How Marketers Can Use Behavioral Economics to Guide Customer Decision Making and Drive ROI Session Title KELLY PETERS CEO and Co-Founder BEworks
Kelly Peters CEO and Co-Founder BEworks
Case Study - Background Global group disability benefits and voluntary income protection insurance
Case Study: Decision points 4
Using behavioral economics to aid business outcomes Participation Retention (short-term) Persistency % of eligible employees who purchase % of enrolled who opt-out before first payment % of enrolled who keep coverage for one year 5
73 behavioral impact points Post-purchase Active evaluation Enrollment decision experience The Average American Spends 3.2 Hours A Day Everyone has their session scheduled. on Facebook. You’re Telling me You Don’t Have Yours is with Jill Berry. 20 Minutes For This? Jill will be waiting for you on: Date: July 10, 2014 Time: 9:30 am Location: Meeting Room A Pre-Enr nrol ollment nt Emai ail Series Auto-App ppoint ntment ent Sched hedul ule Congr ngratul ulator ory Emai ails Nudges 6
Email template we re-engineered with nudges � � 1.� Complete� Informa6onal� Forms� 1.� Complete� Informa6onal� Forms� 2.� � � Meet� a� Benefits� Counselor� � 2.� � � Meet� a� Benefits� Counselor� � 3.� Celebrate� your� peace� of� mind� with� coverage� 3.� Celebrate� your� peace� of� mind� with� coverage� 7
Nudge #1: Challenge common objections � 1.� Complete� Informa onal� Forms� 2.� � � Meet� a� Benefits� Counselor� � 3.� Celebrate� your� peace� of� mind� with� coverage� 8
Nudge #2: Create a sense of urgency � 1.� Complete� Informa onal� Forms� 2.� � � Meet� a� Benefits� Counselor� � 3.� Celebrate� your� peace� of� mind� with� coverage� 9
Nudge #3: Lock them in Everyone has their session scheduled. Yours is with Jill Berry. Everyone has their session scheduled. Yours is with Jill Berry. Jill will be Jill will be waiting for you on: waiting for Date: July 10, 2014 Time: 9:30 am Location: Meeting you on: Room A Jill will help you ensure you and Date: July 10, your family are fully protected in the event of an accident or injury. 2014 All you need to do is: � 1.� Complete� Informa onal� Forms� Time: 9:30 am 2.� � � Meet� a� Benefits� Counselor� � Location: Meeting 3.� Celebrate� your� peace� of� mind� with� coverage� Room A 10
Results Premium per er lif life Part rticip ipation rate +40 +40% +33 +33% 25.1% $633 18.9% $451 Benchmark Pilots Benchmark Pilots 11
Top takeaway Leverage the power of cumulative little nudges.
Thank You Kelly Peters @KellyBEworks
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