CON­QUER­ING MOUN­TAINS

Faced with low brand aware­ness and con­sid­er­a­tion, TSB Bank un­der­went a makeover – re­fresh­ing its name and look­ing to drive new cus­tomer growth.

New Zealand Marketing - - Tvnz -

The Chal­lenge

Af­ter 28 years in mar­ket, TSB Bank’s brand was in need of a makeover. It was con­sid­ered out­dated and no longer rep­re­sen­ta­tive of the TSB Bank iden­tity, val­ues and strate­gic di­rec­tion of the fu­ture. The bank was in­creas­ingly seen as pe­riph­eral, with low aware­ness and con­sid­er­a­tion. At best, it was seen as a provin­cial ‘Agri-bank’, at worst, it was not thought of at all. Be­yond its own walls there was also an im­per­a­tive for banks to trans­form them­selves for the fu­ture due to chang­ing cus­tomer ex­pec­ta­tions, tech­nol­ogy, reg­u­la­tion, as well as de­mo­graphic and eco­nomic change. Ev­i­dence could be seen in the big banks win­ning new cus­tomers through in­no­va­tion and ag­gres­sive mar­ket­ing tac­tics. They were seen as big, na­tion­wide, se­cure, safe and for every­one, while Nielsen Qual re­search showed TSB Bank was po­si­tioned as a ‘peo­ple bank’ – small, ru­ral, spe­cialised, less con­ve­nient and po­ten­tially risky. How­ever, among the neg­a­tives, there were pos­i­tives for TSB Bank with peo­ple say­ing things like: “It feels like you’re at home at TSB” and “It’s slower, more in­ti­mate and will ac­tu­ally get me what I need”. Know­ing it had to chal­lenge its per­cep­tions in or­der to reach its fu­ture goals, TSB Bank turned its per­ceived weak­nesses of be­ing small, into a strength. It un­der­went a brand trans­for­ma­tion ini­tia­tive to re­de­fine the bank from the in­side out, build­ing a more rel­e­vant, pur­pose-led brand. It set out to be a bank that un­der­stands its cus­tomers’ value drivers and puts them at the heart of all it does.

The Re­sponse

In Au­gust 2016, TSB Bank's Board of Di­rec­tors gave fi­nal ap­proval for the bank to un­dergo a re­brand. At the heart of it was a clear pur­pose of “help­ing New Zealan­ders get ahead by mak­ing bank­ing re­ally easy, ev­ery time, ev­ery­where”. That pur­pose drove the de­ci­sion to change the name, from TSB Bank to TSB. The cus­tomer-cen­tric rep­u­ta­tion built by the TSB name was kept, while a sense of scale and moder­nity was in­jected by drop­ping the ‘Bank’. Along­side the new name, the logo and type­face was given a mod­ern over­haul to ap­peal to younger cus­tomers while still pro­vid­ing sta­bil­ity and se­cu­rity. The de­sign draws heav­ily on the brand idea of “This is my Maunga/ Moun­tain”, which ref­er­ences how TSB has been help­ing New Zealan­ders con­quer their moun­tains for 168 years. It also shows TSB as a proud New Zealand bank, that un­der­stands its cus­tomers’ goals, dreams and am­bi­tions. With that, the idea of “This is my Maunga/ Moun­tain” fil­tered to touch ev­ery part of the busi­ness from the brand to the stake­holder align­ment, shop floor, peo­ple (in­ter­nal) en­gage­ment, and brand recog­ni­tion and emo­tional en­gage­ment com­mu­ni­ca­tions.

The Re­sult

Along the jour­ney, there were three moun­tains TSB had to con­quer in or­der to achieve the busi­ness ob­jec­tives:

1. De­liv­er­ing a holis­tic cus­tomer ex­pe­ri­ence means scale.

2. Shift­ing con­sumer per­cep­tion.

3. At­tract­ing new cus­tomers.

Feed­back on its cus­tomer ex­pe­ri­ence was pos­i­tive from the start, with feed­back from cus­tomers, staff and stake­hold­ers show­ing it has cre­ated a strong ad­vo­cacy for the brand. And the num­bers show it, as en­gage­ment met­rics showed TSB’S peo­ple scored an av­er­age of 4.1 out of 5 on feel­ing in­formed and in­spired. Fur­ther brand aware­ness came from the brand cam­paign, which was de­vel­oped with the ob­jec­tive to build na­tion-wide aware­ness and rel­e­vancy. Not only did it cre­ate an im­mer­sive nar­ra­tive in film, drive brand recog­ni­tion through a va­ri­ety of me­dia, and dis­pel mis­con­cep­tions about TSB with a na­tive strat­egy, it achieved stag­ger­ing cut through. Un­prompted aware­ness in­creased from 32 per­cent to 38.6 per­cent, be­yond the tar­get of 33 per­cent. TSB also had a goal to main­tain NPS (Net Pro­moter Score) above 60 per­cent and cus­tomer sat­is­fac­tion above 90 per­cent. At the end of Novem­ber, NPS stood at 61 per­cent and sat­is­fac­tion at 95.4 per­cent. Most sig­nif­i­cantly, in the first three weeks there was a 17.26 per­cent in­crease in new cus­tomers and a 13.4 per­cent in­crease in new ac­counts per week com­pared to the six months prior. TSB is well on track to its tar­get of a 20 per­cent in­crease in new cus­tomers by 2020.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.