Case study - West Bromwich Building Society
Diversity Dimension Managing Director Richard Purser developed the proactive customer led diversity strategy for the West Bromwich Building Society, which had a multi-faceted approach:
- The identification and service needs of local communities within branch catchment areas
- An analysis of preferred media accessed by these communities
- Engagement with community representatives and customers to identify additional product needs
- New and unique product development including money transfer to home addresses and Sharia’a compliant mortgages
- The development of bespoke multi-lingual community radio campaigns
- Involvement and participation of a range of employees
- Internal and external promotion including the development of successful award entries and media opportunities
The end result was an outstandingly positive perception by local and much wider communities, providing some excellent sustainable results.
The West Bromwich Building Society has consistently appeared in the top three national ranking listed in the annual benchmarking study, Race for Opportunity. Often it was the only regional organisation in the top ten, competing against over 100 organisations including FTSE 100 companies, government departments, the police and armed services.
But their results have been more tangible than simply being listed as one of the best in the area of diversity. The West Bromwich Building Society has achieved:
- A 10% attributable increase in profits and an extremely high return on investment
- Success with awards such as the Business in the Community National Diversity Award, and substantial positive media coverage, at no cost
- Proactive customer support for sales and marketing efforts
- New product development, excellent campaign responses and conversion rates in previously untapped markets
- Raised Executive profile with the CEO recognised as an industry expert, leading to high profile visits from ministers
- Diversification in suppliers, increasing local suppliers and improving value
- ncreased staff involvement in activities and becoming an employer of choice
If you’d like to know how you could improve your approach to diversity and business performance contact Richard Purser at enquiries@diversitydimension.com
To read an article from ‘Money is changing’ click here