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Final Report

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Lauri Valk

on 26 February 2013

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Transcript of Final Report

Introduction Brief overview of chosen primary research design
Primary research results
Primary research results analysis
Augmentation of the UniSaver
Limitations and further research Is there a demand for a Uni-Saver savings account?
Who is our target audience?
What would be the most effective way to promote it?
What features and benefits should it have?
If there isn't demand:
How are people currently saving for university? Aims and objectives
from the brief Limitations and recommendations for further research Majority of questionnaire respondents were from the NE & NW -bias
More grandparents need to be included in future research
Focus group participants were chosen by team members
The majority of student questionnaire respondents were from business courses- bias
Promotional activity should be researched further There is a demand for Unisaver
NBS customer base is ageing, more awareness is required for new younger customers
Key to raise awareness for parents and children for importance of saving. Primary research Final presentation
for Newcastle Building Society Recommendations Thank you for listening.

Do you have any questions? Jess Lauren Lauri Nikki Ant Rob Leo Issy Overview Parents & grandparents
questionnaire findings Focus group mind map Student focus group findings Students questionnaire findings In-depth interview findings Aims and objectives
To measure the demand for a UniSaver account
To evaluate the target audience for the product
To discover how parents and grandparents finance their child or grandchild’s university education
To investigate attitudes and perceptions of students, parents and grandparents towards the proposed UniSaver account
To investigate students’ financial situation at university and whether they feel a UniSaver would have been helpful
To obtain an understanding of the preferred UniSaver product features
To discover the most effective way to promote the UniSaver Chosen Methods Questionnaires
Focus groups
In-depth interviews Account features Competitive interest rates Benefits
Attract new customers to the proposed UniSaver
Most preferable feature according to primary research
Likely to increase exposure through media

The most competitive rates may not be achievable due to corporate policy
It is possible to have a surplus of money saved
Loyalty will not necessarily be generatedCompetitors can respond by offering more competitive interest rates Verdict Although popular according to primary research, the feasibility and competitive environment may mean that this is not possible. Tax efficiency Benefits
Account is tax efficient
Savings will grows faster
One of the highest demanded features according to primary research
Excellent feature to use as an up-front selling point
Little to no cost to NBS

£3600 is the maximum amount possible to save per year, to maintain tax efficiency
Regulations can change
A Junior ISA cannot be opened after the age of 16 Verdict With very little cost incurred to NBS, primary research found that tax efficiency was one of the most popular account features. Standing order Benefits
Money is deposited into the account on a regular basis
Customers do not need to remember or make a substantial effort to regularly deposit into the account
Little to no cost to NBS
Long-term loyalty can be secured

Customers may not be able to deposit money monthly. This issue was mentioned in the in-depth interviews (see Appendix 7.1) Verdict This should definitely be offered as an option, as it is of little cost to NBS and customer can opt in or opt out, depending on personal preference. Savings account findings Savings accounts opened organisation recommended at the time
Majority made monthly deposits
Interested in UniSaver?
No matter how much try to save wont be ready for university Features Internet banking
Parental access and control
Tax efficient
Direct debit option
Loyalty rewards Promotional activities Direct mail - more interesting
In branch - mixed opinions
Social media
NO COLD CALLING! Sources of Finance Features for UniSaver Piggy Bank
Money saving tips
Discount for book
Online banking
Pre-paid card Findings 52% saw demand for UniSaver
82% were not aware of NBS
70% had savings accounts opened at an early age
73% would have found Additional Saving Useful
72% felt that their parents were not aware of the costs. Findings Implications Story book Benefits
Enhances knowledge of university education in children
Involvement of children to the product without explicitly marketing to them
Building a positive relationship with the end user
Effective marketing to existing customers whom already have predisposition to liking the company
Retaining trust and value

Book only targets specific age group of children
The book only targets existing
Big Little Saver or UniSaver customers Verdict This is a simple and effective means of reinforcing the UniSaver to children and parents. It also builds on the existing Big Little Saver brand. Promotional campaigns Cross selling
In-branch Benefits
Easy to do - NBS operating strongly within area.

Targets existing NBS customers
Unlikely to gain new customers
Relies on the expertise of staff Verdict Highly recommended technique
Promote UniSaver product
Low cost - Staff training
Increase demand! Benefits
Large amounts of information - communicated concisely and clearly
Relatively cheap to produce
‘Call to action’ points = opening of the UniSaver.
Reduces pre-purchase dissonance.

Cost - (design, distribution and printing)
Not necessarily picked up by potential customers.
Only available in branches.
Could be forgotten about
Relies on design to gain interest Leaflets Verdict Effective -large amount of information
Rely on the customer actively sourcing leaflets
Cost to produce and distribute them Benefits
Customers in branch enquire about the UniSaver
New customers - branch windows
NBS can then play to their in branch strengths
UniSaver information - quickly and effectively

Monitoring and measuring effectiveness = difficult
Further information - not provided instantaneously Posters Verdict Online Relatively cheap to produce
Branch limitations = North East
Effectiveness is difficult to measure Online calculator Benefits
Raises awareness of the preparation necessary to save for university
One off cost incurred
Increases customer interaction and engagement
Simplifies and visualises targets

Customers may not follow the targets allocated
The tool is not specific to the UniSaver
This may result in a ‘free rider’ issue Verdict Although a useful tool, limitations exist such as a problem with free riders and the targets allocated may not be followed. Online banking Benefits
Would enable customers to view their accounts and balances online
Customers would also be able to manage their personal details
Money could be transferred between accounts
Would be available to a nationwide customer base

Security considerations Verdict Primary research gave evidence that online banking is an essential feature of the proposed UniSaver. Direct mail Benefits
Possible to target specific segments
Personal and confidential
Opportunity to introduce novel ideas with bespoke formats and materials
Testing is relatively easy
NBS has a strong history in direct mail

A proportion of people are sceptical of direct mail
Customers might prefer to visit a branch as finance is often seen as a sensitive topic
Low response rate, generally between 1 and 5% Verdict A bespoke direct mail awareness piece targeting parents and grandparents would be an effective means of promoting the UniSaver. Direct marketing Direct email Benefits
Low cost – the cost of email are substantially less than direct mail
Encourages click through to a web site, therefore improving conversion rates
Fast campaign deployment – shorter lead times than for traditional media. It is easier and cheaper to personalise email than for physical media
Pre-testing is easy and cost effective Integration – campaign response can be increased by the reinforcement of different media

Deliverability – it can prove difficult to deliver messages through different internet service providers, corporate firewalls and webmail systems.
Direct email marketing can be classified as SPAM. It is possible to eradicate this by Lyris Content Checker Verdict Direct email is cost effective and would appeal to a younger audience. It could also be integrated into their existing CRM system Infographic Benefits

Aesthetically pleasing
Visual representation of data
Simplification of complicated concepts
Can effectively increase the awareness of university costs


Can be difficult and time consuming to create
May incur additional costs for design
Limited to the amount of information included
Grandparents may prefer more traditional forms of communication Infographic example Verdict An infographic is an effective means of communicating the reasons for and benefits of the UniSaver account. Other possible recommendations Media Billboards Findings Implications Many opened a savings account for their child with the organisation they had their mortgage with
Parents are more likely to contribute monthly basis
Grandparents who are more likely to contribute a lump sum
Parents are able to save more per month for their children than grandparents are for their grandchildren
Attitudes towards children’s access to the account varied

Majority of respondents were unaware of the full extent of university costs

Direct mail & in branch communication is preferred
Personal approach.
Online banking was an important account feature Cross selling & building a relationship with both new and existing customers in order to create brand loyalty
Grandparents may need reminders sent to deposit into the account
Specify the age they wish for their child to have access
An awareness piece should be considered to inform them of the associated cost of university
NBS may not be able to offer the most competitive interest rate
Alternative could be offered: Tax efficiency
Primarily targeted at parents Social media Facebook Twitter Benefits

Large national reach
No set up cost
Can also be used for customer service
Drives more traffic to associated websites
Create awareness of NBS, their products (including the UniSaver)


Has to be centralised
User has to actively search for organisation
Negative comments could damage reputation Benefits
Can be incorporated into the company’s website using social plug-ins
Create awareness of NBS and the UniSaver
Allows NBS to engage with their customers in real-time
Can be used for customer services

Labour intensive to manage account
Negative tweets can affect brand reputation
Mistakes are very visible to users Verdict Facebook is the appropriate platform to ‘modernise’ NBS and improve awareness amongst potential younger customers. Verdict As it is free to set up and is quick to transmit messages, the UniSaver should be promoted through a centralised NBS Twitter account. Linkedin Benefits
Free to post updates on NBS’ profile
Can be incorporated into the company’s website through social plug-ins
Create awareness of NBS, their products (including the UniSaver) and their corporate responsibility
Suitability of target audience
Engage with other professionals, including those who work for NBS

Long-term commitment to maintain company profile
Not as popular as other social media platforms
Additional labour costs and time associated with maintaining a profile LinkedIn profiles lack creativity Social plug-ins Verdict LinkedIn is a free platform that allows NBS to engage and create awareness amongst their ‘followers’. It is a popular platform amongst those of parental age and those who may be more likely to save. Benefits
Can be incorporated into the company’s website
Drive popularity of social media platforms
Can be effectively measured and monitored using Google Analytics

Requires the user to click through
Only relevant to social media users Verdict It is free and necessary to increase traffic on social media platforms. Website Benefits
The UniSaver website will be national therefore, appealing to a larger customer base.
By making the website dynamic and adding features such as the online calculator, consumer involvement and engagement will be encouraged.

As NBS has an ageing customer base, this is the demographic that is least likely to be reached through the Internet. Verdict The internet will be crucial to the success of the UniSaver product with online financial products and promotion a growing trend. Search Engine Optimisation Benefits
Higher brand credibility
Guaranteed increase in traffic
Is possible to limit cost

High competition for high ranked spacesIf many leads are generated, additional costs may be incurred with paid SEO
Only targets internet users
Side sponsored adverts have low visibility Verdict Organic SEO is a cost efficient way for NBS to increase brand awareness. The university savings domain name is already a strength of the UniSaver website. Mobile optimised site Benefits
User experience is improved.
Mobile optimised sites allow a faster download speed.
Mobile optimised websites are more cost effective than smartphone apps.
Optimisation of the website is likely to generate more mobile traffic. 


There is often limited functionality – they can be very simplistic and less dynamic.
Smartphones are constantly evolving and moving towards browser optimisation, whereby the site automatically renders to the screen.
People may feel uncomfortable for security reasons doing banking online. Verdict With the number of mobile internet users increasing, it is very important for NBS and the UniSaver to have a mobile optimised website. There may however, be security concerns. Applications
Piggy bank
Radio Others TV
Metro advertising
Facebook advertising
Twitter advertising
Linkedin advertising
SEO inorganic Others Pre-paid card Applications Student railcard Implications?
Relationship building
Loyalty early on Financial planning - Pensions, Will Writing, Funeral Planning, Inheritance tax
Mortgage buyers Majority...
Never heard of NBS
Not gone to university / cheaper university
More confident on course

Savings accounts- opened young age
Grandparents lump sums
Parents - more aware of all costs
Saved more - less stress/ beneficial Loans
Part-time Jobs

Implications ?
Benefits -not having loans/ overdraft
Benefits - avoiding inheritance tax Save for children
Parents do not want children in debt =hard to repay
Not aware of the costs
Inheritance tax avoiding benefits
Need more education Findings Augmentation of the UniSaver
Full transcript