2020 Silver Best Use of Unaddressed Print

Agency: WDMP

Client: Key

Campaign Name: The Key to Your Better Retirement

Campaign Overview

The key to better retirement

Property is the biggest untapped source of wealth for the UK's older population, but just 3% of over-55s said they considered equity release for later-life planning.

Strategy

Key wanted to drive enquiries, increase marketing efficiency and grow customers. But many people switch off at the words “equity release”. The brand had to inspire confidence and consideration to give people ‘permission' to see it as a viable option.

Instead of selling the product, 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.”

To find the sweetspot of people who needed most help the campaign 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.

Creativity

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.

Speaking to advisers and looking at search data, WDMP defined the most common areas of customer concern and set to work.

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.

Results

Year-on-year cost per enquiry was reduced by 40% while 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.

The Team

KR Group - Chris Hay, Senior Manager & Direct Marketing & CRM - Emma Dobson, Marketing Campaign Manager - Lee Bellamy, Marketing Campaign Analyst - Sarah Brooks, Head of Marketing Analytics - Tania Brecht, Head of Creative - Alex Spyrou, Director of Digital, E-Commerce and Direct Marketing WDMP - Edward Dalgleish, Senior Planner - Jordan Miller, Senior Account Director - Lucy Easter, Head of Campaign Management - Gareth LLoyd, Creative Leader - Jonathan Parr, Senior Designer - Elyse Moskalik, Account Manager

Contributors

McCann Manchester