The Saga PLC (LON: SAGA) share price rose 4.96% after launching a new website called Saga Exceptional to increase the number of times it interacts with its customers as it launched a new media business division.
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The website was unveiled during the company’s Capital Markets Day, which outlined its business strategy to become a leading Superbrand serving people over 50. The firm noted that older people were primarily underserved by the media, which informed the launch of its new website tailored to the ‘Experience Generation’.
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Saga Exceptional will provide a place for older people to find best-in-class services tailored to their needs and inspirational stories told by people who understand their passions. The website will allow the over 50s to be seen and heard while allowing the company to interact with its customers daily.
The company unveiled a comprehensive media strategy that will help it diversify its revenue sources to include a new digital revenue stream that is capital-light and could generate profits as a standalone business over the next five years.
The Saga Exceptional website will generate revenue through sponsorships, advertisements, affiliate deals and endorsements. The company will also send newsletters, grow its social media presence and leverage Saga Magazine to drive additional revenue.
Investors cheered the announcements, as evidenced by the rally in Saga shares. The company also launched its Saga Insight strategy, which will help it create exceptional customer experiences. The division will also help it create new commercial strategies based on its customers’ behaviour.
Saga’s new strategy also focuses on utilising the data it collects about its customers to develop new services, given that it has a database of 10 million customers. The firm will start mining the data to know older people better than any other company by creating a lifetime value model and rewarding its customers.
The company also issued a trading update from 1 August 2022 to 23 January 2023, which shows that it is on track to generate a profit of £20m to £30m, in line with analysts’ expectations and previous guidance.
*This is not investment advice.
Saga share price.
The Saga plc share price rose 6.20% to trade at 161.80p, from Monday’s closing price of 152.35p.
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