LV= and RedEye: A Marketing Love Story

Laura McHenry | Marketing Director
Ahh, love! Few things are as universal as love. From epic poems like the Iliad, to Shakespeare’s Romeo and Juliet; from movies like Love Actually, to reality shows like The Bachelor, the search for true love is a constant theme. But here’s the harsh reality. Finding true love is not as easy as it is in fairy tales – or in a Julia Roberts movie – and when you realise you have wasted time, affection and maybe even money on someone that won’t love you back, the heartbreak can be devastating.

Courting new customers can be even more stressful – as well as heartache you could also find your boss breathing down your neck if you’ve spent money on those who aren’t willing to commit. So how can you crack the secret of how to win your prospects’ hearts?
 

Little, behavioural clues


Attracting and securing more customers can be one of the most demanding activities for a business, both in terms of financial and of human resources. That’s why long-term growth strategies focus on fostering loyalty among existing customers, instead of constantly looking for new ones.

When you need new customers, maximising your resources is crucial to keep the costs of acquisition down. Identifying the right prospects and concentrating your efforts on those that have the highest probability to convert. You also don’t want to scare them off and come on too strong.

So how do you know who – and importantly when – to make your move? Behavioural data and the ability to track your customers accurately across devices can do the trick.

Take LV=, one of the top three largest insurance companies in the UK – and an expert in love-based branding. From the iconic green heart logo right through to the name, which to me looks like something my kids would write when referring to their affection for the latest new neon trainers, LV= has brought the warm and friendly to the insurance industry. Building rapport with customers is a natural fit for this company’s positioning. Which is why we wanted to bring this sense of perfect timing to LV=’s courting ritual. After all, you wouldn’t go on holiday with a partner before you knew their signature dance move or the party banger guaranteed to get them on the dancefloor.

By studying the movement of prospects through their online quote process, we helped LV= set up an advanced automated email marketing programme. By allowing LV= to understand exactly which products were browsed, which stage of the quote process was reached and information about the quote, LV= could generate much more granular prospect communications.

LV= has been able to manage its resources better, and direct highly personalised communications to prospects at different stages of the quote process. The operation has been a success, and over the past 36 months the conversion rate for prospects has seen a 295% increase.

Maybe one day behavioural data will allow us to find our soulmate without a sweat, like in a Netflix sci-fi show, but for now a revenue growth for our business will have to do.

Read all about the case study here.
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