Case Study: Coverly
Objective: Recently launched InsurTech start-up backed by Bibby Financial Services. When Sarah joined, they had 4 months left to achieve their ambitious acquisition targets in order to secure £4.3m for the next phase of their growth.
The Challenge/Solution: They did not feel they were getting the most out of their agency & were not confident that they would achieve the target volumes, cost of acquisition or average policy value Targets. Jodi brought Sarah on initially on a consultancy basis. Providing strategic and implementation advice & supporting the small marketing team to ensure they achieved their aggressive targets. 12 days a month over a 3 month period. Once Coverly achieved its targets and secured the next round of investment, Sarah continued in a fractional CMO capacity for the next 6 months and then was later persuaded to join them as an employee.
Key highlights:
She hit the ground running, make a number of immediate changes to achieve quick wins and instant results. In multiple areas:
Get more out of the small growth hacking / media agency - Audit & refine marketing strategy, plan & budget. Initial focus on optimising the paid - Social & PPC media plan. To reduce the cost of acquisition & increase conversion to quote & purchase. Sarah introduced weekly acquisition targets, a test & learn process, a move to more targeted trade specific messaging to increase intent, optimised when paid advertising was ON v OFF based data analytics e.g on on lower/higher converting days/times.
Optimise conversion within the funnel - By reducing friction within the funnel. Sarah developed a basic analytics framework to track key steps in the quote process & identifying pages & trades/products with the greatest drop off. By implementing simple UX and copy changes on certain pages we achieved massive increases in conversion.
Product pivots- To achieve business plan targets of acquisition numbers, target average policy value and 5 star trust pilot rating, it’s wasn’t just about creating great advertising campaigns. It involved driving the product development team & underwriting to add/adjust the product detail to that which the customers expected. By deeply knowing the SME customers & getting into the product detail, we were able to deliver a clearer buying experience, backed up by product detail and great customer service. In the first 12 months we used data to help us focus marketing budget and efforts on the highest converting customer segments.
Target customer pivots - to achieve acquisition within the first 6 months. Sarah used data insights to identify prospects/trades that were converting faster (e.g needed immediate insurance e.g. 1st time stall holders and contract/freelance consultants compared to Electricians/Accountants renewing an exsisting policy.
Automation - Implemented Hubspot inbound marketing content strategy to increase organic lead acquisition.
Case study Results:
We exceeded acquisition targets on time & on budget (with changes in targets) & got £4.3m investment round approved. Way in which this was done included achieving
30% reduction in cost of acquisition (CPA) in 1st 3 months & 72% reduction in 1st year.
57% increase in homepage to purchase conversion - 45% higher than competitors. achieving a 5 start trustpilot rating.
78% increase in data capture - intent/enter email from paid advertising to begining the quote process due to better-targeted ads & trade-specific copy/product features.
184% increase in conversion from homepage to policy purchase - due to generating increased intent & reducing the friction within the quote process.
🏅Brand of the Year Award finalist 2020 - Insurance Post. 🏅InsurTech of the Year award finalist 2019 - British Insurance Awards in 1st 12 months.
“Sarah delivered some exceptional results”
/JOdi Cartwright, managing director, coverly/
“Sarah initially joined as a consultant & quickly understood the business and delivered results. She did such a great job I convinced her to go perm. She delivered exceptional results throughout her time at Coverly and was a core part of why we hit all our targets.
What I love about Sarah is her willingness to just roll her sleeves up, figure out where the biggest problems are evaluating where she can add most value, and then she just gets on and sorts them out!
Sarah has a rare and wonderful combination of both a strong visually creative side, and a detailed, data analytics side which are both so valuable in marketing. She tirelessly focused on refining the plan to achieve changing targets and maximise the efficiency of budget and activity. Even if the areas are not her core expertise, she uses her network to find out what she needs to know.
I would not hesitate recommending Sarah.”
see Full recommendation on LinkedIn
