When Northern Rock went down, there might have been some that blamed a bunch of inept Geordies. But, the demise is now part of a much wider storm that has wrecked Bank of Scotland, Halifax, Lehman, AIG, Bear Stearns and and and...
Nobody is going to trust a bank with their money ever again. So, the question for brands is... do you have trust? If so, you can launch savings, loans and cash management products. People will trust Tesco because they know that it's got a real business selling things people want, so it will stay in business right through a recession. Likewise, British Gas, First Great Western etc (depending on a swift assessment of their general leverage status!)
And, equally, you'll trust your community. The building society movement's roots were in self-help for communities. Today the successors are hippies bound together... or any discrete group on Facebook... you might not trust Facebook or Google, but you will trust the people bound to you with the bonds of life. Brand opportunities abound... all you need is a banking licence but I bet they are harder to come by these days!
Were these ever Brands as we know them?
What was the distinctive value-add for any of them?
It is a market of perpetual tactics.
Cheap money on a Tuesday can switch to expensive money soon after.
Giving out cheap money in pursuit of ever increasing shareholder profit - that's capitalism for you.
Are you evera customer – or are you just an account with a financial ratio?
Surely loadsa banks went bust in USA as predictor of all this ages ago?
Daft house prices have happened before and probably will again. it may be particularly. Englishman's home being his castle as a belief system.
Money has gone expensive and so called brands are showing their true colours - tough on customers tough on the causes of customers - 'it's not me says the manager - it's the credit department.
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Charlie Hoult
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Member since: 03 Jun 2008
Last login: 16 Dec 2008
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