No Small ChangeWhy Financial Services Needs A New Kind of Marketing
A 13-point manifesto for a new financial services marketing model Anthony Thomson knows a thing or two about new and disruptive financial services, having co-founded and chaired first the ground-breaking Metro Bank and then the purely digital, app-based Atom Bank. And as a financial services marketing specialist for over 30 years, Lucian Camp has helped develop more new and innovative financial services propositions than anyone. Now they’ve put their heads together to write No Small Change, a passionate, opinionated and practical manifesto arguing that the fast-changing financial services world urgently needs to rethink the whole of its approach to marketing. Most of all, they propose that an increasingly digital, fintech-driven industry needs not just more marketing, but also better marketing to make sure it’s successfully identifying consumers’ real needs, and finding powerful and successful ways to engage with them. After detailing the forces of change that demand a new approach, the book then examines in 13 chapters what the key components of that new approach should look like. It takes a broad and multi-faceted perspective, exploring areas as diverse as the crisis of consumer trust, the ever-growing power of Big Data, the importance of leadership and corporate culture and the rapid advance in thinking based on Behavioural Economics. In developing these themes, the authors don’t pull their punches. The book is fiercely critical of some of the industry’s long-established marketing habits, providing compelling reasons why it’s time to abandon the practices that have given it a bad name. Marketers will applaud, but the book is also intended for a broader audience. Thomson and Camp challenge senior management in financial firms to appreciate the real value that marketers can bring to shaping the business agenda at the highest level, and not just to label marketing with that tired old phrase “the colouring-in department.” Rich in anecdotes, comments from leading industry figures, personal experiences on the part of both authors and findings from original research, No Small Change is an entertaining and rewarding read – and, at this point in the development of financial services, a timely and important one.
Preface ix Acknowledgments xi About the Authors xiii CHAPTER 1 About This Book 1 CHAPTER 2 What Is Marketing, And Why Does It Matter? 8 CHAPTER 3 From ‘Best Advice’ to ‘Satisficing’ 20 CHAPTER 4 Why Not Then? And Why Now? 26 CHAPTER 5 Retail Financial Services How? 39 CHAPTER 6 Real People, Real Lives 63 CHAPTER 7 Cutting in the Middle Man 74 CHAPTER 8 Introducing the New Financial Services Marketing 88 CHAPTER 9 How Does Your Firm Define Its Purpose? 98 CHAPTER 10 Does Your Firm Have a Strong and Distinctive Culture? 115 CHAPTER 11 How Much Is Big Data Changing Your Business? 126 CHAPTER 12 Do You Get the Power of Behavioural Economics? 140 CHAPTER 13 Are You Really Any Good at Innovation? 156 CHAPTER 14 Are You Absolutely Sure About ‘Restoring Trust’? 173 CHAPTER 15 Whatever It Is, Can You Make It Simpler? 190 CHAPTER 16 Are You Just a Little Bit Boring? 205 CHAPTER 17 Call That a Brand? 216 CHAPTER 18 Yes, But Can You Prove It’s Working? 234 CHAPTER 19 Must Planning Your Comms Be So Horribly Complicated? 245 CHAPTER 20 How Far Can You See Beyond Financial Services? 265 Appendix: Winning Entries from the Financial Services Forum Marketing Effectiveness Awards 274 Further Reading 291 Index 293
LUCIAN CAMP is an independent financial services branding, marketing and communications consultant. During his career, he was founder, creative director and chairman of Tangible, the UK's leading specialist in financial services branding and communications. He regularly writes, speaks and blogs on financial services brand, marketing and communications issues. ANTHONY THOMSON founded and chaired Atom bank, co-founded and chaired the Financial Services Forum, co-founded and chaired Metro Bank and is a non-executive director of the software company Agiliti. He has been included in Marketing Magazine's list of the top 100 most powerful and influential people and named by the Evening Standard as one of the most influential Londoners in the City.
As retail financial services rapidly migrate from the physical world to the digital, the market becomes more crowded and more competitive – and the role of marketing becomes more and more important in helping consumers find what they need. Adopting a genuinely marketing- led approach is a huge challenge that firms must tackle urgently. Written by two of the UK's leading financial services marketers and rich in real-world experience and anecdote, No Small Change questions the fundamentals of the ways that financial services firms engage with their customers, and defines all the key aspects of the new and dramatically-expanded role that marketing must play. In this challenging and inspiring book, rich in personal experience and anecdote, Lucian Camp and Anthony Thomson define the key aspects of this new, genuinely customer- centric marketing. These include: Demystifying the task of building a brand in the financial services sector Defining a fresh attitude of mind to manage consumer distrust, rather than tackle the impossible task of restoring trust Developing the type of strong, distinctive purpose essential to build real consumer engagement Learning from the fast-emerging academic discipline of Behavioural Economics to create new levels of marketing effectiveness Understanding the extraordinary power – but at the same time the inevitable limitations – of the era of digital, mobile analytics and big data Whether you're a financial services marketer still struggling to shake off the dreaded "colouring-in department" tag, a member of senior management trying to come to terms with the marketing-centric future of the industry or just an interested observer, No Small Change is a book that will transform your thinking.
Praise for NO SMALL CHANGE "No Small Change is a must-read for anyone with an interest in how behavioural economics, communication and technology can help shape a positive financial future for everyone." —Jayne-Anne Gadhia, CEO, Virgin Money "If you're looking for an insightful, challenging and highly readable practitioner perspective on financial services marketing, look no further." —Dr Leslie de Chernatony, Honorary Professor of Brand Marketing, Aston Business School "This book illuminates the path to customer-first thinking for FS marketers and the organisations that they seek to enlighten." —Mark Evans, Marketing Director, Direct Line Group "Read this book to find out how to transform your company into a truly customer- led, marketing-focused organisation. You never know, it might just give you a revenue lift too." —Chris Skinner, Digital Banking expert; Author of Value Web, Digital Bank and best-seller Digital Human "This engaging and important book about the new world of financial service marketing deserves a much wider readership among all those interested in finance, as well as marketing in general." —Adrian Furnham, Professor of Psychology, Norwegian School of Business; Author of The Psychology of Money "With financial marketers being challenged by the intersection of a quickly changing ecosystem and new marketing technologies that leverage digital tools, there has never been a better time for this book." —Jim Marous, Publisher, The Financial Brand "No Small Change makes an entertaining job of exploring the unexpected affinity between the academic discipline of behavioural economics, and the rather less elevated craft of direct marketing." —Rory Sutherland, Vice Chairman, Ogilvy Group "The historical financial services system excluded many and preyed on others, while profits soared. No Small Change describes a world where digital experiences are creating radical shifts in this imbalance." —Brett King, Founder, Moven; Author of Bank 4.0
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