What is Sales and Marketing Strategy of Old Mutual Ltd. Company?

What is Old Mutual Ltd.'s Sales and Marketing Strategy?

Old Mutual Limited, a prominent pan-African financial services group, offers a comprehensive suite of solutions including life assurance, insurance, asset management, and banking. Serving both retail and corporate clients, its operations span across Southern, East, and West Africa. The company's sales and marketing are key to its competitive positioning and growth, especially with its recent digital transformation initiatives.

The company's strategic focus on digital integration, including the upcoming OM Bank launch by Q4 2025, aims to provide accessible and fairly priced financial solutions, reshaping its market approach.

Old Mutual's sales and marketing strategy centers on leveraging its extensive heritage and expanding digital capabilities to reach a broad customer base. The group emphasizes a customer-centric approach, aiming to provide tailored financial solutions across its diverse product portfolio, which includes offerings like Old Mutual Ltd. BCG Matrix. Its marketing efforts often highlight financial inclusion and empowerment, particularly in emerging markets.

Old Mutual Limited employs a multifaceted sales approach, leveraging both traditional and digital avenues to connect with its customer base across Africa. The company's distribution strategy is built upon a robust network that includes physical branches, dedicated call centers, and a significant number of both tied advisers and independent intermediaries.

Physical Presence and Direct Engagement

Old Mutual maintains a physical branch network to serve customers directly, complemented by call centers for immediate assistance. Tied advisers, numbering 2,308 in 2023, and independent intermediaries, totaling 8,956 in 2023, form crucial pillars of its sales force, providing personalized advice and service.

Digital Transformation and Online Reach

The company is actively expanding its digital footprint, with a 22% increase in active digital users across the Group in 2024, reaching 1.7 million users. Initiatives like the digital broker portal, MyOMinsure, facilitate seamless digital servicing for brokers, reflecting a strategic shift towards omnichannel integration.

Strategic Partnerships and New Ventures

Key partnerships and exclusive distribution deals are vital to Old Mutual's growth. For instance, Old Mutual Insure utilizes a blend of intermediaries, direct channels, and digital platforms. The relaunch of Moneyversity+ in June 2024, attracting over 154,000 users, is part of its strategy to enhance digital presence and user acquisition.

Expansion into Banking Sector

A significant development in Old Mutual's business strategy is the phased rollout of OM Bank, a digital-first banking venture. With a cumulative investment of R2.8 billion between 2022 and 2024, this expansion aims to create an integrated financial services offering, with a soft launch in Q2 2025 and a public rollout anticipated in Q3 2025.

Customer Acquisition and Retention Strategies

Old Mutual's sales and marketing strategy is geared towards broad customer acquisition and retention. The company is actively testing new approaches across various segments, including worksites, educational institutions, and retail partnerships to expand its market reach.

• Leveraging a diverse intermediary network for personalized sales.
• Enhancing digital platforms to improve customer experience and accessibility.
• Forming strategic partnerships to broaden market penetration.
• Expanding into new financial service areas like digital banking.
• Focusing on content marketing and digital presence for user acquisition.

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Old Mutual employs a comprehensive marketing strategy that blends digital innovation with traditional outreach to build brand awareness, attract new clients, and drive sales across its diverse financial services offerings. The company's approach is increasingly digital-first, reflecting a significant investment in technology to enhance customer experiences and operational efficiency. This focus aligns with their broader digital integrated financial services strategy.

Digital Transformation

Old Mutual has invested heavily in digital capabilities, including cloud migration, to leverage data and AI for improved customer experiences. This transformation aims to digitize customer journeys for greater accuracy and quality.

Data-Driven Marketing

The company utilizes data analytics for customer segmentation and personalization, refining systems to ensure a seamless launch of new digital offerings like OM Bank. This data-centric approach underpins their customer acquisition efforts.

Financial Education Platform

Platforms like Moneyversity+ are used to drive user acquisition and promote financial literacy. This edutainment platform has been recognized for its societal and sustainability impact.

Traditional Marketing Integration

While digital is key, traditional media and events remain part of the marketing mix, ensuring broad reach and engagement. The company continuously evolves its marketing channels to connect with a wider audience.

Sustainability in Marketing

Sustainability is integrated into marketing communications, with a focus on financial education, inclusion, and empowerment. This commitment is detailed in their Sustainability Reports.

Responsible Business Initiatives

The company highlights its responsible business practices, including significant investments in the green economy and renewable energy. In 2024, this included R179 billion in the green economy and R38.4 billion in renewable energy.

The company's digital transformation efforts have yielded tangible results, such as infusing 69% of their records with up-to-date referential data within six weeks and decommissioning legacy MDM systems within nine months, leading to significant cost savings. This focus on data accuracy and efficiency is crucial for their Old Mutual business strategy, particularly in launching new ventures like OM Bank, which targets South Africans earning between R1,000 and R30,000 per month with accessible digital banking services. The effectiveness of their customer acquisition and retention strategies is further supported by their commitment to enhancing customer engagement and leveraging platforms that promote financial well-being. Understanding the Growth Strategy of Old Mutual Ltd. provides further context to these marketing tactics.

Key Marketing Tactics

Old Mutual's marketing tactics are designed to build brand awareness, generate leads, and foster customer loyalty through a blend of digital and traditional channels. Their approach emphasizes data-driven insights and personalized customer journeys.

• Digital marketing initiatives leveraging data and AI for enhanced customer experience.
• Digitization of customer journeys for improved accuracy and efficiency.
• Utilizing financial edutainment platforms for user acquisition and financial literacy.
• Integration of traditional media and events to complement digital efforts.
• Communicating sustainability efforts and responsible business practices through marketing.
• Customer segmentation and personalization to tailor offerings and communications.

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Old Mutual's brand positioning centers on being a trusted, accountable, and experienced financial services partner across Africa. The company's core message emphasizes helping customers sustain, grow, and protect their prosperity, aiming to be their first choice for financial aspirations.

Heritage of Trust and Accountability

Old Mutual leverages its long history to build confidence, positioning itself as a reliable financial partner. This deep-rooted trust is a cornerstone of its Old Mutual sales strategy.

Pan-African Focus and Responsible Practices

The company differentiates itself through its commitment to the African continent and responsible business practices. This focus underpins its Old Mutual business strategy and market approach.

Vibrant and Optimistic Brand Personality

While retaining its iconic green and anchors logo, Old Mutual incorporates energetic secondary colors and African patterns. This visual identity signals a dynamic and forward-looking brand.

Coaching and Partnership Tone of Voice

The brand's communication style aims to demystify finance, acting as coaches and partners. This approach is central to the Old Mutual marketing strategy and customer engagement.

Old Mutual's appeal to its target audience is multifaceted, combining established trust with forward-thinking innovation and a strong dedication to sustainability and social impact. In 2023, the company's brand strength was recognized globally, being named the Strongest Insurance Brand by Brand Finance with a score of 89/100. It also held the position of the most valuable and strongest South African Insurance brand, with a brand value of ZAR11.2 billion. Market research further indicates a strong consumer association of Old Mutual with community and societal support. The company's sustainability strategy, updated in August 2024, directly integrates financial wellness, education, and empowerment into its broader financial services offerings. Maintaining brand consistency across all channels and adapting to evolving consumer sentiment and competitive pressures, such as its expansion into digital banking with OM Bank, are key to its ongoing success.

Global Recognition for Brand Strength

Old Mutual was recognized as the Strongest Insurance Brand globally in 2023 by Brand Finance. This highlights the effectiveness of its brand positioning efforts.

South African Market Leadership

It was also the most valuable and strongest South African Insurance brand in 2023. This demonstrates strong local market penetration and brand equity.

Community and Societal Association

Consumer research shows a strong link between Old Mutual and support for communities. This perception is a vital component of its brand positioning.

Integrated Sustainability Strategy

The company's sustainability strategy, approved in August 2024, emphasizes financial wellness and empowerment. This aligns directly with its integrated financial services approach.

Digital Expansion and Brand Evolution

Strategic moves like the expansion into digital banking with OM Bank show a commitment to evolving the brand. This ensures continued relevance and competitiveness.

Customer Segmentation for Marketing

Understanding the Target Market of Old Mutual Ltd. is crucial for tailoring its marketing messages. This ensures resonance and effective Old Mutual customer acquisition.

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Old Mutual's sales and marketing strategy is characterized by impactful campaigns designed to reshape its brand and drive growth. These initiatives often leverage digital platforms and a strong African focus to connect with diverse customer segments.

#TheTimeIsNow Campaign (2018)

Launched post-primary listing on the Johannesburg Stock Exchange, this campaign revitalized Old Mutual's brand identity. It emphasized a customer-centric approach and a strengthened Pan-African focus, using vibrant visuals and energetic messaging across multiple media channels.

OM Bank Launch (2025)

This strategic initiative aims to transform digital banking in South Africa for the retail mass market. Targeting individuals earning between R1,000 and R30,000 monthly, it offers transparent and accessible financial solutions, leveraging Old Mutual's existing customer base for cross-selling.

Moneyversity+ Relaunch (June 2024)

This financial edutainment platform saw over 154,000 users after its relaunch. It is a key component of Old Mutual's strategy to expand digital content and enhance user acquisition, promoting financial education and inclusion.

Sustainability Initiatives

Old Mutual's commitment to sustainability is an ongoing 'campaign,' with significant investments in the green economy. In 2024, the company invested R179 billion in the green economy and R38.4 billion in renewable energy, enhancing brand credibility through responsible practices.

These campaigns highlight Old Mutual's evolving sales and marketing strategy, focusing on digital transformation, customer empowerment, and a commitment to sustainable development across Africa. Understanding these initiatives provides insight into the company's overall business strategy and how it approaches customer acquisition and brand positioning in the competitive financial services landscape.

#TheTimeIsNow Brand Refresh

This campaign aimed to reposition Old Mutual as a leading Pan-African financial services provider. It underscored a commitment to empowering customers to achieve financial fitness.

OM Bank's Digital Disruption

The launch of OM Bank represents a significant investment in digital banking innovation. The company has invested R2.8 billion between 2022 and 2024 in its development, anticipating a break-even point by 2028.

Moneyversity+ for Financial Literacy

This platform serves as a key driver for Old Mutual's digital marketing initiatives. It aims to boost user acquisition and enhance financial inclusion through engaging content.

Sustainability as a Core Value

Old Mutual's substantial investments in green energy and the green economy reflect its commitment to responsible corporate citizenship. This aligns with its broader market entry strategy and brand awareness campaigns.

Customer-Led Growth Strategy

Across its campaigns, Old Mutual emphasizes a customer-led approach. This strategy is crucial for its customer acquisition and retention efforts in South Africa and beyond.

Pan-African Market Focus

The company's marketing strategy consistently highlights its Pan-African leadership. This focus is integral to its market entry strategy for new regions and its overall business strategy.

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