As a relatively new kid on the block, established only in late 2018 according to The Straits Times, Singlife made a name for itself by nominating Henry Golding as its brand ambassador just a year after. Singlife CMO Liam McCance told MARKETING-INTERACTIVE that being one of the newest in the market among all the local financial services firms, it was important to do things differently and showcase innovation to cut through the marketing noise.
Amidst the pandemic, the insurer decided to launch a new brand named Singlife Account to redefine personal finances, tapping Golding to unveil the new offering. Through its efforts in marketing Singlife Account, the insurer bagged a silver for Most Effective Use - Launch/Relaunch during MARKETING-INTERACTIVE's 2021 MARKies Award.
Amid the ongoing pandemic that impacted many brands’ budgets and marketing strategies, the insurance company decided to launch a new brand - Singlife Account - with the vision to redefine personal finances.
According to Singlife, it saw that very few financial institutions allow consumers to access and track all of their finances in a straightforward and cohesive way. Therefore, the new app-based insurance savings plan was built for mobile-first lifestyles, and sought to give consumers “more immediate returns, flexibility to save or spend, and greater protection in today’s world”.
The insurance company said that its goal for the first campaign was to introduce the Singlife Account to the market, aiming to reach 200,000 signups within its first year.
The Singlife Account aimed to offer consumers on-the-go accessibility, more and immediate returns, flexibility to save or spend, greater protection in today’s world and mobile convenience.
According to the company, it went onto the digital media platform as it saw an increase in consumers’ reliance on their devices and the internet while traditional media declined. Therefore, it placed the original ATL plan on hold, and instead crafted a strategy around three of the most commonly used terms in the industry, “data-driven”, “adaptive” and “collaboration”.
According to Singlife, it launched digitally to have full visibility of every moving component in its campaign and track the impact of it against its goals. The brand said that it planned and created goals on its Google Analytics and Branch.io to track the consumer journey from the first impression to deposits into Singlife Account.
Singlife said that it evaluated each phase of the funnel with the corresponding objectives and correlation studies. According to the company, it identified the awareness platforms as the ones with the greatest impact in increasing interest in its brand. It then mapped the impact of the higher funnel in driving consumers down the funnel to ensure a healthy balance.
The company identified one of the challenges as a new player was to gain consumers’ trust, as people are cautious when it comes to their money. Thus, it adapted both its media plan and creatives in real-time, through the use of social listening, customer feedback and its real-time data.
Singlife also adjusted its media strategy in relation to PR activities and shifts in the Singapore landscape. According to Singlife, it stepped up its game to push the brand as the leading financial app when banks slashed their interest rates, highlighting its no lock-in returns as sentiments rose around financial security.
Together with its partner agency SearchGuru, Singlife was able to utilise tools other than click-through rates and cost per actions. The company said that it worked closely with the data team, creative team and PR agency to involve the brand in conversations about creative, content, and product. According to the brand, it grew stronger creative stories which improved its conversion rates and designed landing pages that were driven by insights. Singlife also added that it adapted and reacted with its media plan through a better understanding of its clients’ entire marketing ecosystem.
The insurance company also said that its strong partnerships with Google and Facebook kept the brand ahead in driving strong campaigns built on best practices and identifying opportunities.
It then built a dashboard that tracked its organic and paid performance across various goals, broken down by campaign, platform and time period. Singlife tracked daily changes to its campaign and correlated it against other data points. Branch.io was implemented as the third party mobile tracking tool where it set up various goals across the consumer journey which it would use to track and define success.
Singlife said that it produced creatives to appeal to different audiences and address the concerns of the community. In collaboration with SearchGuru, Singlife launched its Henry Golding ad where he unveiled the Singlife Account. The video was cut into multiple variations to manage creative fatigue. The company also introduced Singlife Account across Facebook, Instagram, search, display, YouTube as well as app stores.
Firstly, according to Singlife, its success metrics during the initial phases was to grow branded searches and organic installs as the primary indication of brand awareness and positive sentiment towards Singlife Account. The brand said that it continued to push awareness campaigns when the organic growth was slow.
Secondly, the brand also said that it launched various sets of creatives designed to educate consumers regarding the Singlife Account to drive people to open the app and create accounts after they downloaded its app. It added that it identified about a dozen audiences through social listening and about 120 pieces of creatives were launched to gain better relevancy against students, young adults and working women. The creatives were launched throughout Facebook, Instagram, YouTube, display and app stores.
Lastly, the brand said that it created a strategy to drive conversions at each phase based on its current standing in KPIs. it did so by utilising Google UAC, Google UACE, Facebook App Campaigns, and Apple Search to drive installs and in-app conversions for its app. Branch.io gave the brand an overview of each in-app event and allowed the brand to create custom retargeting segments to drive consumers further down the funnel.
The brand said that it identified the platforms and strategy based on campaign data and insights against each in-app event which would help Singlife meet its goals.
According to Singlife, the common misconception is that for awareness campaigns, effectiveness can only be measured by reach, impression and clicks. The brand therefore strived to disprove that during its campaign. The brand did extensive mapping of the impact of its campaigns against its brand searches and Installs to identify which platforms correlated to spikes in performance.
The brand added that it used the wealth of data to build correlation maps to measure the potential impact of each platform on its installs and lower funnel goals.
Singlife said that a 360-degree digital media plan grew interest in the brand, highlighting its propositions while its own user base increased. The brand reported that its brand searches increased as a result of its marketing efforts, translating into an estimated 40% contribution in organic installs.