AGENCY: IDN South Africa
CLIENT NAME: Momentum
Objective #1: Leads to call center
Client had invested a lot of money in new call center capacity and needed more leads than usual to test the new recruits capacity to handle calls and conversions
Objective #2: Sell a new life insurance product
Client launched a new family product targeting families with relatively high incomes
Challenge #1 : The saturated South African SMS / MMS market
We are aware of one insurance company that by itself sends out 11 million sms messages a month. We believe the total to be over 100 million per month – all targeting the same audience.
Challenge #2 : The saturated market for insurance products
The market is saturated with insurance companies.
Response rates from cold leads, especially in the financial sector, tend to be extremely low. This is even more true for life insurance products. Further to that, the South Africa market is a very competitive one with many people receive multiple offers via SMS every week on their cell phones.
The Agency went through multiple sessions to identify who it thought would be the best target to talk to and where the sweet spots would be. Research showed that psychologically, women that have recently given birth were more likely to do everything to protect themselves and the interests of their little ones.
The next step was to find a way to get this very specific kind of data. Through our contacts, we managed to find a company that collects data in hospitals by giving mums a “new baby” package.
Subsequently the Agency and the data provider to refine the target audience to include mothers from private hospitals, with credit cards and living in specific suburbs.
We then crafted various storyboards. Copy and images were refined around 10 times with testing, to be able to create the most-effective MMS messages for optimal results.
Note that all leads through MMS had a personal “Call me” click through link. The Client’s Call Centre would instantly receive the details (Name, Surname, name of baby) of each lead. The Agency worked on the full integration with the Call Center.
Out of 49 488 mothers that were contacted throughout the campaign, Client received a massive 528 unique leads during that specific campaign period. That is 1,06% response rate for a cold leads campaign in the financial sector. General average response rates for cold leads for the life insurance sector in South Africa are around 0,02%.
This result is currently the best result for a single campaign in Momentum’s history. Momentum being the biggest Life insurer in the South African market, these figures show the impact of this campaign to the whole organization.
The return on investment for this campaign has been phenomenal, with almost a 5 to 1 ratio. We all know that financial services cold leads campaigns in general do not generate a positive ROI.