How to grow a dwindling customer base, boost sales conversion and prevent high churn
In the 1970s, Bupa Global created the International Premium Medical Insurance (IPMI) market, targeting expat and High Net Worth customers around the world. As the market became more crowded and competitive, the firm needed to find new ways of standing out. This required a better understanding of the market, identification of new customers and the development of a new IPMI product for the 21st century – all without compromising its brand values.
A squad of We Live Context consultants and Bupa Global Marketing Executives worked in partnership in an offsite creative space. Internal sales and performance data were carefully integrated with our primary research. After verifying findings with extensive qualitative research, an exciting new product emerged, one the firm was able to rally around.
By month-end, Bupa Global had seen a 10% increase in the sales conversion rate. By the end of the year, sales were up 24.4%.
Despite being market innovators, Bupa Global’s sales lagged behind those of its rivals, who were by now competing heavily on price. By cutting costs and reducing policy benefits, these competitors had established a thriving market for no-frills insurance coverage –a world away from Bupa Global’s values of high-standard healthcare.
Additionally, the stereotypical expat customer of yesteryear was becoming a dying breed. The market had changed beyond recognition.
With nearly half of its customers packed into five London postcodes, there was clearly a new customer base beyond the expat.
We Live Context had worked with Bupa Global for a number of years, and understood the challenges of researching and understanding this complex market – particularly with historic databases containing limited information on customers.
Past external research had demonstrated the difficulty of reaching relevant High Net Worth customers in a cost-effective and timely manner, particularly on a global scale.
Large-scale quantitative research had proven unreliable in finding the right people, or so expensive that achieving value for money was unrealistic.
Immediate & long-term results
By identifying a new market, improving sales and reducing churn, our work allowed the brand to flourish. The hero was the new product, which had metamorphosed from its 1970s origins into a conceptually fresh idea. Instead of insurance for people who travel a lot, this was about the making people feel like they have the best coverage in the world. It had broader emotional benefits: pre-emptive care, lifestyle relevance and wider support. In key markets, Bupa Global saw a shift to local nationals and away from expatriates – but as well as appealing to new customers, it rallied the firm around it.
Generic communication now shifted to a tiered approach, targeting specific segments with tailored messaging. Sales strategies were developed to suit customer needs. In particular, the importance of face-to-face was firmly established. Our work on the customer journey identified specific short and long term opportunities, including improvements to the lead nurture programme. Face-to-face sales teams in the UK adjusted how they talked to prospects and how to bring the proposition to life.
Smart consulting approach
More broadly, the project proved that exhaustive customer segmentation isn’t necessary if the teams already know a great deal about the customer. The value of embedding teams together, consultant and client, also shone through. It ensured that value propositions are customer-centric while also reflecting the brand's commercial reality.
The wider workstreams assembled a richly detailed picture of customer experience, which could be integrated into new propositions and segmentations.
Close integration with the client, right up to the conclusion of the project, ensured that product implementation was smooth. All in all, a complex problem, approached with agility, efficiency and imagination.
Generic communication now shifted to a tiered approach, targeting specific segments with tailored messaging. Sales strategies were developed to suit customer needs. In particular, the importance of face-to-face was firmly established. Our work on the customer journey identified specific short and long term opportunities, including improvements to the lead nurture programme. Face-to-face sales teams in the UK adjusted how they talked to prospects and how to bring the proposition to life.
Impactful results
10%
increase
SALES: MONTH ONE
By month-end Bupa Global had seen a 10% increase in the sales conversion rate
24.4%
increase
SALES: YEAR ONE
After one year, this had risen to 24.4%
50%
increase
RETENTION: YEAR ONE
Retention rates improved by 50% over the year
(2019-2020)
