Making mutuality matter

Making mutuality matter

 

At Moreish Marketing, we’ve always been passionate about working with businesses that share our values—putting people first and focusing on long-term positive impact. This is why we love collaborating with financial mutuals—whether you are a building society, friendly society, or cooperative.

We understand at the heart of financial mutuals is something truly meaningful – a shared purpose, helping people achieve financial security and freedom, fairness, community, and long-term stability.

But we also know it’s not always easy to make this feel relevant in today’s world. So below we offer a few thoughts on how you can position your distinct advantages to make mutuality meaningful and tangible to build deeper connections with your audiences in 2024 and beyond.

Creative bravery

The fundamental advantage of a mutual for a member is that you will prioritise what is right for the member, not just what’s profitable for the business.  This is especially important in today’s financial landscape where customer service and trust have become critical differentiators.

This point of difference can be a such a creatively fertile area. An obvious example of this is the commitment of many Building Societies to maintain and grow their presence on the high street – the Nationwide campaign really nailed this campaign. And I’m sure there are likely lots of other ways that your mutual are putting your customers first that could be brought to life in a similar way? It’s about finding those golden nuggets and not being afraid to shine a light on them with creative that will make you stand out

The power of the human touch, supported with great tech

Mutuals may lack the extensive tech budgets of larger banks, but the rise of low-code and no-code solutions is levelling the playing field. And many mutuals are seeing great improvements in this area, using software tools to provide tools to better support their members. By combining technological advancements with personalised human interaction, mutuals offer their customers the best of both worlds: efficient digital solutions backed by a genuine human touch when needed.

A modern feel with traditional values

The idea of traditional old-fashioned mutuals are a thing of the past. These days mutuals are modern brands, with propositions and technological solutions to suit busy people with traditional values to boot.  Benenden Health are a great example of a contemporary company firmly rooted in strong values that appeal to both the young and the older generations.

Leveraging your longer term view

Without the pressure to generate profits for shareholders, we love how mutuals reinvest their earnings into improving services, offering reduced fees, or paying dividends to members. This cycle of reinvestment creates sustained value for customers and builds trust over time. It also means you can take a longer term view on marketing that means you can gain share of voice in the difficult economic times we’re facing. By maintaining a consistent presence and message, mutuals can build brand recognition and loyalty that outlasts short-term market fluctuations.

Stability

Mutuals have long and proud heritages that gives members trust and confidence that their money and relationship is safe. In times of economic uncertainty this financial stability can often play a key role in brand confidence.

Giving members a voice

Democratic control is another unique feature of mutuals. In a world where only 36% of UK adults trust financial firms to be honest and transparent, according to the FCA, mutuals can stand out by showcasing their member-driven governance. Emphasise this in your communications—show your members that their voices truly matter and that your institution listens to and acts on their feedback.

Community Focus

Mutuals are deeply connected to their local communities, often reinvesting profits to support local causes. Whether it’s sponsoring community projects or tackling social issues (e.g. the Suffolk Building Society is currently working on campaigns to protect local nature and tackle housing issues), mutuals have a tangible impact on the areas they serve.

We love telling and hearing the stories of how your mutual supports the community – and so do your members. Whether it’s local sponsorships or community initiatives, these stories can create strong emotional connections with your audience, making your mutual not just a financial institution, but a trusted partner in their lives who they feel engaged with.

Member benefits

It’s true that most people will still ultimately be swayed by what’s in it for them – so additional member benefits can be a real differentiator. So whether you offer discounts or a free legal helpline make sure members know about it. And/or could you reinvest customer profits to introduce a new and exciting member benefit that would truly make you stand out?

At Moreish Marketing, we understand the values that drive financial mutuals. By working together, we can help you communicate the unique benefits of mutuality, build stronger emotional connections with your current and future members and show them the real value of being part of something so special. Get in touch to find out how we can help your mutual stand out in today’s competitive market.

You can view an example of a recent building society marketing campaign from Moreish here.