Lloyds Bank show off their long hertiage

In their latest campaign, Lloyds Bank is tapping into its long heritage. Put simply, heritage marketing is the promotion of the heritage of your brand or your company. Just like Coca Cola did with their centennial anniversary last year, Lloyds are setting themselves apart from the competition by highlighting the fact that they have stood the test of time.

The 2008 banking crisis is not yet a distant memory, so any re-assure that your bank is able to weather financial storms is very welcome. Banks know that convincing people to change their bank is very difficult. Typically, people choose a bank when they’re 18 and stay with that bank for life. In fact our peers or family, rather than the bank itself, are the most likely to convince us to switch.

A friend or family member recommendation is far more persuasive than any marcoms. Banks know this (well the marketing agencies do at least) so concentrate on retaining customers and improving their experience. The hope is that they will eventually become brand advocates and convince their peers to join their “wonderful” bank.  That being said, it usual a combination of influences that make you switch meaning that banks will always continue to try to attract new customers. 

The campaign is highlighting this attribute in an effort remind existing customers that they have a bank that they can trust and will be there to support them in the long term. And it says to new customers "join a bank that won't go bust", very simple yet surprisingly effective.