IntroductionBuilding 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 staffHighlightsSaffron 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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Saffron Building Society Case Study: Building an effective social
media community
Published on May 2011
Report Summary
Introduction
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'
Table of Content
OVERVIEW
Catalyst
Summary
ANALYSIS
Introduction
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Saffron is an established FS institution providing a range of products and services
Saffron has an enviable heritage which it communicates well to its customers
Saffron has enjoyed an unusual social media success when compared to UK banks
Saffron has moved away from pay per click, instead enticing consumers with useful tools and services
Saffron's wedding planner provided a valuable tool to prospective customers and improved brand awareness
The success of the wedding planner led to the car saving plan, targeting a new audience
Transparency is an important part of the Saffron brand differentiation strategy
Saffron supports its customers' financial literacy with a blog and podcast
Saffron provides a counter to the image of the big bank; bringing a sense of community and fun
The ladybird treasure hunt brought together the society and its current and future customers
April Fools' pranks reinforce Saffron's stance as safe, secure, but definitely not boring
Award winning savings products underpin Saffron's communication strategy
Saffron's Goal Saver won the Fairbanking best savings product award for the second year running
Conclusions and implications
APPENDIX
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Methodology
Secondary sources
Ask the analyst
Datamonitor consulting
Disclaimer
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