SA Banks, the mainstay of the South African economy with generally large media budgets continue to fail in the marketing space.
Yes, all four of our venerable, larger banks in the country have strong brands, but when it comes to innovating in the marketing space and more importantly breaking the media clutter – all fail pretty miserably.
It seems as if its just a case of more of the same and its not only the banks but I’ll leave that topic for another time.
It’s the usual case of media planning, maybe a small bit of budget shuffling due to difficult economic times and depressed consumer spending – but nothing changes.
It’s all the same drab uninspiring messaging with similar payoff lines – with one of our banks changing the payoff line on an ongoing basis which is even more absurd.
So where to from here?
Well, firstly banks need to stop thinking like banks.
Secondly the banks need to focus on delivering real value from their products (believe it or not you can get value from a bank, I think) which can be translated into marketing innovation further downstream.
It’s not only a mistake made by the banking institutions, but many large corporates – thinking like you are and not like how your customer wants to see you.
So maybe we can all help each other by moving forward and make things happen from a marketing perspective – today, tomorrow and together…