Trust

Watch Your Brand | 3

Start with the brand, the rest will follow…

With brand image being so important, it is easy to see why watch manufacturers spend such enormous sums on advertising and sports sponsorship. Unfortunately, too many Swiss watch manufacturers, for all their brilliance in creating, manufacturing and selling exquisite watches, have yet to truly master the discipline of strategic brand management. Consequently, most marketing programmes fall into the “just another watch campaign” category (i.e. a backdrop of some aspirational imagery with a yacht, powerboat, sports car, aircraft, etc., a bland English headline, intelligible to all international audiences, a standard ‘ten-to-two’ shot of the watch, some technical credentials and a line about how long we have been making watches…), alternatively, the brand logo might simply appear as the ‘official time keeper’ at some sports event (which, as everyone knows, amounts to little more than ‘name-drop’ publicity). With the greatest of respect to these esteemed firms and their advertising agencies, how many watch advertisements can you recall and describe right now? Leaving aside the exceptional “You never actually own…” campaign from Patek Philippe, few of us can manage more than a couple of others at best. Now, how clearly could you describe the different watch brand personalities? Probably not very accurately – other than to highlight the prestige of big names.
Now try the same test with cars, drinks or clothing brands and notice the difference. In the luxury watch industry, it is as if marketing expenditure is regarded as a necessary ‘cost of entry’ to the luxury brand marketplace and, provided the anecdotal feedback from the trade and the retail distribution is satisfactory (corroborated, hopefully, by the eventual sales of the watches), that is enough. For the average consumer (as opposed to the avid watch geeks), the challenge of differentiating between the many alternative brands means that the most dominant, consistent brands stand-out even more strongly. The retailer can redress the balance somewhat by presenting the case for the others, but, by that stage in the process, many consumers’ minds will already have been made-up. A glance at the correlation between brand strength and sales trends across most markets will demonstrate this.

Effective brand management is also key to mastering the other two decision-making themes: ‘product design’ and ‘personal engagement’. First, with respect to product design, a clearly-articulated sense of the brand’s values, personality and vision will enable a well-defined creative brief to be prepared which can save time and eliminate confusion. All too often new designs rely on the instinct and imagination of the creative studio to anticipate and create what it believes customers will find attractive, within the context of their own personal interpretation of what the brand stands for. Any doubt will generally resolved by erring on the side of caution rather than risk alarming distributors or end customers. So, when a new consumer trend emerges (such as the demand for sports watches with black cases and rubber straps – as pioneered by brands such as Hublot and Bell&Ross), many high-end manufacturers will literally spend years trying to decide whether or not it is appropriate for them stick with the familiar or embrace the trend. A clearly-defined and well-articulated brand, on the other hand, makes it quick and easy to determine whether such an approach was ‘on’ or ‘off’ brand. The third theme, ‘personal engagement’, refers to the final process of actually bonding with the product by handling it, trying it on, evaluating its quality, determining the choice of finish or colour options then, ultimately, assessing its value for money and after sales support, before making the commitment. Once again, a well planned brand strategy will inform and direct each element at every stage in the customer journey so that all touch-points project the same consistent values – from quality of the bracelet (the clasp, like the car door handle, is the first tactile interaction with the product and needs to be “on brand”) to the design of the presentation box, and from the working of the warranty to the price-point that clinches the deal.

There probably is no other product quite as enigmatic as a luxury watch. Nor is there a market quite as enigmatic, nor a strategic brand marketing challenge quite as ripe for change.

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Trust me, I’m a Bank Manager

bank-managerThere was a time when the bank was one of the pillars of the establishment. Together with the church, the military, the civil service and, at least in the UK,  the royal family and even (for much of the 20th century) the BBC. The bank was a dependable institution and the bank manager was as safe as houses – now he is about as safe as house prices!

Whatever happened? Is it any wonder that our society has become so disoriented and lacking confidence when its very foundations have been undermined?

We have, in short, been let down by those we used to trust. Trust is a precious commodity because there is a personal cost involved – we make ourselves vulnerable by depending on someone or something else. Any breach of trust, therefore, can leave us feeling angry, betrayed and disillusioned.

But we humans, however we dislike the idea, remain as dependent as ever on surrounding ourselves with things in which we can place our trust. As Maslow’s ‘hierarchy of needs’ demonstrates, we need to feel a sense of security and wellbeing and crave things that can be depended upon to live up to their promise. These used to be the pillars of the establishment, now these have been replaced by what we might popularly call ‘brands’.
From Apple to Omega, Manchester United to Virgin Atlantic, Swatch to BMW, Hermés to Tumi, our lives are not only dependent on trusted brands, but often defined by them. They advertise our values, even our beliefs. They are our personally-chosen pillars of our own individual establishment. If they let us down, we have the power to dump them, if they make us feel good we wear then and share them (we can ‘wear’ a BMW or a Mac simply by being consciously seen with them in public!).

Look at it this way, if you were a committed Mac aficionado and Apple did banking, wouldn’t you open an account? I bet you can already imagine what to expect when you walk through the door? The values, the attitude the service, the white space, the Financial Genius Bar and a gloriously tactile satin aluminium credit card? And how much you would (secretly) love to be seen using that card… If, for any reason, Apple doesn’t happen to float your metaphorical boat, substitute a brand that does and rewind to the beginning of the paragraph. I think you get the picture; we’re living in an individualised new world in which we are personally empowered to choose and maintain our own micro pillars, ones on which we can depend and which reflect our own lifestyle, values, vision and outlook.

The point here is not to lure popular brands into banking, rather to encourage banking brands to become popular brands. They ought to be working harder than ever to project the values that will generate trust and earn our critically-needed customer commitment and advocacy; instead, most of them still seem to be behaving like self-obsessed nincompoops. Balance the column inches on controversial bonus payments, payoffs and management incompetence against those on innovation, new initiatives or customer service strategies.

I’m guessing that if Apple did banking, the words: “trust me, I’m a bank manager” could, before long, take on an altogether more compelling tone!

genius