COVID-19 has changed the world in many ways. People experienced the rising cost of hospitalization and medical care, making them realise the importance of health insurance policies in a time of medical emergencies.
Insurance companies wanted to promote their health insurance policies to these newly interested customers. However, the task was challenging for marketers in these companies. Search and social media channels were simply not enough, it was imperative to look for new, innovative ways to reach these customers in the highly competitive BFSI industry.
New-age marketers found unique on-device ad placements that caught the attention of users even before they started their online journey. This approach helped the marketers to gain incremental ROI on their ad spends while running ads away from the cluttered online space.
Put simply, with on-device placements, marketers can run ads directly via leading mobile OEMs such as Samsung, VIVO, Oppo, Xiaomi, and more. One such unique placement is on mobile OEM default browsers using the innovative ad format, Tiles. This format helps marketers promote their products and services in a non-intrusive manner enhancing user experience.
The customer buying journey is simple. Let’s consider this scenario– a customer is looking for an insurance cover and he opens the browser on their mobile to learn more. When the customer does this, he can see a Tile by HDFC Life Insurance even before initiating a search, and since it aligns with his need at the time, he will click on the ad, and go directly to the brand’s landing page. By doing this, the brand is capturing a highly interested customer, and the entire buying journey is shortened and is more goal-oriented.
With over 500 million smartphone users in India, simple on-device ad formats like Tiles go a long way in helping brands acquire incremental leads and sales. VEVE is one of the leading companies that offer brands innovative mobile OEM performance solutions for their ad campaigns at a global scale.
Let’s explore the example of HDFC Life Insurance.
How HDFC Life Insurance created waves in the industry with mobile OEM advertising
HDFC Life Insurance is the perfect example of how mobile OEM advertising can be used to drive quality leads and incremental ROI (policy purchases). The brand faced limitations on campaign ROI from search and social media inventories and in a bid to correct this, turned to mobile OEM advertising as a cost-effective solution to optimize its cost-per-lead.
VEVE’s on-device mobile advertising solution
VEVE’s innovative mobile OEM advertising solution helped to bridge the gap between customer and brand presence effectively. Leveraging its robust partnerships with leading mobile OEMs, VEVE enabled HDFC Life Insurance to reach 25 million customers who were interested in insurance products. The campaign targeted Oppo and Vivo smartphone users with handsets worth INR 10,000.
VEVE used its ad format – Tiles that were natively placed on mobile OEM’s default browsers. With this, VEVE enabled HDFC Life Insurance to be the first insurance brand in India to use this innovative ad format on mobile.
The campaign impact
The campaign performed phenomenally and reached over 25 million customers in the targeted metro cities. It was optimized to achieve an outstanding ROI (policy purchases) of more than 300%. Further, the campaign achieved 150% of the target set initially, with a click-to-lead ratio of more than 1%. Also, over 50% reduction in cost-per-lead was observed, as compared to other channels.
From this, it is evident that mobile OEM advertising proved to be a highly effective solution for HDFC Life Insurance’s marketing objectives. The approach enabled the brand to cut through the digital ad clutter and stay ahead of the curve in a highly competitive marketplace and generate incremental conversions.
Explore how VEVE can help your brand acquire quality leads and high performance marketing ROI. Talk to us today!