only two per member per year.
- Educators often don’t believe they will ever need this product, making it a tough sell.
FARM’s approach was to try something more immersive than a typical email solicitation. FARM created a mobile-friendly, online quiz called, “Safe or Sorry?” and promoted it via email and social media to each member. Each message challenged members to “put your professional liability knowledge to the test.”
The game provided examples of educators who had been sued for professional wrongdoing and tested the knowledge of members in an enjoyable way. At the end of the quiz, the player received a letter grade, a humorous comment, and a call to action to “enroll today” with a link to the online application.
Overall, the campaign was a huge success. FTJ enjoyed a 44.2% increase in sales equating to 844 policies sold, far exceeding their sales goal. The total annual premium from the campaign was up 38.3% from the previous year, and the total annual premium to marketing cost (TAP/MC) ratio was a very healthy 6.2.
The campaign more than paid for itself in the first year. Taking the average renewal rate into consideration, the campaign will generate nearly $400,000 in lifetime premiums.
Lake Shore Savings Bank:
Wave-based Communications Strategy
FARM evaluated and revised the marketing communications strategy and media spend of Lake Shore Savings Bank in order to increase awareness of the bank’s brand and promote its financial products in the Western New York area.
Our analysis of Lake Shore Savings Bank’s strategy revealed that, while the bank was already buying media in the appropriate channels, its repetitive creative approach was not positioning the bank to maximize its share of voice within the market. In order to differentiate Lake Shore Savings Bank from its competition, drive product line growth, and increase brand awareness and branch traffic, FARM devised a wave-based, multi-channel communications strategy. This strategy aligned both the channel and frequency of Lake Shore Savings Bank’s marketing around a specific campaign or promotion, using coordinated messaging across television, radio, print, and digital advertising.
Each campaign was boosted by turning off all advertising for the bank between waves, which resulted in a bigger splash in the market when the next wave began. In each wave, we modernized the creative with more lighthearted and approachable copy. We also made clearer calls to action to drive consumers to a dedicated landing page providing more information for each campaign. In 2018, these campaigns resulted in $12 million in new savings accounts and $13 million in new residential loan applications.