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Connexus : Issue 42
Build. Measure. Learn. Adapt. Friendly society NobleOak Life explains its new campaign methodology. BY ANTHONY R. BROWN Mutuals know that boosting non- interest revenue is an important business strategy. With life insurance sales in Australia growing by 12 per cent in 2012, and non-advised sales of life insurance (such as through mutuals) now more than 25 per cent of total sales, it's one attractive source of revenue. If less than 20 per cent of your mortgage holders have life insurance with you, you could be missing out on a material annual revenue stream. But how do you promote and sell products like life insurance effciently? How do you ensure return on your marketing dollar is maximised, while also managing customer satisfaction? NobleOak Life has developed a new campaign methodology called BMLA (build, measure, lear n, adapt). It's based on the Lean Startup model, developed in the United States in 2010, which has been successfully used for campaign management, product development and new business start ups. BMLA uses customer feedback to build marketing campaigns that achieve far better results, with minimal effort from staff. Using the BMLA approach, you target about 5-10 per cent of your customer base (depending upon your size) and build two campaigns aimed at the two select segments of customers. You use different creative design, special offers and channels for each of the two segments. You then test both to see which achieves the best results and adapt the next campaign using the insights. It's recommended that you test and adapt the campaign again before rolling out the fnal campaign across your remaining customers. The best results come from testing and adapting marketing messages, special offers, marketing design and marketing channels, without spending too much time upfront on focus groups or trying to guess what people will respond to, when they don't know themselves. Don't simply rely on what you think customers want, or even what they tell you. BMLA uses customer feedback to build marketing campaigns that achieve far better results. Marketing 42 Connexus