zenloop X Finanzchef24
Case Study / published in August 2022 by zenloop
Finanzchef24 is an InsurTech pioneer based out of Munich and Germany’s largest digital insurance broker for over 50,000 entrepreneurs and self-employed customers, who use the company’s comparison functionality to purchase commercial insurance online. Reaching more than a million users every year, the company places great emphasis on building an uncomplicated platform that makes it simple for customers to make purchasing decisions.
Although customer experience has been a focus for the company, until recently they haven’t really been focusing on measuring customer satisfaction, so there was a black box of sorts pertaining to customer sentiment. Realizing that they needed to ‘take the temperature’ of their audience to isolate brand advocates in particular, and to address their desire to improve online ratings, Finanzchef turned to the action-oriented customer experience platform zenloop to take the right course of action.
Little did they realize how quickly these action steps would impact their goals.
Online ratings and reviews play a significant role in shaping a company’s reputation in the digital marketplace. A stellar reputation leads to attracting more leads, more sales, consumer trust, and improving search engine rankings, while a poor reputation leads to a negative brand perception and can seriously impact traffic, revenue and overall business performance.
The importance of online reviews:
- 86% of customers hesitate to purchase from brands with negative online reviews
- 93% of customers read online reviews before making a purchase
- 94% of all purchases are products with average ratings of 4 stars and above
Knowing that online reviews are as important as personal recommendations for 9 out of 10 consumers, Finanzchef24 wanted to further improve upon their decent 4.1 Google Rating. Not only was the company looking for higher ratings, but more ratings in general. To arrive at this destination, Finanzchef24 needed to take active control on improving customer satisfaction, and guiding satisfied customers towards online review platforms.
The problem was, without customer experience management processes in place to understand customer satisfaction, how could the company put the spotlight on potential brand advocates? Especially since customer loyalty and advocacy is one of the biggest CX challenges for Banking and Financial Services companies. Seeking a solution partner, the company’s Head of CRM turned to zenloop – the action-focused experience management platform.
At the end of 2021, the partnership between zenloop and Finanzchef24 began with a view to improve customer satisfaction with a focus on Google Ratings.
- Improve customer satisfaction in general
- Specifically satisfaction with the buying process, after purchase
- Learn of exit intent at different touchpoints within the customer journey
- Improve ratings of insurance partners and of internal sales team
- Improve Google Ratings to increase trust of potential new customers
- Improve rating quality (higher scores)
- Improve rating quantity (more reviews)
A three-step plan was put in place to find satisfied customers and forward these ‘promoters’ to contribute a Google Review.
“zenloop is a great tool to collect and analyze customer feedback. We use it not only to improve our processes and product quality, but also to strengthen customers’ trust in our brand by promoting positive evaluations.”
– Michael Chocholaty (Head of CRM, finanzchef24)
Step 1: Surveying Customers
Using zenloop, a customer survey was integrated at the ‘after-purchase’ touchpoint, as an overlay on the purchase confirmation page. The survey asked customers: “How likely is it that you would recommend price comparison from Finanzchef24 to other self-employed people? (on a scale of 0 – 10)”.
After the customer rated the platform, they could also leave a comment asking why they gave that particular score.
Step 2: Asking Satisfied Customers to Add a Google Rating
For customers who gave a positive response to the survey (those who gave an NPS score between 8-10 out of 10), also known as Promoters, were instantly presented with a Google Rating button, linked to the company’s Google Review page.
Knowing these customers were more likely very satisfied with their buying experience, the likelihood of these users leaving a positive rating increased.
Step 3: Follow-Up Emails to Promoters
For those customers who didn’t engage with the invitation button to leave a Google Rating, we set up a reminder email campaign to enable promoters to leave a Google Review at a time more suitable to them.
Follow-up Email: You recently secured your company with Finanzchef24. So that even more self-employed people and entrepreneurs can benefit from our rate comparison, please also rate us on Google!
Finanzchef24 saw positive results within weeks of starting the campaign in November 2021, and by May it was clear that this campaign was a success and the impact was massive.
Results After Six Months
Google Reviews and Ratings directed from the survey:
- Google Rating grew 12% from 4.1 to 4.6
- Number of Google Reviews increased by 200% from 52 to 156 in total
Not only did the company successfully identify potential brand advocates, they were able to guide brand advocates to leave a positive Google Review – something they may not have done without the guidance of this highly successful campaign.
Email campaign results during six month period
- On average 6 new Google Ratings per week
- 6% conversion rate
- Open rate grew from 48% to 51%
- Click rate increased from 6% to 7.2%
Focus For the Future
Clearly, the Google Rating campaign was a success. In future months Finanzchef24 plans to build on this success with a continued focus on brand reputation through reviews, in conjunction with a focus on reducing churn by learning why customers leave the platform at different touchpoints of the funnel.
Future Projects with zenloop
- Continue improving online ratings and reviews
- Understand exit intent at various touchpoints to reduce bounce rate and churn
- Improve performance of internal sales through feedback
Rate insurance partners through feedback and customer sentiment
The main focus in the future is to add more actionable touchpoints throughout the customer journey to improve satisfaction, products and processes, but to also continue strengthening customer’s trust in Finanzchef24, leaders in the insurance and finance comparison space.