Memo to bank CMOs: Stop pretending the Royal Commission didn’t happen
As the banking Royal Commission continues to make headlines, now is not the time for the ‘parallel universe’ marketing model, argues DPR&Co’s Richard Ralphsmith.
During the last month, we’ve seen yet more mea culpas from the major banks as their CEOs face another round of the Hayne Royal Commission. But as far as their heads of marketing are concerned, it’s a case of “What Royal Commission?”
It’s the same old formula. We open with an uplifting music track. We see a touching story of an everyday Australian prevailing against adversity, supported in some ill-defined way by the financial institution. Seductive lens flare. Empathetic voice over. It contains every tool in the filmmaker’s arsenal to make us feel positive.
The only thing absent is the truth that everyone now knows.
I absolutely agree that current tone-deaf, feel-good bank ads should stop. But “trust me, I’ve changed” messaging is hardly the answer. First of all, the purported benefit of the suggested “honest” messaging, first-mover status, only exists if other banks follow. This isn’t likely. Moreover, being first-mover is only an advantage in rare situations, such in the establishment of digital marketplaces reliant on network effects. Too often, it’s a case of “pioneers? Weren’t they the ones with the arrows in their backs?” Corporate history is littered with examples of companies who moved first, proving out a new idea/product/pricing tactic/advertising strategy, but were then run over by competitors. Look no further than Microsoft and Apple for examples of companies whose early growth strategy was based on fast-following. Now, apart from the fact that being first-mover is not a sound, single rationale for taking significant risk, the notion that “honest” bank advertising will be credible with consumers is illogical. It assumes they’re gullible idiots who’ll now swallow a “trust me” line straight after the banks have been shown to say one thing but do another. All it will do, is make people think the bank in question was more culpable than its competitors. Over time, the sector’s malfeasance will be mistakenly over-attributed to any bank that spends millions reminding everyone of its heinous behaviour. It will become the exemplar, the poster child of bad banking in 2018, taking singular responsibility for a collective failing.
God knows where one bank compared themselves to ‘heroes’! Please….
You are right. NAB’s slogan “more than money” is insincere but it’s also astonishingly unwise. It simply invites the response – “No it isn’t. It’s ALL about money.” Tone deaf doesn’t even start to explain it.
Yup, the comments on Instagram (an example of one platform) tell the story. The ad’s are received about as well as an insincere CEO spending a night outside. If they stopped screwing their customers (the majority of Australia), we wouldn’t have such a homeless problem in the first place.
Mongrels and it would appear; criminals.