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Based in Edinburgh, 8 Million Stories are one of the UK’s fastest growing agencies. Running campaigns in over 40 languages and 50 countries globally, our client roster includes BBC World Service, General Mills, Royal London, Visit Britain and Aman Resorts.
Working with Tesco Bank since 2019, we were delighted that our recent campaign for Tesco Bank Pet Insurance (Ambitious Strategy Breeds Pawsitive Results for Pet Insurance) has been shortlisted as a finalist for the upcoming European Paid Media Awards 2024! This recognition is a testament to the hard work, creativity, and strategic thinking that our team poured into this project. We’re incredibly proud of the results we achieved and the positive impact it had on Tesco Bank’s pet insurance business.
The Challenge: Navigating a Competitive Market
The pet insurance market in the UK is fiercely competitive, with major comparison websites and other insurers vying for attention. Additionally, search volume for pet insurance had been declining year-over-year, making it even more challenging to reach potential customers. Our primary goal was ambitious: to significantly increase the proportion of sales generated through generic search terms while maintaining a cost-effective cost-per-acquisition (CPA). In essence, we aimed to grow revenue without overspending.
Our Winning Strategy: Four Pillars of Success
To tackle these challenges head-on, we developed a comprehensive strategy built on four key pillars:
- Smart Efficiencies Through Campaign Structures: We revamped the account structure, moving from a highly granular setup to a more flexible one. This change allowed for better machine learning and optimisation, leading to improved performance and reduced fluctuations.
- Incremental Activity via Enhanced Search Products with AI: We harnessed the power of AI-driven search products to expand our reach and capture a broader audience. This approach helped us tap into new customer segments and drive incremental sales.
- AI-Improved Targeting and User Engagement: We leveraged AI to refine our ad targeting and create more compelling ad creative. This ensured that our messages resonated with the right audience and encouraged them to take action.
- Improved Overall Ad Strength: We focused on creating high-quality ads that met strict financial regulations while still being engaging and persuasive. This led to better budget utilisation and reduced lost impression share.
Collaboration and Innovation
The project wasn’t without its challenges. The insurance sector is a regulated environment which places a lot of importance on risk management, therefore careful navigation and collaboration with internal stakeholders was required. Additionally, the lack of reliable data from a previously paused account made forecasting difficult. However, our team’s expertise and close partnership with Tesco Bank allowed us to overcome these obstacles and deliver exceptional results that speak for themselves, exceeding both our and Tesco Bank’s expectations.
Our campaign for Tesco Bank Pet Insurance stands out for several reasons:
- Strong Partnership: Our close collaboration with Tesco Bank allowed us to push boundaries and achieve remarkable results within a regulated industry.
- Strategic Expertise: Despite data limitations, our deep understanding of the search landscape, target audience, and brand enabled us to develop and execute a successful strategy.
- Innovation and Adaptability: We embraced new technologies and approaches, demonstrating a willingness to test and learn.
We’re incredibly proud of the work we accomplished for Tesco Bank Pet Insurance. This campaign showcases our team’s dedication to innovation, strategic thinking, and delivering exceptional results for our clients. We’re honoured to have our efforts recognised by the European Paid Media Awards and look forward to continuing to push the boundaries.
You can find out more about 8 Million Stories and how we can help with any digital marketing needs at https://8ms.com/ or connect with us on our social channels:
You can also find out more about Tesco Bank Pet Insurance at https://www.tescobank.com/pet-insurance/
