Client story: Stangen
"Over time, it has grown into a real partnership whereby the MVF team truly understands the key drivers in our business and the impact certain metrics have on the viability of the campaign. They are experts at what they do"
Stangen, part of King Price Financial Services, is a niche, South African based life insurer offering products designed to be inclusive to a variety of individuals and groups in South Africa. The company's products promote responsible long-term financial planning, helping their customers to make decisions that will support their families.
MVF started working with Stangen in 2018 with the goal of increasing the amount of long-term on-book customers they had for their life insurance policies. Long-term customer retention was particularly important to Stangen as it would enable them to hold a strong market position, attracting acquisition offers from larger South African insurers, like King Price Financial Services.
It became clear very early on that MVF's account managers had been able to understand the complex key drivers of Stangen's diverse business, meaning that marketing activities captured the exact customers Stangen was looking for: those looking for long-term solutions. After completing a short two-month trial, Stangen scaled up the partnership, over two years MVF went from supplying less than 1% of Stangen's purchased lead volume to delivering over 60%.
During the two year relationship between Stangen and MVF, the monthly lead volumes have grown from around 650 to up to 7,500. The partnership is constantly evolving to fit Stangen's requirements, altering campaigns and exploring different conversion tactics to further increase the company's growth, and ultimately making them more competitive in their industry.
Stangen and MVF are currently working together to design and trial different conversion tactics that will enable a lower acquisition cost, in order to make it viable to scale even more in lead volume. In addition to this, there is a new product and campaign in the making and MVF is set to help support its launch and growth.
When the pandemic created an undesirable exchange rate between the pound sterling and South African Rand, MVF's leads became more expensive. MVF's account managers worked with Stangen on a solution to reduce monthly costs to keep the company's marketing spend reasonable with minimal impact on lead quality.