Recent Comments

Search

Rss Posts

Rss Comments

Login

 

Posts in ‘Direct Marketing’

Overcoming the Challenges of Life Insurance Marketing

Sep 30

According to a study by LIMRA, the leading research firm for the life insurance industry, ownership of life insurance has been steadily declining for decades and is at a 50-year low. Industry analysts believe there are a number of factors behind the downward spiral.

In the glory years of the industry, families depended heavily on one wage earner. Premature death of the sole breadwinner would spell financial disaster. With the rise of the two-income family, longer life spans, and a shift toward investments as a means to provide for the future all combined to create a false sense of security and diminish the motivation to buy life insurance.

Insurance agents began looking for new ways to market the product, positioning it as a tax-deferred savings vehicle. In pursuit of high net worth consumers, many agents walked away from the middle to lower income market.  The combined effect of agent neglect and consumer indifference combined to drive life insurance sales to historic lows.

It was in this environment that Bodden Partners was hired to help the National Education Association sell life insurance to its members. Through a variety of database marketing strategies and creative techniques, we create a breakthrough program that has garnered unprecedented policy sales and a trophy case full of industry awards. If you would like to put our insurance team to work for you, contact Mark Silverman for a custom consultation

Bodden Partners Wins PIMA Award

Jul 29

Our direct marketing team added another trophy to the shelf at this year’s Professional Insurance Marketing Association (PIMA) Marketing Methods competition. The annual contest highlights the best work in the insurance marketing industry and recognizes excellence in marketing strategy, creative strategy and results.

We are particularly proud of our entry for the NEA Members Insurance Trust. Their AD&D offering is a mature product that has been marketed through stand alone direct mail for decades. The typical buyer is a member who has been with the NEA for several years. Given their repeated exposure to the same product, a large part of our challenge was to change the dynamic of how is product is sold, without increasing the budget or using any additional marketing channels.

Our experienced team of insurance marketers completely re-engineered the marketing strategy, sales approach and creative design to arrest attention, engage the member with a deeper level with a greater sense of urgency. The results were unprecedented in NEA’s history. Using the same budget as the previous control, we were able to nearly triple both response and conversion.

If you would like to put our insurance team to work for you, contact Mark Silverman at msilverman@boddenpartners.com

Dare to Compare Challenge

Sep 18

Congratulations to our direct marketing team for another successful “DARE TO COMPARE” control beater. Bodden Partners offers new direct marketing clients an incentive for a head to head test against their best performing campaign. Our latest winner unseated a package that hadn’t been beaten in over 10 years despite aggressive testing.

The winning package was developed for one of the oldest, largest and most adept insurance direct mailers in the business. The recently defeated package had attained what is known in the industry as Grand Control status. This proven control was routinely tested against at least two packages a year but remained undefeated for over a decade until it was overpowered by our direct response team.

To learn more about the Bodden Partners DARE TO COMPARE challenge, contact Mark Silverman at msilverman@boddenpartners.com

BODDEN PARTNERS NABS THREE MARKETING AWARDS

Aug 04

 Aug. 3, 2011 (New York, NY)–Bodden Partners, a NY-based full-service marketing and communications agency, received three awards at the 2011 Professional Insurance Marketing Association’s Mid-Year Meeting last week, including the top award for self-promotion.

Bodden won the PIMA SILVER AWARD for its integrated Lead Generation Campaign “New Member Insurance Portfolio” on behalf of National Education Association’s Members Insurance Trust.  This campaign created a more cost-effective method to drive qualified leads among new members as well as create a better bridge towards conversion.

NEA MIT New Member Online Benefit Portfolio

Goal
Cost effectively drive qualified leads for greater conversion among best prospects
Approach
Leverage data analytics in regard to channel, messaging and product mix to drive higher penetration of insurance products and services among this key audience
Metrics
>  Up to 100% increase in leads from previous offline efforts
>  Lowered CPL by 58%
>  Those taking action online are converting at a 100% paid rate

The agency also was awarded Honorary Mention in the Mail Solicitation for Guaranteed-Issue Product category.

NEA MIT Group Term Life “Professionals” Simplified Issue

Goal
Drive 15-20% greater APM and conversion for NEA Group Term Life plan, at the same or lower CPA than current Control DM
Approach
Position GTL as an extension of the district coverage they already have
Metrics
> 116% response lift
> 18% lift in conversion
> 132% greater TAP to date

Bodden Partners also won the PIMA GOLD AWARD for its promotional tool called the “Bodden ROI Wheel,” which was displayed at PIMA’s 2010 Annual Meeting. Attendees were invited to win a prize by spinning the wheel to determine which of Bodden’s marketing disciplines could help them increase their return on investment.

Bodden Partners “Wheel of ROI”

Goal
Generate qualified business leads for Bodden Partners
Approach
Leverage face-to-face opportunity to engage PIMA Conference Attendees in a fun game of chance which strategically positions Bodden as a proven resource in driving increased ROI for its clients
Metrics
>  Booth Traffic/Engagement — 80% of Total Attendees
>  25% Quality Engagements
>  5% Conversion i.e. paid assignments

For the past thirty years, PIMA has served as the forum for the leading Agents/TPAs/Brokers and Companies involved in the direct marketing of group insurance & related products, specifically in the Association and Affinity space. The Marketing Methods Competition is held every year to honor the most effective campaigns in the category.

About Bodden Partners

 

Bodden Partners is an independent fully integrated marketing communications company. The privately held firm offers clients a broad array of services including advertising, direct marketing, event management, interactive/digital communications, public relations and more. For over 30 years, Bodden Partners has provided exceptional advertising and marketing services to clients, and currently represents the National Education Association, NY Daily News and Israel Ministry of Tourism, among other top-tier brands and organizations. For more information please visit www.boddenpartners.com.

###

Contact:

Michael Wichman, Hamilton Public Relations

212-328-5203

mwichman@getpr.com