May I present an excellent example of emotional branding/love branding: Westpac! As a small business owner I am concerned about money and paperwork. It´s a lot to learn and fear of making mistakes can stop people from entering the business world - and make their dreams come true – or even worse, make dreams crash when administration is not in order and the whole new shiny business crashes. It happens to most of them actually. 50% in the first year, 95% in the first five...
Westpac has realised the way to compete about business is not to lower fees or raise interest rates – it is easing fear. Creating a state of calm, peace of mind.
The bank hasn´t gone as far as saying this is what it does, but I assume that´s the strategist´s idea behind introducing 200 new business branches and offering classes in financial management and succession planning, among other topics. Business bankers are also given 12 weeks training before they start seeing clients (up from 4 weeks).
CBA has also stepped up on meeting people with a new phone line, open 24 hrs a day.
Westpac and Commonwealth share first place as the best-performing big banks in terms of business customer´s satisfaction.
When you treat people like friends and care for their feelings, they will love you back....
Facts: The big four banks dominate lending to small businesses in Australia (sums up to 90%).
NAB 26%
Westpac 25%
Commonwealth Bank 24%
ANZ 15%
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