Commonwealth Bank DM CBA FAN MAIL by BMF Sydney

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CBA FAN MAIL

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Industry Banking & Financial Services
Media Direct marketing
Market Australia
Agency BMF Sydney
Executive Creative Director Dylan Taylor-Cd Direct
Creative Director Tim Wood
Art Director Neil Walshe
Copywriter Damon Porter
Released April 2011

Awards

Caples Awards 2011
Direct Mail & Print Direct mail dimensional, over $5 Finalist

Credits & Description

Category: Dimensional Mailing
Advertiser: COMMONWEALTH BANK OF AUSTRALIA
Product/Service: FINANCIAL PLANNING
Agency: BMF
Executive Creative Director: Dylan Taylor (BMF)
Creative Director: Tim Wood (BMF)
Copywriter: Damon Porter (BMF)
Art Director: Neil Walshe (BMF)
Planner: David Hartmann (BMF)
Account Director: Emma McJury (BMF)
Account Manager: Nicki Fazal (BMF)
Production: Julie Sorell (BMF)
Design: Camila Carmody (BMF)
Media placement: Direct Marketing Pack - NA - 1 April 2011

Describe the brief/objective of the direct campaign.
The public was confused and cynical about the value offered by financial planning. To make matters worse, research uncovered that branch staff, (financial planners themselves) had forgotten the true value of what they offered.
Consequently, referrals by staff to planners had been declining on average by 9.16% YOY for the past 4 years (a total decline of 28.23%). A more transparent pricing scheme requiring a greater investment up front didn’t help either.
We had the daunting task of not only arresting a 4-year decline in referrals, but to also push it back up to a very ambitious +10%.

Describe the creative solution to the brief/objective with reference to the projected response rates and desired outcome.
When investigating the benefits of the service we discovered that Financial Planners helped more in adding value to customers’ lives than their wallets. And when you’re in the business of helping people achieve their dreams you have a lot of fans. Our idea was to send fan mail to Commonwealth Bank financial planners and branch staff.
Each pack contained real ‘fan mail’ testimonials from actual customers detailing how their financial planner had helped them achieve their financial dreams. It was proof positive of the incredible difference that a Commonwealth Financial Planner could make in the lives of everyday Australians.

Explain why the creative execution was relevant to the product or service.
Our referral rate was in free-fall. The obvious and easy solution would be to talk straight to customers. Yet we took a braver route and brought about change from the inside out. Working on the premise of ‘changing lives not spreadsheets’ we set out to demonstrate the real difference that a financial planner can make in anyone’s life. We started by first convincing our planners and branch staff of that fact.
To really bring this strategy to life, we let our biggest fans do the talking – actual Commonwealth Bank customers whose lives had been changed by their financial planner.

Describe the results in as much detail as possible with particular reference to the RESPONSE of the target audience including deliverability statistics, response rates, click throughs, sales cost per response, relationships built and overall return on investment.
Qual research told us planners felt reinvigorated for their role, to the extent that they now start conversations with, ‘What would you like to achieve today?’ rather than, ‘What problem can I help with’. It’s a change in perception that’s filtered down to our frontline staff.
But how does this change in perception translate to actual numbers? By ensuring that our staff understood the value the offer, they’ve been far more likely to recommend it. This has contributed to turning around a 4-year -9.16% YOY decline to a positive referral rate of +21.27%. That’s a massive 113% over target.