Encouraged by the almost Kardashian-like number of views of my last blog, discussing research on how FS marketers define marketing, I thought I’d try another research-based topic. And like last time, the research content is a brief summary of findings from a study among senior financial services marketing people, commissioned for my forthcoming book No Small Change, co-written with Anthony Thomson and published early next month.
The large majority of respondents worked for firms with at least some D2C distribution, so I suppose it’s no big surprise that 93% of them said that a strong consumer brand is important for their business. (Just over half of these thought that it was not just important, but increasingly important.)
But after than, the findings were a lot more surprising – and not in a good way. Only just a shade over a half, for example, thought that their own organisations actually had a strong consumer brand. A third thought that their direct competitors’ brands were generally stronger than their own. And when it came to “real” differentiation, the majority thought that their organisations were either “dependent on communications activity” to appear different from their competitors, or “not really different at all.”
Just to reality-check responses to that first question, we also asked respondents whether they believed that strong end-consumer brands are generally important for success in financial services. 95% said they were, and no-one said they were not at all important.
You have to say, on behalf of the financial services marketing community, that these findings are a bit of a worry. Here is a business asset which is generally accepted to fall within the remit of marketers, and agreed by between 93% and 95% of respondents to be important for success – but where somewhere around 50% of respondents believe that their own firm’s brands are weak, and/or that competitors are stronger, and/or that their firms don’t actually possess the degree of differentiation that provides a platform for brand-building.
I don’t think that in this blog I have much to add to that last paragraph (unlike in the book, where as I recall we bang on about it at some length). The only thing I do have to say is that of course, at a purely personal level, the picture painted by these findings makes me wonderfully, blissfully happy. It looks like there’ll be loads of work for financial services brand consultants like me for many years to come.