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 side’

• “For Your Next Step” sees the return of the Lloyds black horse and is the 3rd brand campaign since parting company with TSB in Sept 2013

• With 25% of us holding our main bank account with a LBG brand, they’re a dominant force in the marketand have traditionally focused on proximity to branch and ‘push’ comms to deliver brand & business objectives

• Following 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 required

• The following slides outline how they might achieve this

How might Lloyds embed the “for your next step” campaign?

The market is moving slowly but surely away from UK big 5

66%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 & loans

62%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 equally

50%of those considering switching to

a challenger, think that the established players could retain

business by offering better loyalty programmes

45%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 centres

Source: YouGov Challenger Banks (Jan. 2015)

PROGRESSIVE

SME FOCUSED

TRADITIONAL

GENERALIST

Competition is intensifying and differentiation is key

How might Lloyds achieve this?

Source: Rory Sutherland

Evolving the strategy

3. Improve the every day experience & focus on meeting customer needs

1. Showcase ‘reasons to believe’ and give meaning to ‘for your

next step’

2. Make the brand feel more relevant

and more accessible to more people

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

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

Earned

Partnerships

Owned Paid

Understand life events / typical customer journeys and the role a bank could play – be helpful, useful & highly attuned to customer need

Co-creation could help here by asking consumers when did you need your bank & how could they have helped?

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

PersonalisationLocalisation

76% of consumers expect organisations to understand their individual needs

80% of consumers expect search results to be tailored to their location

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

Using new Social platforms, such as Blab 121 communications & segmentation

Some 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

role

From involving Customers in the marketing process to generating content to briefing Bloggers / Opinion

Formers on New Products & Services

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

2. What would Nike do?

Sponsorship of key regional marathons?

2. Immersive face-to-face experiencesAutomotive, 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

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 needs

HSBC provide customers with useful information, be it related to managing your account or to specific products Listen & amplify expressions of advocacy

After Tweeting #WantAnR8, Audi showed up unannounced at a customer’s 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 model

• Scale 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 required

• Learning 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