Sainsbury’s Bank has ambitious targets to double its current levels of penetration for all financial products among Sainsbury’s shoppers, including existing Sainsbury’s Bank customers. Our task is to help them reach these targets through a content programme aimed at current Sainsbury’s Bank customers that builds brand warmth and product consideration. That content programme is Money Matters, rooted in a central mission to help customers’ money go further and the insight that, even in the economic recovery, consumers are still looking to be savvy with their money.
At the start of this year, Sainsbury’s took 100% ownership of Sainsbury’s Bank. With trust in banks the second lowest out of all business categories (Source: Edelman Trust Index), finding ways to meet the target was a challenge. The family segment in particular was sought after by competitors of Sainsbury’s Bank (and Sainsbury’s as a whole). By encouraging this segment to become more engaged with the Bank, either through purchasing additional products or simply engaging with content, they were more likely to be retained by Sainsbury’s as a whole. Furthermore, it was a segment with a lot of untapped potential, due to the size of the audience and the number of financial products they hold. We therefore decided that we should look to focus on the family segment, while still serving the rest of the customer base.
However, the existing programme had very broad content, as it targeted all customers aged 20-80. Our challenge was to find a way of making our programme more relevant for families, but without much additional budget.
Each quarter, we create a campaign theme that focuses on that quarter’s hero products, and is based on seasonal consumer and product insight. The theme is applied across the print magazine, the Money Matters blog, social media, the digital magazine with a traffic-driving ‘Alert’ email, and ‘Next Best Product’ emails targeting those with the greatest propensity to buy the featured products.
Insight showed us families are more likely to feel the pinch, with increased cost of food, housing and childcare. At the same time, they prioritise spending on their children and family time together. We saw an opportunity to show families how they could keep their budget under control, but still make purchases that would enhance their lifestyle, without breaking the bank. So in addition to our regular content, we created a stream of content targeted at families. As well as blog content, we created a separate magazine, utilising some content from the existing magazine but with 10 unique pages of features, a unique cover and welcome page – a cost effective solution for the client.
We also refocused our social strategy towards engaging families – a more active audience on Facebook, who use social media for research and engaging with other parents. Our strategy involves creating conversations, through visually impactful posts and competitions, about how families could be smarter with their money.
In Spring 2014, our theme was ‘Escape and Explore’. Insight showed that holidays were still seen as essential, but consumers needed to make them more affordable. The family magazine focused on affordable family friendly accommodation, whereas the main magazine suggested ways to take advantage of off-peak prices before the summer holidays. Our interactive ‘New Destination Finder’ on the blog enabled both audiences to find budget friendly holiday locations.
In Summer 2014, our theme was ‘Summer with Style’, from the insight that school holidays gave families more time to spend together, but the extra expenditure put a strain on budgets. We focused on affordable UK trips, with family friendly locations for the family content, and ways to do up your house ready for summer fun together.
Link to website: http://www.sainsburysbank.co.uk
There was a 10% increase in product sales for the family segment receiving the spring family print magazine, compared to families who received the main magazine in a controlled test.
There was also a 4% increase in product sales for those families receiving the family ‘Alert’ email and family digi mag, in the same test, despite the customization limitations in email format.
This is on top of the high response rates that Money Matters magazine already enjoys as one of the Bank’s top DM performers, bringing in an average of 50% more quotes and sales than other DM activity to current bank customers; and 60% more sales for the alert email and digi mag, compared to other emails.
There was a 450% increase in page impressions from Facebook followers aged 25-44 (the age of the family segment) since the family targeting in April, driven by organic and paid traffic.
There were 10k views for our Money Matters blog content over the quarter, the highest ever with dwell time above the site average. Our blog articles had 5,446 views – nearly 50% more views than the previous two quarters of blog content. Our interactive holiday tool, the New Destination Finder, had 4,282 views – nearly 40% more views than interactive content in previous quarters.