Fan Mail

Background

Commonwealth Bank Financial Planners have always been pigeon-holed as just helping elderly retirees with financial problems. However, a new financial planning product meant this was no longer the case.

The problem was shifting perceptions about retirement planning being for younger people when even your own Financial Planners and branch staff believe this misconception?

Idea

People who are in the business of helping others achieve their dreams are pretty popular. So the idea was to send fan mail to Commonwealth Bank planners and branch staff. Each letter was a real testimonial from actual customers of different ages detailing how their planner had helped them achieve their personal financial goals.

Results

Fan Mail helped shift the perception of Commonwealth Bank Financial Planners from helping old people to helping people of all ages with their life dreams. It led toan average increase of 6.1% (year on year) in the number of referrals created.

Also, the first increase in the referral rate for four years, from -9.16% year on year decline to + 9.92% growth.

Our Thoughts

A luminary of the direct world wrote a paper outlining what it takes to create a successful mail campaign. Apparently 50% of all success is down to targeting. 5% down to creativity.

Hmmm.

If that was the case, then Commonwealth Bank could have increased their referrals simply by sending their planners an e-mail, saying something along the lines of: It has come to the attention of senior management that there is a misapprehension about the nature of our products portfolio.

Asleep yet?

Exactly.

It doesn’t matter how brilliantly you have analysed the data to identify your core target audience, if you talk down to them or if you bore them they simply won’t respond. On the other hand, if you have an idea which both surprises and charms, as this does, then you can expect your numbers to be impressive.