Private Banks’ new journey back to credibility
Sunday, January 11th, 2009
In his new book Branding Only Works on Cattle, Jonathan Salem Baskin says, “Today’s guerilla branding…(is) about giving consumers the reason and confidence to act, and the best way of doing this is by showing them behaviour that they can understand and trust. It’s all about doing things, not about saying things.”
In the ‘old world’ of business, branding was about communicating images, concepts and messages that will hopefully create an emotional connection with the audience and lead to brand loyalty. In the ‘new world’ business, according to Jonathan Salem Baskin, this just doesn’t work. People are too suspicious of your messages, and they have no interest in just listening to what you have to say. This means nothing to them without action.
In the ‘new world’ of business that we are now entering, brand loyalty rests on behaviour. Prove to your customers that you are real, authentic, and able to deliver what they want. Show, don’t tell.
This line of reasoning has a direct link to Private Wealth Management in banking. If Private Banks ever hope to win back the trust of their clients and hopefully, win over even more from competitors, then they had better shut up. Don’t make grandiose statements about your heritage, reputation and trustworthiness. Nobody’s going to listen.
To win in this new world of business, Private Banks are going to have to behave their way back to credibility. A bit like a wayward husband who has to seduce his wife all over again. Not with promises of fidelity, but with hour-by-hour actions that reveal his true intent. That’s why the future success of Private Banks is in their people, especially the people who interact and build relationships with clients. It’s in these people’s pure intent and concrete behaviours that the seed of new growth lies. It’s time for these venerable institutions to decide what specific new behaviours will win the trust of their ‘new’ clients.
So forget about designing a fancy ad campaign, or delivering a message of assurance from up on high. Get down and dirty with the specific actions your people can take to woo your clients minute-by-minute.
James Irvine, Team Egyii, Singapore
