Case study

Bankers City v. Non-City

Bankers Life is a primary subsidiary of CNO Financial Group, based in Chicago and established in 1879. The insurer sells a range of financial products, including Medicare supplement insurance, life insurance, annuities, long-term care insurance and supplemental health insurance.

Statistics

%

Reduction in overall cpa on FB alone

%

Average share of voice (FB)

%

Post-Consideration share of voice (FB)

History

1: Short client history/pain points/context regarding case study

Bankers Life were looking to grow sales of their life insurance products. Although their existing strategy was generating healthy volume, acquisition costs were getting higher… This was an unsustainable red flag for the insurer.
As a market-leading Facebook advertiser, it was our job to demonstrate that lower acquisition insurance policies could be achieved in a cost-effective way. Without implementing a more direct strategy, Bankers could lose valuable leads.

Goal

2: What is the end-goal? What metrics/performance are we looking to improve?

To reduce the products Cost Per Lead, we had to grow their overall volume which would essentially deliver lower acquisition yield in the future.

Process

3: Process of achieving said goal (strategy)? What steps + Products were used?

At Rocketer, testing trumps all! For that reason, with Rocketer’s geotargeting technology, we tested broader ‘lifestyle’ creatives with direct geotargeted city creatives for a duration of 2 months. With the initial test efficiently spending $50,000, we used the data to determine the outstanding performers.

Results

4: What were the end results (Metrics)? What are the lessons of case study and how can this help prospective clients?

As expected, Banker’s audience were more receptive to the City-related ads as they resonated with location based signifiers rather than lifestyle-centred signifiers. The numbers never lie and with a campaign improvement of 18.8%, there’s no need to lie. A high conversion rate and a Cost Per Click decrease of 55%… Cheaper leads were easily achieved. In summary, this reaffirmed the success of geotargeting and has proven its ability to reduce CPC’s, CPM’s and CPL’s.
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