Members share their thoughts on how businesses can achieve differentiation in a crowded marketplace.
Do you struggle to create differentiation because you’re encouraged to stick to tried and tested strategies and campaigns? Should the Executive Board be enabling and encouraging marketers to take creative risks? Has our industry forgotten what it is to be brave, and what does that mean for the future of financial services marketing? Here is what some of our Members had to say... To add your view, visit the Knowledge Centre and leave your comment at the bottom of the page.
You need the right culture to be brave If the marketing campaigns you’ve created don’t scare you, it’s not strong enough and won’t set you apart. You need to be in an environment where you have the support and culture to be bold and push boundaries. Without the space, freedom and permissions from your business, you’ll never succeed. Have we forgotten what it means to be brave… yes, just look at the adverts in the trade press. They’re full of product features not customer benefits. Alastair Faux, Head of Marketing, Kensington Mortgages
Technology creates opportunity The future of financial services marketing looks bright for those who embrace change and technology. Together with cut throat brand positioning, storytelling and memorable messaging, differentiation can be considered the sharp blade asset managers need to cut through the clutter. Surely, differentiation in a crowded market will always be a challenge, but sticking to tried and tested strategies is definitely not the answer. It’s a matter of being tech and business savvy, specialised and hands-on. Vincent Hooplot, COO, Fundamental Media
Bravery is the watch word Too many brands are starting to look and feel the same and with the emergence of strong fintech challengers there is no room for complacency. Senior marketers need to champion a differentiated brand proposition driven from the Exec team down and through the organisation with tight focus. There is a real opportunity for brands to achieve significant cut through if they are brave and take a stand. Peter Markey, Chief Marketing Officer, TSB
Don't get stuck in a rut Just because we work in financial services does not mean we can’t be brave. It’s misguided to think that simply following the template of a previously successful campaign will bring about the same triumph time and time again. Yet many decision makers think, if it ain’t broke, why fix it? The only way to get out of this rut is to be given the freedom to stick your head above the parapet and take a creative risk. Financial services can be dry if you are led by traditional thinking, but it doesn’t have to be that way. Sharon Flaherty, MD of BrandContent
Be clear on your purpose The FS sector is moving at a pace we've not seen for years. Increased competition, ever changing regulation, ease of switching and the rise of Fintechs are all helping to provide the customer with greater choice. However this is also creating confusion. Businesses need to be clear of their purpose and who they want to serve. We need to differentiate beyond price with improved user-ability, personalisation and overall 'value for money'. Kevin Mountford, CEO Raisin UK
The power of ideas and insights A brave financial services brand can stand out through the power of its ideas and insights. These are not easily emulated and add kudos. Understand issues that matter to clients and identify a relevant topic on which you can authentically add understanding for audiences. Then, through this thought leadership, you’ll give people a real taste of what your organisation is about. Keith Brookbank, Director, Linstock Communications
Bravery and marketing don’t belong in the same sentence The Marketing Society has spent much of the past year banging the drum for bravery in marketing. Its shortlist of the 20 bravest brands of 2018 included KFC, Sky, Tesco and Skittles. Only one FS brand made the list – Lloyds Bank, which had the courage to use photogenic celebrities to raise awareness about mental illness. Marketers don’t need to be brave to create great work. It’s our jobs to make brands different and desirable. There’s no excuse for mediocrity. Nick Liddell, Director, The Clearing
Don't just rely on data One of the biggest dangers is the over-reliance on data. It's easy to focus on short term metrics rather than long term success and to stick to easily measurable, “safe”, marketing campaign enhancements rather than push for greater creativity and innovation. Whilst quantitative data can tell us a lot, it can’t always explain the emotional barriers and motivations of customers. If you just follow the data it's difficult to develop genuinely new ideas, resulting in a collection of similar communications with no one product or brand having any stand out. Simon Martin, Moreish Marketing
It's all about relevance The glass ceiling of creativity in the investment industry has been well and truly broken with the advent of Fintech and social media, which has thrown away the old uniform of convention and allowed everyone with a mouse to create a meme. Differentiation is less of an issue now and what has replaced it is relevance. Creative does not just need to entertain but ultimately persuade, which is a far harder task. Justin Mould, Fin International
There are safe ways to take risks Give your teams time to really understand what your customers need, and to look at how analogous peers are excelling. Involve a wide range of staff in coming up with ideas, and collaborate with experts from outside your business. Prototype solutions - be that products, services or campaign ideas and get feedback - early and often - before you commit. Take risks. Do it faster. Have fun doing it. Nathan Fulwood, CreateFuture