The “Big Four” banks have dominated the banking sector for years. Bank of Queensland, an ambitious but comparatively small bank, wanted to take some of their market share.
After an 18 month brand review with staff and customers, Bank of Queensland change its brand positioning and became BOQ. It settled on a new brand position that focused on a point of difference – its local owner-managers who, because of their ownership, would care more about their customers and provide a personal service.
“Imagine a bank that’s truly personal. A bank with local Owner-Managers who treat every single customer like a VIP.”
A solid strategy
BOQ launched a three-phase strategy:
- Relaunch the brand internally and start to hardwire new core values to the customer experience (based on customer insights around the ideal personal service interaction with BOQ);
- Relaunch the brand externally and bring to life its #1 and unique proof point, the Owner-Managers; and
- Segment the market to target groups where the service proposition would resonate most successfully.
Target market segments:
- Young adults (aged 25-34)
- Mortgage belt (aged 35 – 54)
- Small business owners
Role of regionals
BOQ maximised a limited marketing budget by going local, relying on Queensland’s regional newspapers.
In the first phase of the media execution, BOQ ran full page press ads featuring first-hand stories from Owner-Managers about why they had joined the bank and what they hoped to achieve. They starred in regional newspapers across the state.
Return on investment
The results from this campaign were high-impact and fast.
- Up 6.7 percent – New deposit accounts (nearly 250% faster the market average)
- Up 7.2 per cent – Spontaneous awareness
- 75% believed BOQ’s was different from the rest.
Reach, combined with high levels of trust, means regional newspapers deliver results in a local area campaign.