‘Tell not sell’ was key to generating new enquiries

Background

Property is the biggest untapped source of wealth for the UK's older population. Yet just 3% of under 55's said they were considering equity release for later life planning. As many people switch off at the words 'equity release'’ equity release specialists Key had to inspire confidence and consideration in their prospect audience to give them 'permission' to see it as a viable option.

The challenge was to drive enquiries, increase marketing efficiency and grow the customer base.

Solution

Key’s strategy was to raise awareness of the product within a specific target audience and make it ‘OK’ to ask questions.

Instead of selling the product, Key, and their agency WDMP, focused on the importance of knowledge, building on their commitment to expert advice and the new brand platform of 'equity release that's right for you'.

Whilst it was clear that a retiree in Richmond looked different to a pensioner in Penrith, previous targeting had been broad and simplistic, focusing on age and homeownership. To find the sweet spot of those who needed advice from Key the most, a new, more sophisticated approach to targeting – beyond age and wealth – was used.  Key aggregated datasets around health, wealth, response propensity and average house values to identify localised pockets of potential prospects. Adviser network coverage and further regional analysis enabled deep localisation.  

30 sec and 60 sec TV spots answered the ‘Key’ questions. Targeted direct media was used to drive response, combining door drop, to demonstrate the product benefits then mail, email, and Partially Addressed to get into product detail and cement expert positioning. This was enhanced with targeted social advertising to increase brand visibility at a time that customers would be receiving the marketing through their door.

All the conventional wisdom said that this is the perfect audience for direct mail; older, time-rich, seeking knowledge. But previous efforts had not been sticking, with many people turning off when they saw equity release. Getting cut-through and inspiring consideration was a real challenge. To overcome this, Key repositioned their creatives to go against the usual direct response principles of selling and made it a case of 'tell not sell' using long copy direct mail alongside benefit led door drop creative.

Messaging built on Key's new ATL brand campaign creative of 'Your questions answered', and brought it home with the 'Your Key to a better retirement' theme connecting the importance of advice with the questions and answers that they heard the most.

This positioned the adviser as the accessible expert and reinforced the need for advice, but Key knew that this apprehensive audience wouldn't just take their word for it. They would trust the experience of others. To achieve this Key went on to leverage 'herd theory' and 'social norming'.

Messaging was combined with real customer stories, and localised facts on how many of their neighbours were already benefiting from Key’s knowledge and average release values. The creative also included a classic mail technique, a tipped-on business card from the recipient’s local adviser.

All this resulted in a highly targeted, multi-touch direct strategy that enabled consideration and drove new enquiries.

Results

Direct mail, partially addressed mail, door drops and email drove an incredible 375% uplift in enquirers.

Year on year, Key reduced cost per enquirer by 40% and improved their incremental enquirer performance by as much as 62%.

This resulted in a lengthy pipeline of customers and contacts which has sustained Key throughout the following year and presented a strong platform for the future.

Source: DMA Awards Winner - Silver. Best Use of Unaddressed Print and Door Drops.