A bank sent a promotional mailer on “Get a term cover of Rs. 1 cr for Rs 8600/- PA”. It was a well crafted mailer with photograph of a young, dynamic gentleman holding a Play Card with “My Family” written on it and a smile with an exclamation mark. All designed to catch attention and appeal to the feelings for family members – the right emotion to drive purchase of an insurance policy.
Only catch was that the insurance premium of Rs. 8600/- PA was applicable to a 25 year, non smoker male with 30 year premium paying term. And the mail was sent to a 35yrs+ old, female. The recipient was an active customer of the bank and bank had all the demographic details in their records.
It could have easily customized the mailer content, by replacing the Gentleman holding the play card with a lady, providing the real premium applicable to the recipient, instead of doing a mass broadcast of the mail. For an interested customer, it could have been a single click purchase, landing on the login page of the bank, to make the payment of the insurance policy and so on. The task required was to create two creatives and use dynamic variables from a look up table that can populate the premium values basis the age and the gender with all the caveats. I bet this would have led to more conversions.
Do share your thoughts on this topic.
True, here Bank Marketing/Business Heads require to use BI.
ReplyDeleteBI would have made their mailer campaign meaningful, targeting the audience rather a mass mailer with a thinking that at least it will hit someone in a crowd.
A good and thoughtful catch.
Or this was intentional. The idea was to hide detail "This applies to a 25 yr. old non-smoking male, real premium for you will be Rs. 25000/- PA", so that some unsuspecting, greedy people will fall for it.
ReplyDeleteIs there any data available on what is the success rate of these campaigns, compared to other mass campaigns e.g. in print or on TV?
Possibly, the bank wanted to provide a number which was easy to compare across insurance companies. Or was sufficiently low to attract attention. In my personal view, it does not help close the final transaction, as most customers will compare quotes before making a purchase decision. You are right, a few may not..
ReplyDelete- Vivek