Content, comms and consumer advocacy
Despite losing 16,000 members since its well-publicised IT meltdown in April, TSB has seen 20,000 new accounts opened in the same period. While talk of a turnaround strategy may therefore be premature, re-building trust will fall to newly promoted CMO Pete Markey – no mean feat in an industry where consumer scepticism is already high.
Alongside Pete, the bank has hired a raft of new senior decision-makers this year in a bid to change its fortunes - including Keith Gulliver as Head of Marketing Transformation, Social Media and Content and ex-CYBG COO Debbie Crosby as its new CEO.
With digitally-native, millennial-oriented challengers gaining greater market share (Monzo featured in the league table for number of switchers for the first time in April-June 2018), TSB’s message is expected to shift towards greater relevance next year, with technological innovation a priority to stay competitive.
Improving customer advocacy: Investment in social and content capabilities is the priority, with new Head of Marketing Transformation Keith spearheading a movement to better reflect the needs and demands of younger customers through “more agile” campaigns. This has seen the brand launch a new internal content studio, TSB Studio – which will focus on areas such as online content, customer experience and eCRM. Prospective agencies should note that the brand will continue to work with agencies alongside this and review its agency eco-system and on a regular basis to ensure it continues to align with strategy.
As part of a further bid to appeal to UK millennials - 45% of whom prefer not to give their data to brands due to lack of trust - the brand has increased investment in promotional strategies geared towards word-of-mouth exposure and referrals. Promotional specialists that can tie its referral strategy into a growing investment in its in-house social content capabilities should consider getting in touch.
Targeting SMEs – From a B2B perspective, the brand will move to differentiate itself by prioritising SMEs over larger companies next year. Educational content is therefore likely to be a priority as it aims to help businesses grow. It released its "Boosting Local Business" report in November, which revealed that connecting small businesses to products and advice they need could deliver a 10% increase in productivity and boost UK GDP by up to £70bn. It is worth noting that Crosbie's experience with SMEs was a key stand-out area and a core reason for her selection, according to its Executive Chairman.
Media Spend Q1-3 2018: £9,022,662
Agencies: Joint London, Vizeum, John Brown, Oliver Agency
Chief Marketing Officer Pete Markey – connect
Head of Marketing Transformation, Social Media and Content Keith Gulliver – connect