Repositioning the Lloyds brand

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How might Lloyds embed the for your next step campaign?Thoughts on delivering the latest brand positioning by Colin Gray

Building on their 250th anniversary campaign, Lloyds launched a new brand campaign in March designed to communicate how the bank support its customers as is always by their sideFor Your Next Step sees the return of the Lloyds black horse and is the 3rd brand campaign since parting company with TSB in Sept 2013With 25% of us holding our main bank account with a LBG brand, theyre a dominant force in the marketand have traditionally focused on proximity to branch and push comms to deliver brand & business objectivesFollowing reputational damage by PPI, intensifying change in the marketplace & media consumption, a shift towards a focus on engagement and being more front of mind is requiredThe following slides outline how they might achieve thisHow might Lloyds embed the for your next step campaign?

The market is moving slowly but surely away from UK big 566%of those who hold a product with a challenger bank, believe that the established players could improve their chances of retaining customers by offering better rates on savings accounts & loans62%of those considering switching to a challenger, believe that the established players would have a better chance at retaining business if they treated existing and new customers equally50%of those considering switching to a challenger, think that the established players could retain business by offering better loyalty programmes45%who already hold a product with a challenger, think that traditional providers would be able to retain more customers if they provided UK-based call centresSource: YouGov Challenger Banks (Jan. 2015)

83% of adult current account owners are aware of at least one challenger banking brandOverall awareness of challenger brands is highest among the over-55s (89%) and ABC1s (89%), and lowest among 18-24s (72%) and C2DEs (77%)3

PROGRESSIVE

SME FOCUSEDTRADITIONALGENERALISTCompetition is intensifying and differentiation is key

Cap Gemini: the banking industry is going through major disruptions with several new players entering the market and seizing market share across the banking value chain4

How might Lloyds achieve this?Source: Rory Sutherland

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Evolving the strategy3. Improve the every day experience & focus on meeting customer needs1. Showcase reasons to believe and give meaning to for your next step2. Make the brand feel more relevant and more accessible to more people

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1. Showcase reasons to believe and give meaning to for your next step

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1. Showcase reasons to believe and give meaning to for your next stepEarnedPartnershipsOwnedPaid

Understand life events / typical customer journeys and the role a bank could play be helpful, useful & highly attuned to customer needCo-creation could help here by asking consumers when did you need your bank & how could they have helped?

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2. Make the brand feel more relevant and more accessible to more people

Personalisation

Localisation

76% of consumers expect organisations to understand their individual needs80% of consumers expect search results to be tailored to their location

Localisation: Social, Search, Traditional Media56% of Google searches (whilst outside) are for local topics. 78% result in a sale9

2. Make the brand feel more relevant and more accessible to more people

Using new Social platforms, such as Blab

121 communications & segmentationSome Life events can be anticipated, whilst others can be identified using a trigger (e.g. change of name). Other 121 opportunities (such as Bounty Packs) could be used to target life changes & give Lloyds a roleFrom involving Customers in the marketing process to generating content to briefing Bloggers / Opinion Formers on New Products & Services

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2. Related Worlds: Nike"We don't do advertising any more. We just do cool stuff. Advertising is all about achieving awareness and we no longer need awareness. We need to become part of people's lives and digital allows us to do that. Now it's all about deciding what you want to say and how you're going to say it. There are going to be times when a TV ad is the right way to go, but that's the exception rather than the rule.Simon Pestridge, UK marketing chief

Some are already predicting that programmatic and integrated online/offline attribution modelling will mean that brand marketing [as it currently exists] will completely disappear11

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2. What would Nike do?Sponsorship of key regional marathons?

2. Immersive face-to-face experiences

Automotive, Beauty and even other Banking brands are responding to the blurring of boundaries between the digital & physical worlds by providing a more immersive brand experience

A Sponsorship property would provide a platform for this. An alternative approach would be experiences focused on pivotal life events could form the focus, such as wedding and travel fairs

In 2015, Barclays sold a 1bn in personal loans via both branch & digital channels. The relative cost to income ratio is 50:100 vs 23:100. Retail banking is a high touch, high-trust environment. Banks need to think differently about branches as a customer service touchpoint & think about education/facilitation of biz communities14

2. Related Worlds: ANZANZ used a co-creation campaign to develop new ideas and shift consumer perceptions to make the brand more consumer-centric

3. Improve the every day experience & focus on meeting customer needsHSBC provide customers with useful information, be it related to managing your account or to specific productsListen & amplify expressions of advocacy

After Tweeting #WantAnR8, Audi showed up unannounced at a customers front door, surprising her with the gift of a brand new Audi R8 for the weekend. They then told other Audi fans the story & launched an official #WantAnR8 Twitter campaign, giving users the chance to get behind the wheel of an Audi R8 simply by tweeting. To date, the campaign reach has exceeded 100+Guides for getting ready for your holiday, buying a home, etc.

Lloyds remain a dominant force in the market. The brand identity has changed 3 times in recent years and attention now needs to focus on shifting the comms modelScale of branch network and marketing budgets have resulted in a historic focus on reach and ubiquity. Following reputational damage caused by the PPI scandal, intensifying change in the marketplace, shifting consumer media consumption ad advent of programmatic buying, a shift towards a focus on engagement and a battle to be front of mind is requiredLearning from related world brands will help achieve this. For example, in the age of Amazon Local and further branch closure announcements, could Lloyds get customers and local businesses talking as a demonstration of support for the local economy?Final thoughts