Don't Go It Alone
Sometimes building a one-to-one relationship with customers takes two--partners, that is. That was the case for New York Life when the insurer wanted to reach out to women and position itself as their insurance and financial services preferred provider. According to Barbara Cerf, corporate vice president, the company wanted an expert partner to reach that market; one that would be willing to take a non-traditional approach to achieve a "wow" factor that would help transform its marketing efforts into closed sales.
That partner is Woman's Day Brand Group, which reaches 22 million readers with its Woman's Day print publication, 1.5 million per month online, and about 410,000 via the mobile channel per month.
During their joint presentation yesterday at Marketing World 2009: A Frost & Sullivan Executive MindXchange, Cerf and Clair Marin, vice president and brand publisher of Woman's Day Brand Group, discussed targeting what Cerf called a "huge, untapped market," noting that about "85 percent of all consumer buying is done by women."
New York Life wanted to mix traditional and new media. "We wanted multisensory engagement, to move beyond just the message. To see, touch, hear, and click," Cerf said. "This was not a brand campaign; it has branding elements, but we were looking to make sales. The question was how to move from branding mode to making sales."
Cerf wanted the programs to be as much one on one as possible. The challenge was how to do that with the millions of women Woman's Day reaches. Marin called approach the partners took the Three Cs: collaborate, connect, channels. That is, work with a great partner; connect authentically with customers; use multiple channels to reach those customers. "Women want authenticity and things that are relevant to their life," Marin said, adding that they also want tools and help like actionable tips, and they want positive change.
The collaboration objectives, Cerf explained, included making an impact, building customer opportunities, engaging women. Through customer research New York Life learned that women's main concerns are protect my family, secure my retirement, educate my children, and manage my finances. "We launched a microsite to answer the questions we heard woman asking," Cerf said.
One program also aimed to answer those questions. It started with a print ad on the back cover of Woman's Day that included a "Snap" icon. Readers take a photo of the icon with their cell phone, which ultimately links to a mobile site that offers finance tips. After reading the tip, there's an option to request a financial review. New York Life agents responded to those requests within four to 24 hours. About 159,000 readers clicked through to the tips. Cerf wouldn't reveal the specific number of woman who also requested a financial review, but she did say that the number went "way over our expectations."
In another program, the content "rotator" on the Woman's Day homepage included an advertisement from New York Life linking to articles offering financial advice. Marin said the link achieved a click-through rate that was seven times higher than average, and that readers spent an average of three to four minutes on the New York Life content page. The page includes financial tips, calculators, and articles from New York Life.
A third program also included an experiential element. A Woman's Day branded caravan visited malls in several locations around the country; New York Life sponsored such activities as blood pressure screenings, hand massages, giveaways and drawings, and a child ID center where parents could create an ID card with fingerprints for their child. The company had agents there, too, offering a free financial check up. "Again, it's not just branding," Cerf said. "We have to drive sales." According to Cerf, agents involved in the program were pleased with the outcomes they were able to achieve as a result.
"It all started with collaboration," Cerf said. "You have to have a great partner, connect one to one with customers, and use multiple channels to make the most impact."
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