To increase retention. To build affinity with small business customers who have infrequent contact from a bank manager. To cross sell products and drive enquiries in a way which adds value.
Our insight: NFO research shows 45% of customers leave their bank citing ‘it does not understand me and the issues I face'. The average owner manager has a backlog of 3 weeks work at any one time.
We therefore had to create cut-through in a way that demonstrated the Bank's appreciation of their issues. The editorial needed to balance practical added-value articles with more overt product pieces.
We developed the concept of ‘60 Seconds'. Every article is condensed into no more than a 60 second read, with sign-posting online if readers have a further 5 minutes. To read the entire title takes no longer than a 12 minute tea break. We therefore mailed the first issue with a branded tea bag and an invitation to discuss the issues raised with their manager, who will bring the biscuits.
27% increase in brand affinity vs control group
18% decrease in churn vs control group