Fulcrum Increases Conversion and Response Rates for a Regional Healthcare Insurer
Challenge: Increase small business acquisition.
A regional healthcare insurer sought to increase customer acquisition among two small business segments, those with fewer than 10 employees, and those with 10 to 99 employees. But the goal of the initiative was not merely to find new customers. The company had begun to experience pressure from national competitors that had traditionally served larger business customers and were now entering the small- and mid-sized business markets more aggressively.
Approach: An Engaging New Marketing Strategy
The company had several immediate challenges. First, their data management systems were fragmented, with acquisition lists sourced from multiple B2B providers and customer data housed in a number of operational systems. Basic acquisition marketing prerequisites, such as an integrated database of unique prospects, was not available. Fulcrum built and deployed this new database within a few months.
Both Fulcrum and the company believed that the messaging through traditional and digital channels was somewhat fragmented. The company needed to represent its unique value proposition in a new and more engaging way that also reflected its local presence. Fulcrum and the client designed an entirely new marketing strategy that relied heavily on sharing positive customer experiences.
A final piece involved integrating the sales organization into the process, as they were the “front line” for any prospect that responded to the marketing.
Result: Increased Conversion and Response Rates
The combination of better data, better targeting, and improved creatives resulted in immediate, substantial increases in marketing performance. Historical response rates had been around 1%, and thanks to the new program, they rose to just under 1.5%; as Fulcrum continued to improve the program, response rates rose as high as 2.1%.
The conversion rates also climbed, with 29% of responding companies purchasing a policy.
One immediate challenge created by the program’s initial success was that results exceeded projections and the sales organization found that they had more leads than they had ever had before. Fulcrum quickly helped the sales team streamline their lead management processes using our technology, which enabled us to achieve the high conversion rate.