Page 5: Promotion
Promoting Intelligent Finance was an enormous challenge. Even though the bank provides the reassurance of being associated with the Halifax, which was already a well established household name, Intelligent Finance came to the market offering a radical and new approach to banking.
Therefore Intelligent Finance needed to create a new brand identity, capable of promoting the bank not just to potential consumers, but also, to professional advisors, who would have the ability to bring in large volumes of business. The bank concentrated on the end benefits to the customer, comparing it to buying a sports car – the customer does not need to know what goes on under the bonnet, simply that it looks good and goes fast.
Intelligent Finance recently completed a very successful campaign, which uses its customers to explain the merits of its product proposition. The campaign provided a good explanation of the product and appealed both to new and existing customers.
In a highly competitive market, developing and maintaining competitive advantage involves continuing to lead the field. In just twelve months, Intelligent Finance has revolutionised the banking sector.
Since it’s launch in November 2000 Intelligent Finance has achieved almost 9% market share of the total UK net mortgage lending and mortgage sales, equivalent to an additional 800 bank branches. It has also had 80,000 current account applications. However, in a competitive environment, competitors will be looking to catch up with Intelligent Finance and overtake them. Therefore, Intelligent Finance needs to continue to look to the future and develop its products and systems to continue to meet consumer needs.