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When 10% failure is way too much

The recent Parliamentary Committee Hearings into the big four banks may have been considered a ‘damp squib’ by those calling for even greater public accountability but it did force some interesting admissions from the bank bosses.

There was a standard and expected amount of mea culpa and contrition in evidence but one form of words could come back to haunt Ian Narev, the CBA boss. Here’s a transcript of an exchange on the quality of financial advice provided to customers:

Narev is asked by Coleman (Committee Chair Liberal MP David Coleman) about the financial advice scandals.

He acknowledges the bank failed to act with “requisite speed” to protect customers, although only about 10 per cent of the 8000 people whose files were reviewed were found to have been given faulty advice.

Whilst Mr. Narev was being as honest as he could it is hardly reassuring to hear that if you seek advice from the ‘experts’ at CBA there is a 10%, or possibly even higher, chance that you will be put wrong and suffer a financial loss. They don’t advertise for business by saying ‘we get it right, most of the time’.

Again, words really do matter and even with the most thorough preparation (which we are sure CBA undertook) they can come across quite differently to the audience from the intent of the speaker.

ICG Auto - Insight

Market Data – Harnessing The Power of Attraction

ICG Auto Insight works with leading consumer behaviour academics to develop market data analytics that will identify the relative attraction of your brand and help guide strategy by pinpointing your brand’s growth potential against the competition.

Many measures have been tried with collation of market data to quantify the value of an automotive brand in a competitive market place.

The core objective is to understand where your brand stands relative to your competitors and what drives customers to you versus the competition.

CSI scores only really tell you what has happened – the hope is that if the results are good there will be peer group brand promotion.

Another measure is known as the Net Promoter Score (NPS). This measure seeks to quantify the level of advocacy of your brand by those who have had contact with it. Once more it is a historical measure that assumes higher brand advocacy translates into greater future engagement.

What is much harder to measure, but critical to future sales, particularly where conquest growth is required, is a robust measure of your brand’s relative attraction within your key competitive set.

This is where ICG has partnered with leading academics to devise a robust measure of relative attraction.

Relative attraction is made up of key elements such as overall brand strength, brand loyalty, areas where your brand position and customer base can be threatened and areas where you can grow, either through conquest or growing the market.

A relative attraction measure can rate the view of both customers and prospects. It can help you devise strategies that reduce attrition and increase attraction within your competitor customer groups.

ICG Auto Insight can help you develop a clear view of how your brand is seen by customers and non-customers and can be key to developing your next successful growth strategy.

Talk to us on 03 9036 6300 about how ICG Auto can deliver that clear view.

ICG Auto

RMKA Auto tailors solutions for the vehicle industry

Automotive Public Relations by RMKA

The pace of day-to-day business in a dynamic sector such as automotive shows every sign of continuing to increase.

Add to this the tough and competitive nature of the Australian market and it is easy to see why many companies in the automotive sector carry limited specialist resources.

RMKA has identified a need for highly experienced key support services, both strategic and operational, to assist companies operating at all levels of the automotive industry.

The result is the creation of a suite of services that harnesses RMKA’s indepth history and extensive knowledge in automotive communication, and focuses these skills with the benefit of an equally comprehensive experience-base in the automotive business.

RMKA has identified key areas of support where the consultancy can add value by addressing specific communication, marketing and research needs.

RMKA Auto has been created to make it easier for executives in the automotive industry to match their needs to the skills and services that RMKA can bring in helping to meet business objectives.

Launch control

“Houston, we have lift-off” – launch events with precision

NASA provides a great example of a precision launch event. Every time a Saturn V Rocket successfully launched an Apollo spacecraft past our earthly bounds it was worth a celebration. Its success, however, was attributable to the even greater deal of work, effort and resources that went into planning that amazing feat.

A successful launch is much more than a party to introduce a new product or service.

A successful launch needs careful thought given to exactly how best to introduce the product or service to media, opinion leaders, dealers, clients and staff.

The automotive and personal technology industries are amongst the most intensive launchers of new products. The constant flow of new models and technologies not only introduces consumers to new and improved goods, it also keeps the commercial wheel of regular customer update turning.

Auto and technology makers walk a well-trodden path of building anticipation and desire to convince consumers they must have the latest release of car, phone or device.

Leaks, design studies, “spy shots”, sneak peeks, non-official testing pictures, analyst and industry writer briefings and launches are all part of the product and service introduction tool kit.

Companies such as Apple are masters at building the ‘fervour for the new’.  The eventual clamour for first purchase is managed to create a religious experience for true enthusiasts.

Stage-managing the entire process may be out of the scope of local subsidiaries. However, making sure the key local audiences are exposed to the right message and the optimum first product experience is a vital part of the process.

The sugar-hit image of celebrities with your product splashed in the gossip columns will soon fade. The true sweet spot is launching an ongoing appreciation of your offering that creates the target audience’s genuine desire for ownership and brand buy-in.

Want to learn more? Visit RMKA Launch Control

 

John Kananghinis