Best practice from Earnest.
Earnest, the strategy + creative boutique formed by ex-Loewy directors in 2009, has achieved astonishing results for its latest client, PensionsFirst Analytics.
PensionsFirst Analytics has developed a ground-breaking solution to the problem of managing large defined benefit pensions scheme risks – the PFaroe managed service.
This software platform provides fast, highly accurate scheme information which revolutionises the ability of organisations and trustees to better manage their scheme risks.
The objective was to launch the service and gain qualified meetings with 25% of the target organisations.
Senior people: Finance directors (CFOs), Head of Treasury, Pensions Managers – 700 organisations managing large (£100m+) defined benefits pension schemes in the UK. Typically, these are large banks or industrial companies with big workforces. Companies such as HSBC, British Airways, Royal Mail and BT.
This was a challenging brief. PFaroe is a unique offering described by a first customer as an ‘industry-challenger’, but it’s complicated and technical to explain – something ‘you really have to see to understand’. The target audience was also a tough one. Hard to reach, busy and very senior. And, PensionsFirst Analytics targeted us only on getting face-to-face meetings!
The ‘Found’ campaign brings a complex issue to life – showing that the PFaroe product is like GPS for Pensions. It shows you exactly where you are, and therefore where you need to go next. To reinforce the point, the direct mail part of the campaign involved sending a GPS to each target customer.
The campaign was highly personalised – not just by name, job title and company but each communication also detailing specific issues relating to the target’s defined benefits scheme – for example, a change in their investment weightings. This proved to the target that we really understood their issues.
The campaign targeted three senior decision-makers in each company (CFO, Pensions Manager, Treasurer), as our research showed that a purchase needed to involve all three – this campaign built a connection with all three.
February to May 2010, but likely to be ongoing.
• Campaign involved: DM, web landing page, telemarketing follow up. The initial phase of SEO and social media are being added to this ongoing campaign programme.
• We initially targeted the top 100 organisations (those with the largest and most problematic pensions scheme deficits), and the campaign will extend beyond this in the near future.
• Budget for the campaign was £50,000.
An astonishing 60% of the companies targeted have agreed to a meeting. One organisation rang PensionsFirst Analytics within an hour of receiving the mailer to request a meeting.
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