1 National SME Strategy: Image and Awareness Program.
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Transcript of 1 National SME Strategy: Image and Awareness Program.
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Background and Research
Credit unions will be the preferred provider of services to small and medium sized enterprises in Canada.
Vision
:Facts:
• The CFIB ranks credit unions #1 in terms of overall service and confirms that we have strong positions in areas that businesses value such as local focus, reasonable access to credit, and convenient locations
• Our market share is second only to the Royal Bank
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Building on our Strengths
• Moving from our strong position to being the preferred choice
• We need to work together to expand upon our individual efforts and build our competitive advantage
• Business-oriented relationships are at least three times more profitable than a retail-oriented relationships
• We can leverage experience and creates awareness of the benefits of being served by a local credit union
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Credit Unions are #1
2001 CFIB Research 2003
1 Credit Unions 1
2 HSBC 2
4* ATB 3
4* TD Canada Trust 4*
7 Scotiabank 4*
8* Bank of Montreal 6
8* Royal Bank 7*
6 CIBC 7*
10* Desjardins 9
10* National 10
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Ipsos Research Highlights
• 4 out of 10 SMEs think of credit unions as being a financial institution; however, only 17% feel informed about them
• Most SMEs (76%) use a bank as their primary FI, 16% of all SMEs use a credit union as their primary FI
• Core (must have) products for SMEs are current accounts, internet banking, ATMs and operating lines of credit
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Ipsos Research Highlights (continued)
• SMEs express a high degree of satisfaction with their primary FI. Credit union users are more satisfied than bank users
• Credit unions had a high retention rate – higher than those who use banks
• Dual users are slightly less positive
• Only 19% of SMEs think that the statement “credit unions are the preferred choice for SMEs in Canada” is believable
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Ipsos Research Highlights (continued)
• SMEs doe not believe there is a clear differentiation between credit unions and banks
• Credit union drivers are:
– Delivers as promised
– Flexible policies
– Makes banking easy
– Complete range of products and services
– Responsive service
– Accessible
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Scalable Communications
National Communications Umbrella
Regional Communications Programs
Solid National Campaign (Umbrella) with Regional Tailoring
Local Credit Union Tie-In MaterialCredit unions can order tie-in material from the National Program
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Program Overview
Aware Familiar Consider Try Satisfy Repeat
and Refer
National Opportunity
Regional Opportunity
Local Opportunity
Awareness Campaign/Communications Strategy
Tools and Development to Assist Credit Unions
National Economiesand Collaboration
Regional Variations
Optional Implementation
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Value Proposition
Canada's Credit Unions
- will give Canadian business owners access to a collaborative network of commercial banking professionals ......
- to offer more responsive, flexible services across a complete range of financial products and innovative ideas that are tailored to owner needs and geared to mutual success.
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Objectives:• Primary Creative Objectives:
• Increase awareness/familiarity of credit unions amongst Canadian business owners – We are business smart – we get it– We offer small business services and products– We understand business owner needs
• Engage commercial members/prospectus in a new conversation that positions credit unions as business smart and worthy of consideration
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Targets
• Audiences include:
• Credit union employees
• Credit union business members
• Canadian business owners
• Canadian business media
• Influencers (accountants, lawyers, etc.)
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Communications Strategy• Create and deploy a national marketing
communications program– use an integrated communications and
advertising program – create an internal web platform to connect
credit union business banking experts – create an external web platform to build a
credit union business owner network– position credit unions as business smart,
savvy and capable.
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Communications Tactics
Advertising
Magazine, Television and Banner (internet)
Web Mini Sites (connected to banners)
Promotion
Sell Sheet (employees)
E-Blast (employees, members and promos)
Public Relations
Shop a summary of the research
Credit union positioning (business smart)
Cooperative
National creative components
Merchandising and brochures
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Creative Vision
• Use emotive, empathetic “hooks”
• Position us a more responsive, better aligned with small business.
• Leverage interest in those hooks to attract business owners to the deeper, web-based value-proposition.
• Be genuine. Demonstrate that we “get” the audience
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Creative Vision (continued)
• As a business owner, it is the network of people that you develop over time that helps you get ahead.
• Our personal approach makes business banking @ Canada’s credit unions better.
• “experts” have more influence over the that impact “you” and your business.
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Creative Principles
• Focus message on the audience
• Employ breakthrough empathetic emotion
• Bank bash
• Position credit unions or members in a negative light
• Employ negative humour
• Position credit unions as overly aggressive
Do
Not
Do
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Principle Support Tactics
• Complement provincial campaigns where possible and leave neutral where objectives do not align.
• Recognize that nationally we are building SME service awareness, recognize the impact that this has in those jurisdictions that are building full spectrum brands.
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Business Owner “Hooks”
Our campaign leverages these well-known and documented obstacles: campaign leverages these well-known & documented obstacles.• Red tape
• Inflexibility/adaptability
• Impersonal relationships
• Changing personnel
• Respect
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External Media Summary
Globe and Mail Report on Small Business
Spring 07Global PGA Leader Board Jan – Oct 07CTV Sunday Night News Jan – May 07TV Commercials Feb – May 07Magazine Advertising Feb – May 07Internet Jan – May 07
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Ad Tracking
• Baseline research – last week of January
• Interim results – last week of February
• Post results – first week of May
Timing:
Metrics:• Recall – the ad must win viewers’ attention to
get noticed and the brand must “get credit”
• Response – the ad needs to trigger a rational and/or emotional consumer response to the brand
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Results to Date
• Budget only permitted light GRP weight levels
• The goal at this point is to see positive movement in the recall metrics and response metrics
• Hard targets will be established at the next committee meeting
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Results to Date
• Recall
– Metrics have been stable
– Diagnostics show ads have potential and there are no red flags
– Two hinderances:
• Brand linkage
• Low media weights
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Results to Date
• Response
– Aided consideration is trending up
– Specific image ratings for credit unions have become more positive
– Gains in Ontario and Atlantic markets
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Ipsos Conclusions• Implications of findings from this wave of
research are:
1. Potential for a national campaign to change perceptions of, and in turn, increase interest in credit unions
2. Continuing with the current creative strategy and platform is key
3. Fine-tuning creative to strengthen brand link is a priority,
4. Increased media budgets may be required to ensure optimal reach, and in turn, stronger shifts in perceptions.
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Results to Date
• www.bizwyk.com
– 1,535 visits, average 8.6 pages per visit
– 1,287 managers, 483 multiple visits.
• www.canadascreditunions.com
– 15,697 visits, average 4.6pages per visit
– 15,210 visitors, 1171 return visits.
• Anecdotal evidence of referrals and inquiries arriving at credit unions across the country.
• Media drivers are print, followed by television.
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Results to Date• Canadascreditunions.com searches (2 months)
• Visitors have searched for key contacts 1290 times. (Average of 643/month.)
BC: 275 NB: 42
AB: 184 NS: 71
SK: 156 PEI: 35
MB: 81 NL: 31
ON: 415
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Closing Comments
• We are 3 months weeks or so into a three-year image and awareness program.
• System engagement is strong.
• Web traffic is exceeding our expectations.
• All participating provinces have provided their year-two funding commitment. One province is not participating in the media components.
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Questions??
Gene Creelman
- - - - -
Chairperson
Image & Awareness Sub Committee of the
National SME Initiative
- - - - -Vice President, Marketing and CommunicationsInterior Saviongs Credit UnionT: [email protected]