Financial Services Marketing Strategy (Case Study)
Marketing and sales often work in silos, with little transparency and insight into each other's activities. What might a coordinated marketing and sales organisation look like? How can key account managers, business development representatives, and marketing teams gain the same understanding of what activities are optimal at different stages of the customer journey?
Our client, a large international reinsurance company, wanted to transform and strengthen its marketing function with the goal to become the preferred risk partner of its global customers and deliver sustainable profits to its shareholders.
The client was dissatisfied with its marketing activities, which were scattered across customer segments and regions rather randomly and in an uncoordinated way. They wanted to develop and implement a clean and systematic market cultivation approach that enables a targeted and individual end-to-end customer experience across all touchpoints.
The biggest challenge was to understand the needs of the various stakeholders in detail, which was further complicated by the complexity of the client's global organisation. This also meant getting buy-in from a very large number of stakeholders around the world, all with different needs. Furthermore, these needs and requirements had to be analysed and collected in a granular way and in the context of locally different service portfolios.
«Marketing transformation is more than taking marketing activities to a new level and providing tailor-made customer journeys. It’s about putting the human being centre-stage. Only a change in mindset delivers sustainable results.»
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Together with the client we developed a systematic marketing playbook that provides clear guidelines and suggested marketing measures that enable upselling and cross-selling. To deal with the complexity of the project, we followed our proven four-step approach (analysis, concept and design, development, execution) including agile BXT and accelerator methodologies. BXT (business, experience, technology) unites fragmented viewpoints to get everyone to focus on a single purpose and solution – something that isn’t possible when viewed through a single lens only.
We brought together our marketing, sales and financial services experts to identify gaps, create ideas, determine and prioritise growth opportunities, and develop the framework and initiatives for the playbook – from concept and design to immersion sessions and workshops to specific marketing measures.
What sets the resulting playbook apart from all others is the fact that it offers directly implementable solutions: all activities in the playbook are ready to use. It is not just a conceptual framework, but a user-friendly, interactive platform. This platform – hosted by Seismic – works like a supermarket. The client can browse the relevant shelves, select appropriate actions, and send them directly to their customers – creating an immediate impact in the market with just a few clicks.
Our client was looking for a marketing transformation partner to support them from strategy to implementation and to deliver tangible results. Our experience with our own marketing transformation allowed us to communicate at eye level. Through the playbook, we were able to create a simple, systematic, and actionable framework for our client to target their customers in a personalised way across the sales funnel.
But more than that, through embarking on this journey we brought together multiple teams from key account management, business development, and marketing, to develop a unified approach of how to target their key customers and drive business growth.
At the heart of our new global strategy, "The New Equation", is our focus on putting the client in the centre and strive for sustainable outcomes rather than short-term goals. This project was no different – we brought together our team of unconventional problem solvers with different skillsets that will generate long-term results and ensure sustainable success of the client’s business.
Partner FS Technology Consulting and Customer Centric Transformation, PwC Switzerland
Tel: +41 58 792 47 97
Chief Marketing Officer PwC Switzerland & Digital Marketing Lead PwC Europe, PwC Switzerland
Tel: +41 58 792 1885
Director, Customer Centric Transformation, PwC Switzerland
Tel: +41 58 792 4754
Senior Manager, Customer Centric Transformation, PwC Switzerland
Tel: +41 58 792 29 35