The marketing campaign from the National Australia Bank really caught my eye – the concept is so simple: break up with your bank. It was so effective that it recently won the Grand Prix in PR at the Cannes Lions Festival in France last month. The idea of breaking up with an institution that has been ‘mistreating’ you for all those years is very tongue in cheek but on top of that, the idea encourages customers to break the loyalty they have had to their bank for years. This is loyalty that has been built from millions of dollars of marketing, PR, customer service training and online banking initiatives. This is the same loyalty that has been tested by rising interest rates, perceptions of poor service and excessive fees.
Banks, much like insurance companies, mechanics and the brand of toothpaste you use are relationships that are formed and can become life partners. The reasons consumers stick with these brands for so many years is probably one of two things, (1) that is the brand their parents use or (2) this brand entered their life at a crucial turning point, something with an emotional connection or associated with a rite of passage.
So when does the loyalty stop and when are we willing to drop our long-term comfort blanket and move to greener pastures? As communication practitioners, it is our job to help our clients build brand loyalty with their consumers and potential new ones. We help our clients tell stories that aim to change perceptions about a service, a product – something worth investing in. I am starting to think that brand loyalty is quickly dissipating because the market is getting so crowded and competitive, there is always another brand waiting in the corner to swoop in and sway consumers with better technology, cheaper prices or a cool celebrity endorser.
Apple has a great deal of brand loyalty and that got me thinking, why? They have the perfect trifecta: (1) quality product that constantly impresses, (2) great customer service which is highly appreciated and (3) people TALK ABOUT APPLE. And this is why people keep going back to Apple and eagerly wait for every installment and invention with baited breath. That is the ultimate test of brand loyalty – when your word-of-mouth marketing campaign on the new iPhone 5 is successful several months before the product even launches. Easy right?
So how do brands keep their customers in a long-term and mutually-rewarding relationship? A relationship that keeps the customer happy and continuously surprised? I think the trick is to keep the customer at the core of everything you do with clear consistent and relevant communications, fulfill promises and if something goes wrong – make it right. Apply those rules to your customer relationships and yours will be the last brand they will want to break up with.
