Behavioural Economics, Marketing Strategy, Persuasion

When did you stop beating your customers?

I don’t for a moment imagine that the clever and experienced marketing people employed by Britain’s banks have failed to keep up with the latest thinking in behavioural economics. I know quite a few of them and they’re all super sharp cookies.

So I’m really scratching my swede as to why they’re all spending so much money reminding us how shabbily they’ve behaved for the last umpteen years.

 “We’ve changed,” they’re all shouting.

“We’re on your side now,” they’re all bleating.

“We’ll make things simple for you,” they’re all promising.

Virgin Money – who I never really lumped in with the “really-evils” anyway – are promising me “Banking you can see through”.

“I’ve always been able to see through it, matey,” I mutter to myself.

Every penny they spend reminds me about the problem. Every ad they issue makes me question (again) their motives.

And – as is usual in financial services – they’re all doing and saying the same things, reaching for the same solutions, exploiting the same insights, gleaned from the same customers, in the same focus groups, through the same research companies.

And they’re reminding me that banks are all still the same: still shit and still wishing they weren’t.

If you can’t be bothered to read “Thinking Fast & Slow”, I’ll give you something easier to absorb:

  1. Telling people you’ve changed just reminds them what a monster you used to be (people in advertising used to have a name for this phenomenon called, “When did you stop beating your wife?”)
  2. If you must advertise, find something you’re actually good at (perhaps even a little better at than others?) and try and make that thing desirable to the people you’re trying to attract (You may not succeed with everyone, but at least they won’t hate you for standing up for what you do best and trying to have a go)
  3. If there is literally nothing even potentially desirable about the things you do and the people you are, keep your head down, rather than flushing even more of your customers’ and your shareholders’ money down the bog.

As my hero Tom Lehrer once said, “I feel if a person can’t communicate, the very least they can do is to shut up”.

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