The Greater Building Society’s “Ask a Greater Customer” campaign starring Jerry Seinfeld has been heralded a success by its chief executive officer Don Magin.
Speaking on the eve of the shooting of the second series of commercials with Jerry Seinfeld, Mr Magin said that the campaign had achieved its aim of raising the profile of the Greater and had started contributing to the Society’s ongoing growth.
The Greater achieved an increase in brand awareness of 19% as a result of the campaign. Independent research* also showed that, in the Greater’s area of operations, its commercials have the best recall of any financial institution (Greater 23.7%, AAMI 13.2%, CBA 12.4%).*
While Mr Magin did not want to pre-empt the full release of the Greater’s annual results in November, he said that 2009/10 had been a very successful year.
Mr Magin said that after focusing on brand building for the first six months of the campaign, the Greater started a retail focus in February 2010, launching a new Great Rate (basic) Loan and a Seinfeld based promotion of its Greater Getaways (standard variable) Home Loan.
He said that between March 1 and June 30, 2010 the Greater outperformed the banks with higher lending aggregates.
“Reserve Bank statistics indicate that over the past few months the Greater’s credit growth has exceeded the average of the banks by approximately 10 percent,” Mr Magin said.
“The Greater’s net loan approvals in 2009/10 grew by 12.5% on the previous year, despite the dominance of the major banks and the impact of the global financial crisis on consumer confidence,” he said.
“The Greater’s Seinfeld campaign is a smart, strategic investment in the future of the Greater for the benefit of current and future members.
“We are taking on the major banks to ensure there is greater competition and choice for consumers.”
Mr Magin said that the Greater’s successful move into Townsville in March 2010 was made easier by utilising Jerry Seinfeld’s popularity to enter this new regional market for the first time.
A second series of commercials, co-written by Seinfeld, is being shot in an undisclosed studio in New York on August 10 and 11. Parts of the commercials featuring Greater customers will be shot in September and are expected to air later in the year.
The first series of commercials went to air on July 12, 2009. The launch of the campaign, several days prior, generated world-wide media attention. The Greater estimates that it received more than $2million in free publicity before the commercials went to air.
The Greater is one of the largest building societies in Australia. It has 66 branches and operates in regional NSW, Gold Coast and in Townsville.
Media information: Craig Eardley (Greater) 0437 477 493. Don Magin available for interview.*Research by Macquarie University and Financial Research Company.
