The campaign centres on independent research* carried out for Standard Life Bank across the UK, which claims that 85 per cent of homebuyers would ‘love to get rid of their mortgage’, 70 per cent see their mortgage as ‘a necessary evil’ and 49 per cent ‘hate having a mortgage’.
“Whilst it’s no big surprise that people hate their mortgage,” admits Standard Life Bank’s sales & marketing director, David Macmillan, “what we want to challenge is the potential apathy that stems from this type of attitude. We want homebuyers to see their mortgage as a means to achieve the lifestyle they’re looking for - whether that means saving money, buying a car, taking a holiday, paying for school fees or healthcare. To show them how by being pro-active with their mortgage, they take control of their life.”
SLB has recently put a great deal of time and effort into research work with creative agency, The Leith, to understand how today’s customer thinks. “This has given us a strategic platform to build on and we’re responding with a series of initiatives and products to be launched over the next few months that talk to customers in language they understand and tackle issues that matter to them,” added David Macmillan.
“Using our flexible mortgage, Freestyle, as the centrepiece to this campaign, we want
to undo the myth that mortgages are ‘confusing’, ‘boring’, ‘a millstone around their neck’, which around 35 per cent of those researched said was how they felt about their existing mortgage.”
At the heart of Standard Life Bank’s customer communication is an appeal to their emotional needs rather than functional needs, (i.e. rates, term, discount). Fifty one per cent of those researched felt they had ‘no relationship with their mortgage provider’. “This is an indictment on the industry,” continues David Macmillan, “and we will be looking to ensure that every aspect of our service addresses this important issue.”
An advertising campaign running over the next two months will break this weekend (13/14 September) promoting Standard Life Bank’s Freestyle flexible mortgages.** This will be supported by a micro website that will be unveiled next week.
