On a Mission
A day with Mike Harris
Stand for Something
Building trusted brands
The Upside of the Downturn
Ten Management Strategies
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Post-Lehman LeadershipTuesday 30th September 2008 According to business research group Guideline, New York, financial services firms are tailoring their message to accommodate a new reality: “In the banks category, there were 692 ad campaigns launched between Sept. 18, 2007 and Sept. 18, 2008 that mentioned themes such as safety, security and stability. The year before, there were 391 campaigns with similar messages.” Anne Brueckner, research director at Guideline, commented, "Smaller banks love the fact that they've been handed this opportunity to comfort consumers with localised services, as larger banks face turmoil." This is all very well, but how far is the customer to believe any claims of security and peace of mind from banks in this post-Lehman world? And, if banks are all making such similar claims, where is the much-needed focus on individual brand differentiation and thought-leadership? I’d like to leave the last word on this to the original brand man, Jack Trout: "When there is something in the news, taking over the news, you need to find a way to explain it in your marketing and I have to wonder why no one has come forth and really addressed it with some kind of campaign. Why have we not heard from Bank of America telling us why it bought Merrill Lynch?" M&A is hot but is it burning banking brandsMonday 29th September 2008 Remember the film American Psycho? There was a great line used by the killer, "I'm into murders and executions” which was interpreted as "mergers and acquisitions". Is the treatment of financial brands in M&A situations similarly that brutal?Strategists Joseph Benson and Jack Foley conclude that there are four principal brand strategies for merging bank brands:
At Strand Financial, we urge CEOs to think very carefully about brand stewardship issues during the due diligence process before it is all too late. Be Iconic, Not IronicThursday 25th September 2008 I just caught the latest TV commercial from AIG. The ad, which ran as recently as two Sunday's ago, seems deeply ironic in retrospect and, in many ways is all the more shocking due to its proximity to the shock announcement that the failing financial giant needs an $85 billion government rescue. The commercial in question features a small boy who bursts into his parent’s bedroom. “Did you have a nightmare?”, asks his mum concernedly. “I’m worried about this family’s financial future,” claims the precocious little lad. “Does your retirement plan provide predictability of income and protection against market risk...” “Buddy, we’re with AIG”, says his Dad reassuringly. The ad signs off with the familiar “The AIG Companies – The Strength To Be There”. Watch the ad on YouTube. You really couldn’t make this up. I remember a time in the not so distant past, where “my word is my bond” (dictum meum pactum) meant something. To my mind and to many of my peers it still does. Advertising should be iconic, not ironic. Branding is about truth, not hollow illusion. Customers deserve our respect, level with them. This is a time for the facts and for straight-talking. Another Way, Another DayTuesday 16th September 2008 I wonder why it has taken banks quite so long to recognise that, like the rest of the High Street, it makes sense to open on a Saturday to meet the convenience needs of their customers?
That aside, I saw a poster from NatWest today, using the bold headline ‘SatWest’ to promote its move towards Saturday branch opening. It’s an eye-catching line and one that works as part of a tactical promotion. I enjoyed the subversion of their strapline from “Another Way” to “Another Day”. I have no doubt that this move will generate incremental business and loyalty. However, whilst this approach may appear to be “Another Way” right now, on “Another Day”, it can be quickly and easily replicated by competitors. In order to enjoy a true market advantage, it is important to pursue differentiation approaches that are difficult for your competitors to duplicate. Whilst I acknowledge that convenience-based attributes form an important part of many successful offer strategies, to genuinely Create Your Own Space differentiation must also be both strategic and sustainable. The Jumbo in the RoomFriday 12th September 2008 I have been watching the media like a hawk this week. A hawk that has seen mixed metaphors arrive like buses. Firstly we learned that credit card insurance is "the elephant in the room" that is being marketed by "snakeoil salesmen".
Then, we are told that the Large Hadron Collider would "Like a thief in the night", "send a beam of light smaller than the width of a human hair at the speed of a jumbo jet." (Incidentally, this new TV couch rhetoric is at odds with all accepted journalistic conventions of measuring everything of quantum by the metrics of London buses and football pitches - why reinvent the wheel!).
So, next time you use a metaphor or theme in your corporate literature or PR release, please check that its juxtaposition isn't just like putting lipstick on a pig. At least that won't be known as the jumbo in the room!
R U RDY 4 Y?Thursday 11th September 2008 Connect with the growing Generation Y marketplace the same way they connect with each other - through Facebook and a new application called MyMoney™. If you’re not familiar with Facebook, it is the online social networking tool that connects Gen Y with their family, friends and co-workers, and is free for anyone to use. Over 60 million people actively use Facebook, and about 250,000 more people sign up for the site every day. More than half of these active users return daily, spending an average of 20 minutes on the site each day!
MyMoney™ is a new online banking application made especially for Facebook that lets users manage their finances right from their Facebook profile, simply and securely. With MyMoney™, members can conveniently view account balances, review history, transfer money between accounts. When a member adds MyMoney™ to their Facebook page, their friends will be notified and given the opportunity to also join their credit union right then and there, giving you yet another way to reach this growing audience. It's differentiated, community orientated and personally relevant to the individual. I wonder though if it might be seen as a little bit "in your Facebook!"
Making a Real DifferenceWednesday 10th September 2008 Now in its second year, the American Express Members Project offers its customers the opportunity to join a community that's passionate about making a positive change in the world. The strapline is, “Make a positive impact in the world. Your ideas. Your decision. Our money.” Here’s an at a glance synopsis from the ‘About’ page: - Members share their ideas for projects that they think will make a difference. - People vote for their favourites - American Express awards $2.5 million to the winning projects (5 in total share it)! You can read more about it at http://www.membersproject.com/about/past_projects.html As the copy says, “The possibilities are endless”. Create Your Own Space – You bet they have! Life Beyond FearMonday 01st September 2008 Regrettably, on a flick through the national media, I have sensed that 'fear' is still a staple of financial marketing communications. Not only do I consider the practice questionable or possibly even irresponsible in the current credit crunch climate, I actually believe it is contrary to the social marketing ethos that all progressive marketers are embracing today.
Those who fail to align their tactics with their cultures, beliefs, philosophies and strategies will fail to create their own space. Fundamentally, a brand must be authentic to be sustainable.
That doesn't mean that I am against marketing to solve the pain of a particular issue. Positive, results-driven messaging and 'how to' problem solving messages still resonate, particularly if these are linked directly to the core essence of the brand. |
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