Bank of Queensland (BOQ): Smashing targets with the Owner-Manager story
Advertiser: Bank of Queensland (BOQ)
Author: Russ Vine, Greg Abbey, Jacinta Crabtree
Total Campaign Expenditure: $2-5 million
STRATEGIC COMMUNICATIONS CHALLENGE
Imagine for a second being Bank of Queensland in January 2010. You are one of Australia's smaller, lesser-known banks and you're coming off the back of the GFC. You have some hopes and aspirations that your marketing activity could somehow unlock increased consumer interest and market share. But in your heart of hearts, you know it looks like just another year of hard graft trying to ‘eek out’ basic brand awareness. In a category well renowned as a noisy, crowded and over active advertising arena!
The ‘big 4’ banks are “always on” and in 2010 alone will invest $217m in main media advertising (let alone online and direct). The ‘big 4’ have a whopping 80% plus share of the total banking market locked up. And there are ‘another 10’ brands fighting it out for the rest! You have consumers telling you unequivocally that banks should be better, yet they have low expectations and confess they are unlikely to switch. Worse still, your brand has been in a vicious marketing cycle, with no clear brand positioning and a new campaign every 6 months (mirroring the behaviour of the big 4 banks but with a small budget and share of voice of just 3%). When polled in 2009, more than half of your own staff didn't even like the advertising!!