In the latest episode of the Financial Marketing Insights podcast, Jasper Martens, Group CMO at PensionBee described his career journey and the further expansion of PensionBee into the US.

Building the PensionBee Brand

Jasper began by introducing himself and providing an overview of PensionBee, a platform designed to simplify the process of consolidating old pensions or 401(k)s into a single, easily managed account. Founded in the UK in 2014, PensionBee has grown substantially, now boasting over 260,000 customers and managing close to £7 billion in retirement savings. PensionBee's approach eliminates the traditional, cumbersome process of pension transfers by enabling users to initiate transfers via an app with just a few clicks.

Reflecting on the challenges and rewards of working with a small team and limited resources, Jasper expressed a sense of déjà vu with the US launch, as it mirrors the early days in the UK. The key to their success has been the ability to test and adapt quickly, from messaging to product offerings. For instance, PensionBee initially provided customers with detailed reports of their old pensions but discovered that simplifying the process to focus on combining pensions into a single account yielded better results. Jasper noted, "As soon as we took away the snapshots with all of those details and said, 'no, no, you can just combine them,' conversion rates went up."

Responsive to Customer Demands

PensionBee has also been responsive to customer demands for greener, more ethical investment options, recently launching a new climate plan. Jasper emphasized the importance of agility and responsiveness in the early stages of a company's development, noting that it becomes more challenging to make significant changes once a customer base has grown substantially.

Tackling U.S. Market Challenges

Expanding into the US has presented unique challenges, particularly in terms of the differences in pension transfer processes between the two countries. In the UK, transfers are typically done electronically, whereas in the US, providers often send checks by mail, adding friction to the process. Jasper explained, "In the U.S., a provider would just send you a check in the post to you as a customer, and then you have to forward it on to PensionBee." This necessitates adjustments in marketing strategies and messaging to address these differences and ensure a seamless experience for US customers.

Jasper also touched on the importance of localizing content and building a local marketing team. He shared an example of using the word "diary" in a social media post, which has different connotations in the US compared to the UK. Understanding and addressing these nuances is crucial for successful market entry.

Impact of Sports Sponsorship

One of the highlights of Jasper's career at PensionBee has been securing a sports sponsorship with Brentford Football Club, a Premier League team. This partnership has not only boosted PensionBee's brand awareness but also fostered employee pride and engagement. Jasper explained that sports sponsorships offer cost-effective reach and built-in trust, as consumers often perceive brands associated with major sports events as more credible.

The sports sponsorship has also been central to PensionBee's TV advertising campaign, "Believe in the Bee," which included filming with real footballers at Brentford's stadium. Additionally, the sponsorship has provided opportunities to engage with employees and commercial partners, enhancing internal engagement and collaboration. The value of relationship building was highlighted by Jasper, who emphasized its importance despite the digital age. Inspired by his father's career in public relations, he stressed that meeting people and building a network remains a crucial aspect of effective communication and trust-building.

Navigating Marketing Challenges and Opportunities

Jasper acknowledged the challenges financial services marketers face, particularly in building trust from a start-up perspective. The current economic climate and technological advancements, such as AI, pose additional challenges. Jasper pointed out the importance of using AI in marketing to engage with customer segments effectively and make data-driven decisions. Despite these hurdles, Jasper and his team continue to innovate and leverage new technologies to build trust and offer valuable retirement solutions to their customers.

Emotional Connection in Marketing

Discussing his personal passions, Jasper emphasized the importance of emotional connection in marketing. He believes that putting emotion into a brand and its messaging can significantly impact how customers perceive and interact with the brand. Drawing inspiration from successful campaigns and collaborations with experienced advertising professionals, Jasper strives to bring emotion to financial services products, making them more relatable and engaging for consumers.

Jasper highlighted the satisfaction of measuring marketing success directly. He finds joy in cracking the codes that make marketing effective, a passion that has sustained his long career in financial services marketing. "There is no Viagra in the world that gets me excited about metrics and conversion funnels," Jasper quipped, underscoring his preference for emotionally resonant marketing over purely data-driven approaches.

Conclusion

Jasper Martens' journey with PensionBee illustrates the importance of innovation, agility, and localization in building a successful brand. The company's expansion into the US market holds great promise, and with Jasper at the helm of their marketing efforts, PensionBee is well-positioned to continue its growth and success.