Nationwide Boosts Marketing Spend to Rival Banking Giants
Nationwide has made its largest media investment yet - the Building Society will spend over £10m on a brand building campaign that aims to make it stand out from the crowd.
Although Nationwide has the highest ranking on YouGov's BrandIndex (measuring how customers rate a brand across a number of factors) out of all 27 bank brands on the listing, according to Chief Operating Officer for Marketing Stephen Leonard, the regard that customers have for their brand in is not matched by awareness of its attributes among prospective customers, particularly compared to competitor giants such as Barclays and Lloyds.
Nationwide's new summer/autumn campaign takes a departure from the recent product based approach to convey the impact their staff have on customers' lives - their new tag line reads: "They say it's money that makes the world go round. We think its people". The ad will be complemented by outdoor, digital and press ads which will run until October.
It is hoped that the increase in marketing investment both this year and next will put Nationwide on the "shopping list" of consumers looking to switch current accounts, savings or mortgage services through being perceived as the "major, credible, trusted, full service rival to the established brands".