Convincing cash-strapped consumers to part with their money is a real challenge, and for a sector that is largely made up of older, more traditional companies, tapping into the power of digital marketing comes with a set of unique challenges. 

Most financial service companies are in the same boat, trying to deliver growth in a stagnant economy. Many struggle to differentiate similar products in a crowded market, selling to customers who often don't fully understand the complex offerings.

Digital teams have their work cut out for them because clients' expectations are framed around their experience with digital retailers and other born-digital brands. 

For older, more traditional companies, transforming processes and legacy systems to move into the digital age is just the first hurdle.

Quantifying the Value of Leads

Sanlam's board is very supportive of digital marketing efforts, but the team was struggling to prove the direct impact of digital efforts on the bottom line. This is largely because of the lack of end-to-end attribution, linking leads to actual sales — a challenge we had to overcome in the most recent 'Life of Confidence' campaign.

The initiative centred around an email acquisition campaign, aiming to collect first-party data from potential clients. This marked a new territory for the business by setting ambitious targets for both email sign-ups and lead generation for the call centre. The campaign exceeded expectations, surpassing both goals by a remarkable 172%.

The key to activating the strategy was to leverage AI and machine learning, and PMax was identified as a driving force in the campaign. With the help of Google, Sanlam was able to implement enhanced conversions seamlessly with our Search Ads 360 platform, improving our ability to track conversions while respecting user preferences.

Kirsten Fynn, business unit director at Incubeta says, "Essentially, when a lead form was successfully submitted, the team captured and hashed first-party data, matched it with Google's user data and reported an enhanced conversion in SA360. This holistic approach not only addressed evolving privacy regulations but also delivered tangible results for Sanlam's 'Life of Confidence' campaign."

The 'Life of Confidence' campaign ended up achieving three times the 20 000 email sign-up target. 

At first we thought our reporting dashboard was broken, as the results were so unbelievable. In the end, we achieved a remarkable 191% increase in total lead form conversions and a 343% boost in PMax campaign conversions. Call Centre leads skyrocketed by an impressive 300%, jumping from an average of 718 per month to nearly 2 100.

More Change on the Horizon 

The role of digital marketing in financial services is expected to evolve significantly over the next three to five years and my team is looking forward to the innovations on the horizon. 

AI-enabled campaigns might revolutionise the customer experience, allowing for highly tailored and immersive product offerings based on real-time data and needs. There will likely be a greater focus on trigger-based marketing, where actions in the real world trigger relevant digital experiences and communications. 

Personalisation is one of the tech advancements that will have the biggest impact on financial services, imagine a world where customers are able to compile their own products, dynamically shifting cover and benefits when they need it. 

Reflecting on the success of the most recent campaign, the close and collaborative partnership with Incubeta was key. More than just transparent communication and aligned goals, it was vital to provide the specialist agency with as much access as possible to internal processes, data and perspectives to enable deeper integration and understanding.

Looking ahead, success will depend on partnering with agencies that have the specialist skills needed to leverage rapidly changing technology. Finding specialist partners that understand the bigger picture and can work well with internal performance teams is what will help financial services companies, like ourselves, remain relevant.

For more information, visit www.sanlam.co.za. You can also follow Sanlam on Facebook, LinkedIn or on X. 

*Image courtesy of Facebook