We were asked by a top global insurance firm, with offices across the world, to help them better engage with the independent financial advisors (IFAs) and brokers that deliver their products and services to end clients.
The firm’s revenue generation model is providing products and services through these intermediaries, and the new digital strategy required a two-tiered approach:
While the client had implemented an enterprise CRM system, global website and a basic marketing automation tool, there was little system integration, with poor multi-channel measurement. Novacom was asked to deliver a digital strategy to join up the dots.
We implemented this strategy using our proven three-phase Crawl-Walk-Run process, building internal understanding and competency, before moving to the next step.
Novacom strategy called for two primary communications channels to be established, segmenting the platforms into two separate lines of communication – one for IFAs (B2B) and one for their target prospects and customers (B2C).
The B2B channel allowed our client to communicate with IFAs directly to build awareness, understanding and engagement, it is also designed to re-enliven dormant IFA contacts.
We also utilised the B2B channel to provide IFAs with direct-to-client sales and marketing communications tools, plus access to the expertise and sales techniques required for market penetration, helping IFAs build two-way client relationships.
The B2C channel is designed for client use in the targeting and delivery of these B2C communications. The channel creates buyer journeys and measures recipient activities, delivering insight and a single view of end-customers, enabling us to build dynamic two-way conversations.
Bringing data from B2B and B2C channels together, we can measure all steps in the buyer journey with each individual IFA and with full revenue attribution reporting, to provide end-to-end insight into IFA performance in relation to the buyer journey.
This process began with building internal understanding and key stakeholder engagement in a business operating in a typically conservative industry. We did this through a combination of face-to-face and online live video training, and providing ongoing consultancy support.
Proof of concept was key to the early adoption of this transformation initiative, and we identified the need for a test campaign run on existing martech tools to illustrate the effectiveness of a well-executed campaign.
Initial campaign results convinced senior management and key stakeholders of the value of the initiative, and these players championed the transformation journey with internal teams.
Novacom then consulted on identifying, recommending and implementing integrated sales and marketing technology that enabled digital transformation across the business, empowering a single customer view for both B2B and B2C audiences.
The actionable insights generated by this activity allowed a collaborative approach between Novacom and client teams, and they were able to easily understand the reasoning behind our recommendations for content and journey optimisation.
While this project is ongoing, results so far have been very promising, specifically around re-activation of dormant IFA contacts, helping to significantly increase market share and end customer retention.
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