Marketing a building society relies on answering two simple questions: Why do you exist? And how do you support your members during the moments that matter?
Those were the themes of this panel discussion at FP Live!, where two marketing leaders from major building societies explored how purpose, trust and customer relationships are shaping their strategies.
For Michelle Pickard, Head of Marketing at Coventry Building Society Group and The Co-operative Bank, the challenge is how to reframe what ‘mutuality’ really means.
“The research might say mutuality doesn’t matter, but when you look deeper, it’s the outcomes that matter – why we exist and the difference we make,” said Pickard.
Christian Cowie, Head of Marketing at Nottingham Building Society, said communicating purpose is critical – but warned against relying on heritage alone.
“We’re a 176-year-old organisation – but no one really cares,” he said. “You need to understand why you exist and who you’re appealing to.”
That purpose is being tested against changing customer expectations and a more competitive financial services market.
Pickard cited the growing demand for convenience and service. “People are time-poor. They want someone to solve multiple needs,” she said. “But if you can offer security, service and do good simultaneously, why wouldn’t they choose a mutual?”
That challenge is particularly evident when it comes to engaging younger audiences, who may not even understand the concept of a mutual.
“We need to give younger people a reason to engage and put their money with us,” Cowie said. “We can show how that money is reinvested to help others own their own homes.”
However, panellists warned that this shift must not come at the expense of existing customers.
“Our average branch user is 72,” Cowie noted. “They don’t necessarily want technology – and we can’t forget that audience.”
That balance between innovation and tradition is crucial in the moments that matter – when customers need support during a crisis.
“In those moments, mutuals can make decisions others wouldn’t,” Pickard said.
“That’s what builds loyalty.”