Pacific Life - Marketing Campaign of the Year
Company: Pacific Life - Life Insurance Division, Aliso Viejo CA
Company Description: When you buy a life insurance policy, you are buying a promise. Pacific Life is dedicatred to delivering on the promises that have been protecting families and businesses for more htan 145 years.
Nomination Category: Marketing Campaign Categories - Industry
Nomination Sub Category: Marketing Campaign of the Year - Insurance
Nomination Title: IUL Game Changers
Tell the story of this nominated marketing campaign for the judges (up to 650 words). Describe the genesis, planning, execution, and results to date of your campaign.
From a Whisper to a Roar
How Pacific Life’s Marketing Department Directly Increased Sales and Delivered Hot Leads to the Sales Force
In early 2016, the marketing department in the Life Insurance Division of Pacific Life was tasked with announcing a new suite of four indexed universal life insurance products.
Challenge #1 - There wasn’t that much “new” about these products.
Challenge #2 – There needed to be “buzz” before, during and after the launch – no easy feat from a traditionally “quiet” marketing department.
Challenge #3 – The campaign needed to generate leads to help establish new relationships, reestablish relationships lost and reinforce existing relationships.
As a leading provider of life insurance products in the affluent market place and a leader in the sale of the indexed universal life insurance (IUL), Pacific Life has a long-standing reputation in the industry as a product innovator and for treating its policyowners well. This reputation has earned the dedication of elite group of independent financial professionals. In recent years, finding new financial professionals and retaining those who sell our life insurance products was proving more difficult so Challenge #3 was a big one.
With no history of creating pre launch buzz or delivering leads to the sale forces, the in house marketing team got down to the business of “How can we increase sales and create leads?”
The team packaged all of the company’s strengths and unique offerings in the indexed universal life insurance marketplace and the IUL Game Changers campaign was born. Execution was done 100% in house and with no marketing automation.
IUL Game Changers debuted in late April 2016 with two teaser emails, two teaser postcards, Facebook posts, Twitter posts, and digital ads on a financial professional media site all linked to a prelaunch microsite. Between all of the mediums, approximately 40,000 financial professionals were targeted.
The “IUL Game Changer Are Coming” and “Be the First to Know” were the only messaging from April 19th to May 31st. At launch, the messaging switched to the “IUL Game Changers Are Here” on emails and the microsite (www.IULGameChangers.com).
The microsite focused on lead generation with a submission form to receive the campaign materials. In addition, a check box to request a meeting was added to the site. With so many new elements in play, marketing had no idea what to expect, maybe a 100 meeting requests at best?
The results from April 19 – June 30, 2016 astounded marketing, the sales force, and division management with:
- 8, 897 Visits to the microsite
- 2,272 Form completions requesting the materials – 30% conversion rate
- 701 Meeting Requests (aka Hot Leads) – 9% conversion rate
- 60% of the meeting requests came from new financial professionals and those who had not done any business with Pacific Life for two years
From June 30, 2017 to January, 25, 2017, a drip email campaign targeting an additional 17,640 financial professional continued resulting in:
- 4,449 Visits to the microsite
- 1,059 Form completions requesting the materials – 24% conversion rate
- 332 Meeting requests (aka Hot Leads) - 7% conversion rate
In nine months with a hard cost budget of $100,000, the four new indexed universal life insurance products resulted in $71,259, 179 in sales, the highest sales of any product released to date. In addition, the marketing department delivered 1,033 hot leads to the sales force and created not just a buzz but a ROAR!
In bullet-list form, briefly summarize up to ten (10) of the chief features and results of the nominated campaign (up to 150 words).
- In house marketing team of two copywriters, four graphic designers, one data scientist, one email analyst and no automation platform.
- 3331 Form submissions
- 1033 Meeting Requests (AKA Hot Leads)
- $71,259,179 in sales from June 1, 2016 to January 30,2017 - nine months