Embassy of Design worked with OP Nano Vakuutus to build a growth model, run a growth team and manage the daily marketing operations to achieve business targets.
Both the OP Nano home and travel insurances had been rolled out the previous year, but hadn’t achieved much traction. There had also been many changes to the original team composition, and each department was working separately from each other. With high business objectives and a new team set in place, we began our cooperation.
We built the growth model by conducting market research, auditing past marketing activities, identifying the most probable customer segments, and defining the initial problem-solution fit for both insurances. With this information, we prioritised our efforts and started systematically testing the growth hypothesis.
To bridge the gap between departments, we brought the new team together for pre-designed workshops. Together with the team, we set our own principles of working together.
OP Nano Vakuutus was re-introduced to the market with the launch campaign “Aikuistelu” (‘adulting’). The idea was to accept and embrace the innate dullness of insurances, giving it a humorous twist to generate wide-ranging awareness for the entire product portfolio.
With carefully designed marketing and advertising just before the peak season, we generated a buzz that then converted into record breaking sales and healthy customer retention rates. After the campaign period the organic growth rate remained significantly higher than originally.
To achieve fast and profitable growth, it’s vital to focus on the customer segments that have the highest profitability and retention rates. To find these segments, we conducted customer surveys for both products to learn more about the current client base.
What is it they value most about the product? How does their general purchase behaviour look like? Are there differences between people from different demographic background? Which segment should we focus on?
By analysing the gathered data from the survey, we identified four customer segments for each product, and recognised the most lucrative ones to target. In addition to key differentiators, we also identified the ways of communicating the product’s value that most resonated with these segments.
The OP Nano Vakuutus growth team is a mix of multidisciplinary talent in marketing, data, business design and technical expertise. The daily growth operations were ran by our Chief Growth Officer (CGO), and carried out in 2-4 week long sprints, with specific objectives set for each sprint. When specialist expertise was required, the CGO called in the right Embassyan or a trusted freelancer.
Working physically together every Tuesday, the team adopted highly efficient ways of working and a routine that was embraced by all members. The team looks at the customer journey as a whole, making fast-paced decisions steered by numbers.
We are a good fit with teams who want to grow by creating meaningful everyday experiences for their customers. Get in touch with our Chief Growth Officer, Cristina Herrera.Book a call with Crisse