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Saffron Building Society Case Study: Building an Effective Social Media Community
Datamonitor, May 2011, Pages: 18
Building meaningful relationships with customers should be a critical goal of any institution. Through a successful online marketing strategy and customer-centric offerings, Saffron Building Society is showing UK financial services (FS) institutions a path to greater customer satisfaction through involvement in both the local and digital community.
Features and benefits
- Reduce the risk of social media experiments through understanding the drivers of Saffron's success
- Stimulate ideation by learning from Saffron's customer centric savings products
- Cut costs by understanding the potential of online marketing partnerships
- Build an collaborative company culture through seeing how Saffron promotes transparency and interaction between its customers and staff
Highlights
- Saffron has approximately 110,000 customers, a fraction of the millions of customers enjoyed by the dominant UK banks, and yet Saffron has managed to achieve a social media following that would be the envy of any UK financial institution.
- Saffron developed a new marketing strategy to encourage more interest from younger consumers rather than the typically older saver and borrower profile that is common among building society customers.
- An important aspect of the Saffron brand strategy rests on the drive for transparency throughout the organization. A big part of this strategy comes from improved communication between the senior staff and the society's customers.
Your key questions answered
- How can other FS organizations learn from Saffron's success using social media?
- How has Saffron used cut its marketing costs yet increased customer awareness?
- How are Saffron's award winning savings products leading the field in meeting the underlying needs of consumers?
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