As part of work undertaken by Skipton Building Society, research revealed that although 60% of consumer decisions in the market were based on interest rates, 40% can be attributed to brand.
The research was carried out by the Skipton BS marketing team as part of an effort to secure the backing of the firm’s senior team for long-term brand investment.
As reported by Marketing Week, with whom Skipton won the 2020 Marketing Week Masters award for insight and market research, the firm’s marketing team needed to convince internal stakeholders of the value of brand investment.
Convincing the internal team
The Skipton internal marketing team carried out research into how consumers make decisions related to the firm’s products in order to quantify the value of the firm’s brand.
The research resulted in the development of a new customer value proposition (CVP) that focussed on the firm’s heritage; Building Better Futures since 1853.
Following the research and CVP development, the firm devoted almost half of its above-the-line marketing spend to sponsorship with ITV.
The results have seen the firm deliver a 230% increase in awareness among consumers of its ability to provide savings products.