Integrated Campaign Targets Seniors

Seniors, particularly those with high net worth, though much sought after, are an elusive audience to influence. They often live in protected environments behind gated communities in enclaves such as Palm Beach and Boca Raton, generally do not use e-mail as a primary communication medium and are often resistant to seminars or being 'sold' on complex products. So, a successful marketing campaign to influence wealthy seniors provides a good example of what can be done.

The Product
The Senior Life Insurance Institute was organized by a group of large insurance producers to educate high-net worth seniors about complex insurance products, Insurance Settlements and Premium Finance. A little known and often misunderstood segment of the insurance market, these products can provide immediate income far in excess of the 'cash value' of their policies or enable seniors to purchase additional insurance at favorable rates. However, because it is a complex area and has in some cases been promoted in an often confusing and misrepresented form, millions of seniors do not know how to benefit from these products.

Strategy
To position the Senior Life Insurance Institute as a legitimate education program, we defined brands for two new business units, one of which would provide education (The Senior Life Insurance Institute), the other acting as an "Exchange" for implementing the program in different parts of the country (The Life Insurance Financial Exchange). The principal marketing strategy was to create an educational venue specifically for seniors. Because this was a new business unit, all materials had to carry the credibility of a strong brand, consistent and relevant to the target audience.

Tactics
Several levels of qualification were applied through personalized letters, special personalized Web sites for each prospect (PURLS) and demographic/psychographic profiling. A staged direct mail program was developed to introduce each target to the brand to establish credibility and provide an opportunity for a 'soft close' before invitations were sent to highly qualified prospects, including:

1. Personalized Letters to each prospect, introducing them to the program and offering limousine service to the program, including a response card.
2. Formal Invitations to a customized program, including dinner, with noteworthy speakers, including a response card.
3. Reminder Cards to create additional mind-share.
4. Web site, personalized for each prospect, called 'Personal URLs' (PURLS) that helped us track the interest areas of each prospect.
5. Follow-up phone calls to all prospects to confirm attendance and answer questions.
6. Appropriate Venues, such as the Boca Raton Hotel, in Boca Raton, Fl.
7. Professionally Produced Presentations, including double-screens, video and information materials.
8. Catered Dinner to allow for interaction and additional questions.

Conclusion
Together with excellent content, the Senior Life Insurance Institute education program provides an example of a staged and integrated approach to identifying, qualifying and influencing high-net worth seniors. Over 8,000 prospects were identified nationally as highly qualified, that could be developed over the year. Every seminar exceeded attendance expectations, both in terms of quantity and prospect profile. 25 individuals per dinner was seen as an excellent result. All seminars ranged between 25-60 participants. Over 60% of attending prospects agreed to a follow-up meeting and were turned over to members of the Life Insurance Exchange for Implementation.

For more information about how DROZ can assist you with reaching and influencing highly prized prospects, contact us at 412.338.1818, or ddroz@droz.com.