2015 highly commended: Santander, Long Term Marketing Excellence - Case Study

In 2011, the outlook for banks was bleak, fuelled by the fall-out from the financial crisis. As a new-comer, Santander needed to breakthrough and challenge the power of the big four. To make it, we had to offer something new and different.

Santander started by changing the relationship a bank should have with its customers. They wanted to do things differently so they imagined a new proposition that was genuinely win-win, with products that rewarded both customers and the bank.

From this ambition came the 1|2|3 Credit Card and 1|2|3 Current Account. They offered cashback on a permanent basis, not just for promotional periods, on specific categories of spend so customers didn’t have to change their behaviour to get the rewards. The 1|2|3 Current Account also challenged the distinction between savings and current accounts, with up to 3% interest on balances.

Developing innovative products was only half the battle – Santander then had to persuade customers to do something most of them dread; switch their bank.

To do this, they first won over financial journalists. They then launched advertising that told consumers they’d always be winning with a 1|2|3 product, whether they were spending or saving. Next Santander demonstrated just how much could be saved/earned with them using experiential activity and online calculators.

Their approach paid off:

• They have a uniquely famous product, and the highest awareness of any current account.

• Santander were seen as the bank with the most innovative products and services.

• Santander are number one for current account switching.

• They have sustained impressive growth in acquisitions and loyal customers.

• They have created some of the category’s best liked communications.

• Santander have had 8 consecutive quarters of growth in operating income.

• They have an unprecedented increase in banking liability (close to £30bn).

• Their innovative products have created new peaks in customer satisfaction

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(Please note: parts of this case study may have been redacted for confidentiality purposes.)