Sector
Insurance broker marketing
Client
A leading national insurance broker network
Project Length
6 months
Project Type
Renew was approached to provide a marketing workshop for the independent insurance broker owner members of this leading insurance broker network at their annual meeting in Vilamoura, Portugal.
Objective
The objective was to make the assembled brokers aware of the increasing power of marketing, and to demonstrate to them how marketing automation and other modern tactics could enhance their business.
Investigation
When Renew started investigating the challenges of insurance broker marketing, the issues ran deep. In recent years, due to the way business was being conducted by their larger competitors, these business owners had found it increasingly difficult to compete or offer added value. Most of them were unable to accurately gauge the ROI on insurance broker marketing investments and had been trained by market conditions to sell on price.
Challenges
The greatest challenge with this project was determining what the target audience really needed help, support and guidance with. The audience were naturally cautious and guarded about the weaknesses in their businesses, particularly among their peers. Getting them to open up about their issues was pivotal to the success of the project.
Renew approach
First we consulted with the directors of the insurance broker network to understand what they wanted us to provide for their members. Transparency and visibility were essential to build trust in what we would deliver. The Renew team took this time to find out as much as possible about the target audience.
Rather than simply tell a resistant insurance broker audience what they should be doing, Renew took the approach of proving the value of marketing automation. Our insurance broker audience were both defensive and suspicious, we decided to use marketing automation to illustrate the kind of tools and information available with today’s technology.
A fairly innocuous email was sent to all the attendees as a “last email before we see you in Portugal”. The refined target audience and message gave an open rate of over 80% – which is very high. Using rmcom, our proprietary marketing automation platform, we were also able to tell the audience which of them had interacted and how. If only we had taken pictures of people’s faces as we told them what we knew about their interactions with our message.
To say we captured the insurance broker recipients’ imagination and attention is an understatement.
In order to demonstrate the power of social media as a marketing tool, our presentation incorporated as many facets of digital marketing as possible. Graphic animation was employed to deliver the key messages.
Insurance broker marketing results
Of the four insurance broker marketing workshops at the conference, Renew Marketing scored highest with an 80% positive feedback rate. Furthermore, we achieved a complete network buy-in and are now their preferred supplier of social media marketing services. We started the day with one client and finished with a cluster of new ones.