network:
Is the John Lewis effect spreading to the banks?
By Mark Rae, Brandhouse
Using emotion as part of a brand strategy is a tried and tested way of building deeper relationships with customers, encouraging them to invest on a personal level in the product or service. And, with the increase in consumer touchpoints and developments in technology over the last few years, brands have never had so many ways to engage with customers. This tactic is never more evident than at Christmas, when the annual Christmas ad campaigns are unveiled, aiming to melt even the coldest of hearts, and this year is no different.
Always one to deliver a festive tear-jerker, John Lewis’ much anticipated offering depicts a snowman’s journey as he battles the elements to get the perfect gift for his snow-girl. Ending with the tag line, ‘give a little more love this Christmas’, the advert encourages consumers to consider the thought and emotion that goes into choosing the perfect gift for loved ones. Helped along by Gabrielle Aplin’s emotional version of The Power of Love, John Lewis has yet again succeeded in connecting with consumers on a deeper level. Tesco also touches on this theme, encouraging consumers to ‘treat Christmas as a feeling not a season’, and celebrate the things that matter throughout the Christmas period.
But, whilst we’ve come to expect an outpouring of emotion from Christmas advertising, emotion in banking is certainly a new one.
I was delighted to see that Anthony Jenkins, the new CEO of Barclays, is encouraging staff to consider how customers feel. It’s a heart warming story, and certainly an interesting move in the right direction to help restore the trust lost with the recent negative publicity, but the scheme needs to be properly followed through in order to work.
Like the Christmas ad campaigns, Barclays needs to level with its customers to build relationships and gain their trust. An understanding of how to translate this insight into tangible changes to improve the brand experience will be key to the scheme’s success. Brands like Apple, Google and Nike do this exceptionally well, making interaction with their customers effortless and pleasurable, so that many feel they are an obvious choice, as the relationship is already established.
If Barclays is to re-gain the trust of its customers, it must first create an emotionally differentiating tone of voice at every brand touch point; from the staff to the services they offer. They must also remember that emotion is not just for Christmas; it must be on-going and an integral part of the long term strategy, if it’s going to be truly effective. That said, if they can re-establish customer trust, there is no reason why they could not lead the way in emotionally connected banks – there is certainly room for one in the market!
Posted by: |