Winning the attention and loyalty of today’s disengaged banking consumers is no simple task. While most financial institutions continue to rely on old marketing strategies to grow, there are lessons we can learn from the sports marketing industry, where even gym sneakers and soda pop have been transformed into high-priced symbols of brand loyalty.
by. Joon Chattigr’e
In the fight to regain consumer trust and win new customers, the marketing strategies of today’s financial institutions seem to be splitting into two popular camps. There are the “Shouters” and the “Rebirthers.” Both approaches can claim some degree of success, but there are questions that need to be addressed before you should choose either of these two options… or perhaps a better alternative.
With diminishing engagement across diminishing touchpoints, it’s no wonder that Capital One, a globally diversified bank known predominantly for their credit cards, would employ the services of charismatic actor Samuel L. Jackson to help pitch their services. Thanks to Jackson’s award winning portrayal of the cool but cruel hit man Jules Winnfield in Quentin Tarantino’s classic film Pulp Fiction, we can’t help but immediately react to his on-screen persona. Like Pavlov’s dinner bell, consumers’ dog-like consumer response to Jackson’s image subconsciously triggers memories of Ezekiel 25:17 in our collective memories of him waving a 9mm pistol around while yelling at us to do what he says.
So, when he fixes his gaze on the camera and confrontationally asks, “What’s in your wallet?” (Capital One’s tagline), some consumers obediently comply and apply for their Capital One credit card.continue reading »