What’s the point of ‘The Point of Difference?’
November 17 2013, 3:47 pm | | 1 Comment
At first sight, this infographic is so shameful it should make any self-respecting ad person want to crawl into his den with his tail between his legs.
It’s a map showing how consumers perceive different financial brands. They’re all spending hundreds of millions of dollars on advertising to explain why they’re different, and why consumers should choose them over their competitors – and yet consumers just think they’re all basically the same.
1 Comment
A brand can be can be differentiated on three levels.
1. Product
2. Strategy
3. Creative
Bank products are nearly all the same.
So the place to make the most impact is strategy and creative. (Standard Chartered ‘Here for good’ and Barclays “Big” come to mind).
But the biggest resistance to differentiation in the banking and finance industry comes from the client side. No one wants to be different and draw attention to themselves.
They will not even consider a calculated risk on their own money. Which is ironic because they have no problem risking, betting and losing billions of other people’s money while trying to line their own pockets.