Quotes Increased 70% with Insurance Brand
We worked with Hughes Insurance on their digital marketing and data strategy.
Client:
Hughes Insurance
The Problem
A well-known Insurance brand in the N. Ireland market was looking to improve return-on-investment from it’s marketing campaigns. The advertising strategy had changed little in previous years and our brief was to enhance performance with data & analytics.
Our initial step was to challenge the status quo, as for example:
Customer segmentation was built on long-standing assumptions from old research and lacked digital insight;
Target audiences were therefore built on broad demographics and not predicted lifetime value of customers;
Digital campaign KPIs were focused on a ‘false economy’ of quotes, not revenue or profit.
We took a fresh approach to customer intelligence and measurement to address these shortcomings.
The Solution
The first step was to ensure the fullest “data picture” available, including:
Customer journeys from initial touchpoint to sale;
Post-purchase customer lifetime behaviour;
Behavioural data from digital advertising.
Different technologies were deployed across the website and other touchpoints to deliver this. Critically, customer data was unified to create a full understanding of the customer.
The second step was to analyse the data to provide insight, primarily aiming to understand:
What customer characteristics most impacted revenue, profit and lifetime value;
What campaign choices delivered the most value, e.g. channel, targeting, etc.
The third step was to activate the insight to achieve our aims, by:
Altering the targeting strategy by focusing on the highest-value customers;
Changing the customer acquisition strategy by re-allocating budget between channels;
Improving automation, e.g. with value-based bidding on PPC.
The Impact
This project had an immediate impact, with the following results (compared year-on-year):
Sales volume improved 36%
Cost-per-acquisition fell 36%
ROAS (return on ad spend) improved by 75%