Key Partnerships Proposition Development
Key Partnerships is the UK’s leading B2B equity release referral partner, providing a seamless bridge between Key (the largest provider of equity release advice in the UK) and thousands of intermediaries looking to provide more retirement options to their clients.
Although the potential uses for equity release now go far beyond what people would initially consider, historic negative perceptions of the product and low understanding amongst clients stop them from advising on and recommending the product.
Our challenge therefore was to develop a new proposition for Key Partnership to re-educate advisers and intermediaries of the benefits of equity release and how referring clients to Key Partnerships could benefit their business as well as their clients. Ultimately, we wanted to help referrers to be as passionate about equity release as Key are.
As with any proposition development we undertake, we started the process with a full insight and immersion session. For Key Partnerships this included:
- Interviewing a number of staff across the business in varying roles
- A thorough review of:
Customer and prospect research and analysis conducted
The equity release referral market and competitor service offerings
Marketing communications from Key Partnerships and competitors.
Our lead insights from this process were:
- Lack of understanding about the range of uses and potential benefits to their customers
- Lack of understanding of the referral process, and fear of ‘poaching of clients’ from advisers
- Current brand was very corporate and professional, which left it feeling quite cold and rigid, lacking passion, humanity and personality of the new Key brand
- There was however an authentic culture of ‘care’ throughout the partnership model and sales journey. We want what’s best for our end customers, just like our referrers
These insights led us to a clear single-minded proposition that connected with our audience throughout the sales journey: ‘Helping you unlock your clients’ financial potential’
From these insights we also developed an overall messaging strategy that was tailored according to four audience personas we developed and where they were in the sales journey.
The proposition was bought to life through a new creative identity and brand campaign, including a new website.
When comparing the July-Dec 2019 campaign launch period vs. the same period in the previous year, we saw:
- A 23.7% uplift in new referral partners over this period (649 to 803)
- Leads up 6.7% (2,187 to 2,333)
- Loans issues up by 8%
- Resulting in additional borrowing of 11% equating to £7,897,252
The whole approach has energised everyone in the business with a belief that through collaborating with the right partners we can change perceptions of equity release from a product of last resort to a product to be considered as part of every homeowners’ retirement financial planning conversations.