‘Show, don’t tell’ – Behind the Campaign, Yorkshire Building Society’s £5k Deposit Mortgage

What was the campaign, in a nutshell?

The campaign launched the £5k Deposit Mortgage, specifically designed to help UK first-time buyers achieve home ownership, addressing the increasing difficulties around climbing the property ladder. Following a year of focusing on these challenges, the initiative launched in April and quickly captured the attention of both national media and social platforms from LinkedIn to TikTok, resonating with audiences typically not engaged with financial news.

How did the idea come into being?

The idea stemmed from Yorkshire Building Society’s commitment to its mutual ethos, which includes supporting individuals in their ‘real lives’. As home ownership continued to seem out of reach for many, the Society heightened its focus on this issue in Autumn 2023. Research conducted during this period, captured in its ‘Home Truths’ report, revealed 78 per cent of first-time buyers felt alienated by skyrocketing property prices and the economic landscape. In response, the Society spotlighted these findings and developed the £5k Deposit Mortgage as a direct countermeasure. A phased campaign approach was then undertaken.

What ideas were rejected?

Initially, various approaches were considered but an unwavering focus on the real-life effects on potential homeowners – rather than the technical aspects of mortgages – was maintained throughout the planning. The campaign strategically emphasised the human stories behind home ownership – hopes, dreams, and aspirations – to ensure all communications were consistently impactful.

Briefly describe the campaign planning process.

The campaign was meticulously planned. The £5k Deposit Mortgage was the result of extensive research and due diligence, which included gathering customer feedback, analysing competitor offerings and integrating insights from Be Broadcast’s Mission Control analysis of media reactions. This comprehensive preparation helped ensure that the product not only met a significant need but was also responsibly designed. The PR team worked hand-in-hand with the product team from the beginning, infusing consumer perspectives into the development process, thus aligning the product closely with customer expectations and market fairness.

What were the biggest challenges, and how did you overcome them?

The primary challenge was managing the intense public and media reaction while maintaining high service standards. To address this, the Society ramped up its customer service capabilities and coordinated with Be Broadcast to manage communications effectively. This preparation helped maintain the clarity and impact of the messaging throughout the campaign’s rollout. This resulted in one of the busiest days for inbound calls in the mutual’s 160-year history. Everyone in the team was elated by the ability the product gave them to help customers where there is a real need, and one was quoted saying it had been their “most purposeful day at work ever”.

How did you measure the results, and what were they?

The campaign’s impact was significant, achieving over 12,000 mentions in broadcast and more than 700 pieces of online and print coverage. The public response was overwhelmingly positive, with many customers emotionally moved by the opportunities the mortgage presented. The real success – and the secret to why the PR took off like it did – lies in the feedback received from customers, which for any brand is what it should be all about. Notable moments included a woman in a supermarket tearing up upon approval and a 54-year-old teacher, who previously felt homeownership was unattainable, now motivated to start her property search. We saw presenters like Kay Burley note: “Some good news for first-time buyers… finally”, through to Chris Moyles chiming into news bulletins with “YOOORKKKSHIIIRE” – the spread of media support was powerful. It also took the brand onto channels like LADbible, enabling it to reach the predominantly younger target audience where they more typically hang out.

What’s the biggest lesson you took away from the campaign?

The success hinged on aligning the product with genuine consumer needs and societal benefits, perfecting the messaging, including responsible lending, and not overselling. True PR triumph comes from offering real value, leveraging media relations, engaging communities, and embodying ‘show, don’t tell’.