Page 5: Implementation and evaluation
In 2009, Barclays set up a working group to oversee the setting up of the new student proposition. It used the insight from the research to establish the key features and benefits of the student account. These features are valid for the life of students' studies:
- no monthly fee to keep costs down for students
- an interest-free overdraft facility of up to £2,000 from starting the account. Previously this started at £500 in the first year and increased through the years of study. This extension helps students manage their finances.
- mobile banking and a network of local branches for ease of access to accounts.
Of several incentives tested with students, Barclays found that an incentive based on a mobile or telecoms offer would have most appeal. This idea was tested further with students on university campus. The students expressed a clear preference for an incentive offering mobile broadband:
'The broadband offer looks good...I”d definitely go in to find out more.” “It”s good if the broadband offer is for the life of the account´¦you may be in halls for the first year but not after that.'
To establish this incentive, Barclays researched broadband providers. It then entered into partnership with Orange - the UK”s number 1 broadband provider. Orange's strengths were a good business fit for Barclays and ensured that the offer had credibility and perceived value. Students who signed up for a Barclays student account were able to obtain a 25% discount on the monthly cost of whichever Orange mobile broadband scheme they chose.
Communicating the proposition
Having developed a student banking proposition that Barclays felt confident would appeal, it began to communicate the message and promote the new student offer. An innovative marketing plan was launched which involved:
- a word-of-mouth campaign through '100 voices' which encouraged students to share their experiences of managing money whilst at college or university
- promotional literature available in branches nationwide. This proved useful information for Barclays colleagues as well as for students and their parents to take away
- online advertising through barclays.co.uk
- direct mail to prospective students through the summer before going to university.