Wednesday, October 29, 2008

Credit to the Customer: Citi

Embracing the Multichannel Customer

Debra Coughlin, Executive Vice President, CMO
Citi Brands

  • Dynamic brand engagement
  • Shift from talking at the customer to listening 
  • Four types of consumer: New customer, Loyalist, Researcher, unaware
  • Category clutter: consumers typically have four credit cards
  • Claim: 31% of customer commitment is determined by brand [but what does that mean?]
  • Used innovative research techniques to identify the Citi brand "If you were a credit card company what kind of party would you throw? Who would you invite?" [wow.]
  • Credit card statements are at the heart of 'What's your story" campaign.
  • [fun brand ads...but how does this make me choose citi?]
  • Television: used for...awareness [hmm..]
  • [Engagement here is all on the terms of Citi...I suppose that explains why Citi thought it was ok to sweep customer overpays into an interest bearing account that paid citi...not the customer  see here for more...but enough about Citi, what do you think of us?].
  • [Ok, I'm being critical...not to be confused with unfair, but certainly critical]
  • "We did a program that was so integrated that the results were phenomenal"
  • "The results delivered were stupendous brand stories"
  • "The TV and print were 3x as effective as our other campaigns"
  • [Ok, this explains why some CMOs have no credibility with people who do math].
  • [they did win an award though]
  • [Wachovia should be happy for Wells Fargo]
  • The future is now [true dat]
  • A true dialogue [true dat...but not at Citi]

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