Big day for me yesterday. A few months ago my friends at that admirable organisation The Financial Services Forum (www.thefsforum.co.uk) asked me to set up another in their family of Special Interest Groups, this one to concentrate on brand strategy, and yesterday was the group’s first event. The title was Just How Different and Special Are Financial Services Brands?, and we had three excellent speakers addressing the question from three different angles: Mike Hoban outlining some of the key issues involved in building brands in non-financial service markets (airlines, retail and so forth); Tim Pile doing the same with a focus on fast-moving consumer goods; and Justin Basini concentrating on financial services. We continued this compare-and-contrast format in a good hour of discussion with the 100 or so people who turned up.
I must say, it all seemed to go very well, and as chairman of the proceedings I was extremely grateful to the three speakers who all did make excellent presentations and, equally important, didn’t over-run - and also to all those attending, who kept up a steady flow of questions and comments and spared me from any trace of anxiety about the whole session drying up and coming to an embarrassing close half an hour early.
Anyway, it seemed important to try to fabricate some conclusions from the discussion, so at the end I asked for some shows of hands - particularly on the question of whether building brands in financial services is a) harder than, and b) different from, building brands in FMCG or in non-financial services.
When it came to the comparison with FMCG, absolutely everyone thought financial services are harder and over 95% thought they’re different. And when it came to the comparison with non-financial services, everyone thought financial services are harder or equally hard, and about two-thirds of those voting thought they were different.
I was pleased with these results. Way back in my early days as an FS specialist, I used to go on about all this a lot - in fact, I think I may even have once written an agency brochure on the subject called Not Like Baked Beans, my not-so-hidden agenda obviously being to discourage clients from being irrelevantly seduced by non-specialist agencies’ work for other clients in other markets.
After a while, I got bored, partly because almost everything gets boring after a while but also because clients paid this line of argument no attention whatsoever. Still, with definitive and quantitative new evidence available, maybe I should summon up some new enthusiasm and try to relaunch the whole issue. I could hardly be less successful with it than I was last time.
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