Campaign Objective

• Key wanted to improve enquiries, increase marketing efficiency and grow their customer base. The words “equity release” don’t create intrigue or drive behaviours to engage. Key looked to inspire confidence and consideration, giving people ‘permission' to see more viable options.
• Instead of selling the product, agencies WDMP - in association with McCann Manchester - focused on the importance of knowledge, building on Key’s commitment to expert advice and its new brand platform: “Equity release that's right for you.”

Solution

• The campaign schedule was built on sophisticated, aggregated data sets around health, wealth, response propensity and average house values to identify localised pockets of potential. Key's adviser network coverage and further regional analysis enabled deep localisation.
• Local data across direct channels was used to highlight how many neighbours were already benefiting and thanking their local expert adviser. The campaign combined social proofing with a core message of “Unlocking the Key to your better retirement” to give both rational and emotional response drivers.
• Conventional wisdom says over-55s are the perfect audience for direct marketing: older, time-rich, seeking knowledge. But previous efforts had not been successful and inspiring consideration was a real challenge.
• Creative was repositioned against normal direct response principles, using tell-not-sell long copy and benefit-led door drop creative.
• Messaging positioned Key advisers as accessible experts but also highlighted the experience of customers using real stories of satisfaction.

Campaign Results

• Year-on-year cost per enquiry was reduced by 40%.
• Incremental enquirer performance improved by as much as 62%.
• The strategy drove a lengthy pipeline of customers and contacts which has sustained Key throughout 2020 and provides a strong platform for the future.
• The campaign has now become business as usual within Key’s annual plan.