Description
Introduction
National Australia Bank (NAB) has turned Australia' s "Big Four" banking establishment on its head with its award-winning "Break Up" marketing campaign. Communicating NAB’s new customer-focused, fairer banking proposition, it has resulted in impressive quantifiable returns, critical acclaim, and a revamped public image for the bank.
Features And Benefits
• Overcome cynicism and earn back consumer trust by changing how the public perceive your financial services brand
• Improve customer engagement and win new business by emulating NAB’s success at creating a customer centric proposition at the roots of its campaign
• Create compelling marketing campaigns with a new appreciation of how to combine social media and traditional marketing channels for maximum impact
Highlights
The NAB Break Up campaign has created a level of interest and excitement not often seen in banking marketing. It was a resounding success on a number of different levels, achieving critical acclaim, public praise, and, crucially, quantifiable returns for the bank.
Along with Twitter and YouTube, the NAB Break Up campaign used a mixture of traditional advertising channels, tactical media placements, and a series of audacious live "stunts" filmed for YouTube. These were all supported by the NAB website featuring clear advice for customers interested in switching to NAB.
The NAB campaign has gone a long way toward achieving what it originally set out to do: win new business and offset the losses incurred by its new customer-friendly proposition, proving that a campaign initiated through social media can actually result in bottom-line returns.
Your Key Questions Answered
• How can FS organizations reposition themselves for success at a time of low consumer trust and confidence?
• How does social media combine with traditional channels to create a powerfuly marketing mix?
• How can effective marketing impact the bottom line?
Table of Contents
OVERVIEW
Catalyst
Summary
ANALYSIS
Introduction
NAB is one of the Big Four in Australia and has been the focus of public distrust and cynicism
NAB reflects this culture shift in its product pricing and fees
While "More Give, Less Take" has had a negative impact on earnings, it is an investment
The multi-channel Break Up campaign shines a spotlight on NAB' s new "fairer banking" stance
The campaign launch attracted interest through social media
The break up theme proved a clever strategy to win customers from rival banks
Social media formed a critical part of the wider "marketing mix"
Twitter helped to build intrigue prior to the campaign launch
YouTube played an important role in maintaining consumer interest as the campaign progressed
The rich mix of media channels was a key aspect of the campaign' s success
NAB further distanced itself from the banking establishment through the second wave of the campaign
The Break Up campaign has achieved substantial success on a number of levels
The Break Up campaign resulted in new customers and an increase in business for NAB
NAB' s Break Up campaign won critical acclaim at the Cannes Lions Festival 2011
The NAB campaign has resulted in popular support from Australian consumers and a change in brand image
NAB continues to build on success of Break Up campaign with its "honest credit card" message
NAB offers "honest credit cards" to further establish its "More give, less take" positioning
Honesty Experiments draw big audience on YouTube
Conclusions and implications
Appendix
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Methodology
Secondary sources
Ask the analyst
Datamonitor consulting
Disclaimer
