Established Banks should be ashamed of their current Social Media efforts

Does it surprise anyone that banks like HSBC have recently come out with some very public criticism of their own social media efforts?

http://www.marketingmagazine.co.uk/article/1213004/banks-social-media-approach-years-behind-admits-hsbc

You might struggle to believe that any brand in this day in age struggles to fully appreciate the importance of a one to one interaction with customers however it is clear the banks have yet to fully grasp the importance of this concept. And why should a customer service organization in the face of stiff competition from many competitors have any desire to listen to their customers? Crazy right?.

There are many excuses that the banks can, and have used to justify why brand engagement through direct channels just does not exist. Some of the more interesting examples can be found via the link below.

http://www.euromoney.com/Article/3226573/Banks-give-social-media-the-cold-shoulder.html

Regardless of fears and concerns the banks may have in relation to data regulations these concerns simply don’t cut the mustard. There should be no excuse for failing to keep customers happy and eradicating your brand of potential large scale issues by having an open communication strategy with them via your social media sites. How many times have we seen an online customer complaint quickly turn into a viral, PR disaster for brands? The real takeaway fact in the above article is that 2.8 billion use the internet and half of them are signed up to at least one social media site. Ignore this growth area if you will but do so at your own peril.

This isn’t to say that all banks have not fully appreciated the importance of social media. What a refreshing change to see India leading the way in innovation by fully realizing the potential of the Twitter’s and Facebook’s of the world while other companies in the more established, banking markets across the World continue to follow.

http://www.exchange4media.com/52884_banks-cash-in-on-social-media-in-a-big-way.html

Whether it be through gamification or through such incentives like offering access to bank accounts on social media sites the examples included in the above link clearly demonstrate a desire to communicate to customers in new and exciting ways. This is exactly what your direct communication channels to your consumers should be used for. Not only can it allow you to differentiate your product or service against competitors but it can also allow you build an emotional engagement with your loyal following. And in this day in age there aren’t aint no saver long term investment than that!

Anyone for tennis? How powerful is brand association for Wimbledon’s main sponsors

Every summer thousands of spectators and multiple tennis icons gather together in the South West of London to embrace a time honoured tradition. Wimbledon has a reputation for being one of the finest sporting tournaments in the world and with that comes a massive opportunity for lucrative brand partnerships and million pound marketing sponsorships.

For many brands Wimbledon is a safe choice when deciding to embark on partnership. The tournament boasts a mass celebrity following and strong connotations of a culture that embraces the best of British. Grass courts, ball boys and ageing celebrities such as Bruce Forsyth tucking into strawberries and cream or Cliff Richard leading a sing along with the crowd, all give the tournament a safe feel. Add this to a healthy bout of competition, strong camaraderie between players and worldwide brand recognition and it is clear to see why many feel they can’t go wrong with associating themselves with the grass court tourney.

Which brands have looked to partner with Wimbledon in 2013? Lets take a look at the official sponsorship page.

http://www.wimbledon.com/en_GB/suppliers/

There are 13 big players in the championships across all types of industries. When you look at the list some seem to make complete sense, take for instance Slazenger. For 111 years Slazenger has had the advantage of supplying tennis balls for Wimbledon. There is a reason why Slazenger has taken out such a long association with Wimbledon and it probably isn’t rocket science for anyone reading this article. If you are the official equipment provider that some of the worlds biggest stars will use in one of the worlds oldest tournaments you are effectively protecting your market share in a market where commodities are differentiated by branding.

Then there are brands like HSBC. You won’t find HSBC branding plastered across the tourney boards or the worlds local bank logo included in the official Wimbledon branding. Taking into consideration the strong brand guidelines Wimbledon put in place for its sponsors to adhere to how does a brand like HSBC strategically take advantage of such a partnership? Well of course you could argue they will benefit from being the exclusive ATM of the event, a move which should yield some shot term profit and brand association.  However, HSBC are also smart enough to know that there are other ways to not only capitalize on the tournament but also link it into their own brand mission.

http://www.ft.com/cms/s/0/cb10fbbe-df19-11e2-881f-00144feab7de.html#axzz2Y6uYUyay

Bringing the tournament to other Countries put pure and simple is great brand strategy for HSBC. The brand may not be operating in the same industry of the game like Slazenger but it has made the association work for its brand mission of being ‘The World’s Local Bank’.

Then there are brands like Lavazza. As a strong Italian brand Lavazza have adapted a media strategy centered around digital and Underground marketing for Wimbledon. And the CEO appears to be happy with his choice when you reference the below interview.

http://www.marketingweek.co.uk/news/qa-lavazza-group-cmo-carlo-salvadori/4007237.article

Salvadori has a clear strategic mission of increasing brand recognition and sales of Lavazza in the UK. However what worries me is Salvadori’s reaction to the question of how this will be measured.

“we have been measuring the positive effects of our presence at Wimbledon by the fact that we have been gaining more and more consideration in the UK market.”

Consideration won’t necessarily lead to increased sales for Lavazza. If they have well and truly looked to establish a long-lasting relationship and lucrative sponsorship deal with Wimbledon then I hope they have far more advanced ways of measuring the impact of the deal then consideration. For two brands with such contrasting brand missions it remains to be seen if such a partnership will yield returns and if Lavazza can benefit from this investment.

So who wins in terms of their decision to invest in Wimbledon will emerge as the champion? Well it might not be any of the partners but in actual fact the Lawn Tennis Association.

http://www.guardian.co.uk/sport/2013/jul/04/wimbledon-commercial-world-chinese

Earlier in the article we mentioned Wimbledon’s strict brand guidelines. From the offset all brands that decide to invest know exactly where they stand. If the LTA is to protect the image of this luxury brand all other partnerships must be subtle. You want find Rolex plastered all over the players kits or the surface of Murray mound but you will find it on the official clock on Centre Court. You won’t find Evian floor graphics painted onto the grass of Court 1 but you will see players drinking from Evian bottles. All of these tactics are clever business as it protects the brand reputation, enhances brand value and makes Wimbledon a viable brand to be moved to different markets like the Far East as mentioned in the above article.

All in all many will come, few will remain and only a handful will be crowned champions at Wimbledon. But this year, and for many more to come when it comes to the final battle between Wimbledon and its sponsors for brand supremacy there is only one winner. Wimbledon as a product of the LTA will continue to win hands down GAME, SET AND MATCH.