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Case Study: Home

Client: Britannia Building Society

Sector: Finance

Frequency: Three issues a year

Circulation: 187,000

Target audience: Britannia Building Society customers

Objectives

Traumatised by mis-selling scandals and competition from other sectors (such as supermarkets), financial services are facing a period of extreme cynicism among consumers. Advertising messages are ignored as customers make financial decisions based on interest rates alone As a mutual, Britannia Building Society still met with this attitude among customers - "there must be a catch" came the feedback from a disenchanted audience. The core objective's were to communicate Britannia's brand positioning and increase sales.

Execution and results

Instead of plumping for a soft, feel-good title, home magazine focuses on reality and practical articles offering a blend of advice, humour and grit. The co-relation between home's "truthful" editorial and the brand is simple -- because customers believe what they read, they believe what Britannia says. The magazine is sent as a direct mailing via Royal Mail to 187,000 Britannia Building Society customers three times a year.

Two methods were used to measure the effectiveness of the magazine -- return on investment and attitudinal research. The target of ROI was 2:1, calculated on the difference of mortgage encashment and product purchase between readers and non-readers.

In independent research, three out of five readers said that home made them feel more positive about Britannia Building Society.

The survey revealed that 80% of readers said they believed what they read in the magazine, with 73% describing home as a useful source of information.

Compared with a control group that did not receive the magazine, only 35% of home readers agreed with the statement, "Britannia Building Society is no different to any other financial organisation". Among those that did not receive or read the title, 50% agreed with the statement. The figures clearly demonstrate the positive effect home has had on brand perception. And in terms of ROI, the magazine surpassed its target, by doubling the return to achieve a rate of 4:1. Seventeen per cent of readers enquired about a product.

Home won the award for most effective financial title at the APA Customer Magazine Awards 2003.

Comment

Julia Hutchison, director of the Association of Publishing Agencies, says: "Increasingly marketers are facing the unenviable task of demonstrating return on marketing investment for all campaigns and through this case study Britannia Building Society has shown just how accountable the medium is. Customer magazines are a proven way of delivering direct and personalised customer communication anywhere in the UK via the Royal Mail network and form an important part of a brand's marketing strategy to build customer loyalty and increase sales. In a tough economic climate, Britannia Building Society has proved that customer magazines perform. The home magazine has achieved significant results for the financial giant."

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