Developing a Strategic Communications Plan for Williams and Glyns Bank - Essay Example

The Return of Williams and Glyn’s Bank A marketing communications report BY YOU INFO HERE OTHER RELEVANT INFO HERE INTRODUCTION AND CLIENT BRIEF Williams and Glyn’s has elected TF Creative Consultancy, Inc. to assist in the resurrection of its once-trusted banking organisation, pending the upcoming relaunch and separation from the Royal Bank of Scotland. TF Creative Consultancy provides marketing expertise and advertising expense projections, along with market trend recommendations, to add extended value to this objective. RBS is 84 percent owned by the taxpayer, making this relaunch very publicised in many consumer groups. Further, Williams and Glyn’s only holds a modest two percent of the entire banking market (bbcnews.co.uk, 2010), making the relaunch to gain market share a considerable challenge. As the assigned leader in this goal, the development of a strategic communications plan, including in-depth advertising advice, is included in this marketing report. The goal of the consultancy group is to help the business come in under the £10 million, one-year budget and this communications plan provides the insight to make this a reality whilst assisting the business in building rapid competitive edge over other banking competition. The report outlines the creative solutions for Williams and Glyn’s effective April 2010 through March 2011. SITUATION ANALYSIS Market overview: Depending on the specific locations of the majority of the 1400 branches relaunched by Williams and Glyn’s, market size is different. However, based on the results of the 2000 census, there are eight million residents in South England. Of this population total, nearly 85 percent are of White background, estimating approximately three million potential clients for the new bank. This three million total is the foundation for market demographic overview. The population represents very diverse age groups and Williams and Glyn’s has the ability to appeal to them all through concentrated mass market advertisement. Major competitors: Williams and Glyn’s will face considerable banking competition in South England, including several brands operated under Lloyd’s, such as the Bank of Scotland and Lloyd’s Bank, along with several, smaller independent banking organisations. Competition in this area is intense, creating the need to differentiate Williams and Glyn’s in areas of service, tradition and consumer guarantees of security for various banking investments. COMMUNICATION OBJECTIVES The goal of Williams and Glyn’s is to develop specific communications that raise consumer awareness, as this relaunch is essentially rebuilding an entirely new brand from the bottom up. Therefore, the first objective is to build generic brand awareness through the utilisation of newspapers and appropriate circulars common to the South England region. These are inexpensive marketing tools that reach the mass market groups that Williams and Glyn’s will be attempting to identify with. Prior to launch, these tools should be utilised in rather extensive, full page advertisements designed to inform consumers of the re-emergence of the bank. Since the bank will be full-service, catering to mass market groups, advertisements in market specific publications (such as stock market publications) will be ineffective and bring little ROI. The secondary objective, after the pre-launch advertising in the pursuit of brand awareness has been satisfied, is to focus on television advertising to build the consumer perception of trust, service and security that will help to make Williams and Glyn’s stand out among rather heavy volumes of competition. The banking facility must use this forum to extend the consumer perception of total banking value through this effort in order to create a new brand image that speaks of competence whilst relying on traditional banking know-how that is familiar with many older demographics in the desired mass market groups. STRATEGY Demographics: To the advantage of Williams and Glyn’s, segmentation and specific group targeting is not a difficult task since the bank will be providing full-service banking opportunities for a variety of demographics. The entire focus of this marketing and communications plan is to cater to mass markets, using creative advertising that appeals to the current social and purchasing behaviour of these groups. This can be accomplished by creating a singular, well-defined image of modernism, blending with traditionalism, that appeals to the savvy mass market audience that Williams and Glyn’s will be providing service. Specific market targeting, in this case, will put far less strain on the marketing budget and will rely on much less effort on behalf of internal marketing groups assigned for this function at the bank. Williams and Glyn’s will also be providing business-to-business banking opportunities, likely for small and mid-sized businesses looking for business loans, credit services and generic savings/investment. B2B strategies should be individually defined based on the specific markets that the bank is attempting to reach. (These strategies are outlined in the Creative Strategy section). Psychographics: Marketing theory suggests that specific market groups have their own well-defined behaviours and attitudes that are predictable. Again, to the advantage of Williams and Glyn’s, there is a solution to reach all of these markets without concentrated psychographic-based marketing to reach multiple, individualised lifestyle groups. Trends in the mass market consumer audience include higher response rates to radical advertising, blending humour with competence in a way that provides extended meaning to large consumer groups. For some businesses, simply building a perception of brand loyalty through targeted campaigns can be time-intensive with only moderate increases in response rates. There is a better solution than long-winded market segmentation and targeting. CREATIVE STRATEGY “It is easy to move homogenous products such as credit card books around as customers don’t really care about who the provider is, but banking relationships are different” (Goff and Jenkins, 2009, p.21). The focus is to build perceptions of quality in relationships between the consumer, the B2B clientele, and always bring the focus of all services provided back to the foundation of relationship. In England, banks continuously readapt their brands, allowing them to be lost in the shuffle to change their images for consumers. Says one commentator, “Lloyds need only buy a power-saw and industrial quantities of correction fluid to lose the TSB suffix” (Hill, 2009, p.20). This essentially means that consumers are not affected at the psychological level by these manoeuvres and it is rather wasteful to continue to change image without first understanding the attitudes of mass market audiences. As a wholly-new relaunch, Williams and Glyn’s has the opportunity to create a singular identity with these groups, thus avoiding future, long-term brand readjustment to stay competitive against larger, more well-established banking players. When first launched, Williams and Glyn’s “advertised with pictures of nests and eggs as a reliable place for savings” (Mason and Blackden, 2009, p.1). For older markets, familiar with the W & G name, there is no reason to abandon what had once been used to build very strong perceptions of competence and trust/security. Using a modern twist, this concept should be included so as to appeal to younger and older audiences alike. Williams and Glyn’s, also, “used to call you up every now and then to see if there was anything you needed” (Shrimsley, 2009, p.14). This emphasis on service should be blended with the new contemporary brand-building concept that is necessary to avoid years of concentrated, adaptable advertising. TF Creative Consultancy suggests the development of two specific strap-lines, designed for both the traditional and modern consumer. For the older demographic, familiar with Williams and Glyn’s: REMEMBER US? WE CERTAINLY REMEMBER YOU!. In all newspaper advertisements, full-page spreads, this should be highlighted in bold-faced type to capture the attention of once-loyal bank patrons. For the younger demographic, 18-50: PUT YOUR EGGS IN OUR BASKET. As part of brand identification, this has a somewhat risqué appeal, using cleverly concealed undertones of human sexuality that makes the bank look to be both contemporary and flexible. To the casual observer, or those markets that might frown on these efforts, these suggestions are buried under nothing but innuendo, thus posing zero risk to the business when launched. (An example mock advertisement is included in the appendix). Advertisements such as these, when utilised both pre- and post-launch, will build immediate awareness and recognition in mass consumer groups. Illustrating these chosen representatives for the bank should depict the actor holding a nest with a few eggs inside it, with arms outstretched as if inviting further eggs to be deposited. The idea of relationship is built on the foundation of using traditionalism (the nest and eggs) with a modern twist that is both relevant and interesting to mass groups. Since it is likely that the under 50 group will make up the majority of all consumers for Williams and Glyn’s, this focus will provide instant value as a bank that is highly-differentiated and fun, and one that understands the lifestyles of its consumers. For the B2B clientele, the focus should remain the same, but with more overt professionalism. If the goal for Williams and Glyn’s is to increase immediate response on various credit card or lines-of-credit offers, the same nest egg concept should be used. “More people are chasing less money available, therefore (they) need to look to diversify income sources…and reduce spending wherever possible” (Mermiri, 2009, p.5). This market trend encompasses the mass market audience being sought by the bank and should be the focus of most B2B marketing. Giving consumers the idea that the bank can create customised credit solutions for struggling or concerned B2B clients should be the focus of newspaper advertisements. In a time where a trend is emerging where credit availability is becoming difficult to procure, Williams and Glyn’s can, again, focus on its relationship-based marketing for a variety of credit and investment solutions. One trend in small businesses and the consumer markets is growth in personalised credit cards that have unique photos of themselves or other animated concepts (experian.com, 2006). If the bank is poised to provide these customised credit cards and can focus on the convenience of electronic banking, such advertisements will provide a significant return on investment. Growth in convenience through electronic banking is a trend in consumer and business markets and this concept should be included in all print advertisements both pre- and post-launch to make the business stand out amidst heavy banking competition. The most expensive element of this new campaign is the television advertisement, which will vary based on the timeframe where these ads are desired to be placed. However, lower-cost television advertisement can be procured if the business chooses to place these ads during times where viewership is not necessarily peak. The creative strategy for television follows: The scene opens with a generic-looking male or female customer who gingerly walks up to the teller window, ready to make a deposit. He or she greets the teller who asks if he can help the client. Looking a bit frustrated, the customer pulls back her deposit book and asks clearly, “How do I know my money will be safe?!”. Without saying a single word, the camera pans on the teller who begins to choke and, essentially, looks as if he might vomit. To the amazement of the customer, one egg after another pours from the teller’s mouth. As if he has done this a thousand times over, he simply says, “pardon me a moment” and scoops the eggs gingerly from the desk and sets them behind him, while the customer strains to witness what he is doing. He simply says, “Trust me, you’re in excellent hands at Williams and Glyn’s, madam (or sir)”. As he rises to take care of her business, the customer looks behind him and sees that he has been sitting on a gigantic nest filled with eggs and multiple deposit books”. With a smile, she slides her deposit book through the teller window and walks away with a look of confidence on her face. The scene ends with a narrator saying, “Williams and Glyn’s: Let us protect your nest egg”. RECOMMENDED CAMPAIGN In terms of the marketing mix, product represents the conglomerate of different credit, investment and savings services offered by the bank. Since these tools are common within virtually any independent or government-sponsored banking facility, using them as tools for competitive advantage is both over-used and without proven results. Most consumers understand the idea of money market accounts (especially if they have pre-conceived efforts to explore them), and subtle differences in percentages returns are not unique selling features. Besides this, it is not the goal of Williams and Glyn’s to differentiate through product, but through innovation in creative advertisement and representation of the modern relationship that no other bank currently is able to provide successfully. In terms of place, having 1400 branches available to choose from gives consumers the perception of security, especially if they can accomplish their banking needs conveniently and in any Williams and Glyn’s branch. Especially for the business to business client, this should be reinforced in newspaper publications. Convenience builds on relationship focus. There is no need for any direct mail materials, only newspaper and television advertisements that continually reinforce these same values of relationship and modernism. In terms of promotion, building a strong consumer or business-to-business following relies only on these materials. No personal selling or other selling methods are necessary in this campaign as they will only be time-consuming and without substantial return on the investment. PROPOSED TIMING AND BUDGET Pre-launch advertisements, based on the importance of rebuilding what is essentially a new brand, are quite important in this campaign. These ads should be developed immediately and launched in regional newspapers with extensive readership, full-page, for a duration of six to ten weeks. These photo shoots and creative advertisement contents can be conducted relatively quickly and without extensive demand on the marketing budget. April 2010-June 2010 Develop creative advertising content for newspaper insertions. Consult with appropriate graphic arts (or other appropriate entity) for immediate development. May 2010 Work with creative consultants to script and shoot television commercials (those depicting coughing egg bank tellers) for launch on a variety of on-air networks. Launch of these on-air ads can be ready by no later than June 2010. April 2010 Consult with creative advertising agencies or graphic arts designers for development of in-house promotional materials illustrating the “eggs in basket” promotions or those described for the B2B client, offering customised credit card options or service-focused investment services. June 2010-March 2010 Modest adjustments to this promotional strategy should occur, using new actors but always with the same strap lines and focus. This campaign, to reinforce, should not rely on product or services as a competitive tool. Budget: Newspaper advertisements with the 10 week focus, full-page: £750,000 Development of in-house promotional materials post-launch of the new Williams and Glyn’s banking facilities: £500,000 Television advertisements, a total of six with the same concept but slightly modified to show ingenuity and innovation: £8 million TF Creative Consultants believes that the entire £10 million budget will not be utilised in these efforts, and the £8 million proposed for television ad development and launch is a high-end estimate. This will depend on the specific creative talent chosen to assist in rapid development and the time slot chosen to launch these commercial advertisements. Since no other promotional materials are required, such as direct mailing circulars, considerable budget expenditures will be saved and all efforts, in the year-long campaign, should definitely come in under budget expectations. PRE AND POST CAMPAIGN TESTING There is no need for pre-testing of this campaign, since recent commercials for companies such as Cadbury have found proven results by blending humour with competence in a way that provides delight to mass market audiences. Using the proven track record of other companies that have managed to find higher sales results through these efforts is enough to justify their inclusion in this communications/marketing campaign. Post-campaign testing can be measured by the volume of customers who open new accounts with the business immediately after launch and the volume of deposits received after the campaign has been launched successfully. If Williams and Glyn’s will be looking for more measurable return on the investment, it is recommended that the company develop a survey for a variety of customers that offer a ranking scale on their thoughts about issues of service and promotion. A specific question asking about how the consumer found out about Williams and Glyn’s services, either through promotion or word-of-mouth, will show how effective these campaigns have been in creating consumer or B2B client buzz or where the majority of their promotions have found the highest impact; either through newspaper or television. Under a campaign of this variety, there is really no other effective measurement of response rates other than deposit frequency and volume, requests for credit card or loan services, and consumer opinion about the promotions and where they found their information about them. REFERENCES Bbcnews. 2010. RBS begins Williams and Glyn’s sale. http://news.bbc.co.uk/2/hi/business/8550370.stm. (accessed 24 Mar 2010). Experian.com. 2006. Bank Marketing International. Iss. 190. http://www.experian.com/whitepapers/bank_marketing_international.pdf (accessed 23 Mar 2010). Goff, S. and Jenkins, P. 2009. No small fry, Financial Times, London. October 15, p.21. Hill, A. 2009. Told-you-so bank, Financial Times, London. November 4, p.20. Mason, R. and Blackden, R. 2009. New banks on the high street: Williams and Glyn’s. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6475609/New-banks-on-the-High-Street-Williams-and-Glyns.html. (accessed 25 Mar 2010). Mermiri, T. 2009. Market Trends 2009. http://www.artsandbusiness.org.uk/Media%20library/Files/Research/market_trends_summer09.pdf. (accessed 24 Mar 2010). Shrimsley, R. 2009. Time to reclaim that super 70s feeling, Financial Times, London. October 15, p.14. Appendix 1:Mock Advertisement for Williams and Glyn’s Williams and Glyn’s Read More