'The Good Way to Bank' cut Nationwide's reliance on costly current account incentives.
Due to a weak brand and low mental availability, Nationwide was reliant on offering costly incentives to encourage people to open a current account with it.
This case describes how Nationwide revamped marketing to prompt reappraisal of its current accounts without increasing incentives budgets. ‘The Good Way to Bank’ creative platform made humorous comparisons between Nationwide and banking rivals, brand identity and media strategy were overhauled, and a new collaboration between marketing and finance implemented to create shared measurement and objectives.
Evidence presented for the strategy’s effectiveness includes increased impact of advertising on direct sales and mental availability, faster market share growth, and reduced user acquisition costs.