NAB Advertising Technique

Good evening all

What are your thoughts on the new advertising from NAB??? The breakup letter to the other big 4 banks. I have to say its caught my attention...

What do you think the consequences will be?

Let me know your thoughts.

JanetB

Haven't bothered to read the letter. To me it's just a marketing gimmick. Probably a smart one in the short term, but also I don't know why they would admit to a 'relationship' with another bank.

I don't think they are admitting to a relationship.. they are admitting they are part of the big 4 banks.. and they are saying that they don't want to be part of that anymore. I watched the helicopter flying around with the banner telling cba, anz and westpac that they are dumped.. and the guy playing piano on the back of a car drove past my work with a police escort. I think it is smart marketing and at the end of the day is only helping us a consumer by creating some more competition. When you look at the market share.. it is really now the BIG 2 and the Little 2.. Westpac and CBA own two thirds of the home loan market..

I had a meeting with NAB yesterday and they offered me 6.92% with 100% offset compared to CBA 7.33% with 100% offset (loan between 150k to 350k).. NAB also has some other sweeteners like NAB gold qantas credit card that is normally $145 a year, waived every year. So I'm going to do a bit more research and see what else is out there.. but my exit fee with CBA is $700 plus other fees and NAB will give me 1k towards that.. so it is very tempting and I doubt I will find a better deal.

They will still be considered the BIG 4!....

I mean if NAB did not want to be part of the "Big" 4....then what do they want to be part of...the "credit unions/ small bank"

But yes, either way- it did catch my attention and it's a catchy and funny advertisement; Smart.

of course they will still be one of the BIG 4.. but they are marketing that they are different. If they can get their competition customers to believe that then it is working.

Clever marketing that is all. The other Banks will be screaming at their marketing managers as to why they didn't think of it.

WBC has already made a counter offer but only to new customers - but you would be nuts not to try and negotiate if you were existing.

Thanks for your comments guys.

I agree, great marketing and I dare say it'll be referred back to in years to come. Similiar to the QLD Tourism 'perfect job' campaign.

Unfortunately NAB can't help me as I don't have a home loan... Maybe once I get into the market I can switch to them...

NAB just called me now and I got approved for a loan with them.. which is good as I didn't know how I would go on one income (and having 2 kids automatically knocks off 100k in borrowing power!).. with CBA we were both working at the time. And I'm taking a loan of an extra 30k as I'm rolling in my car loan which is currently novated lease.

Also our house got valued at 100k more than what we paid for it 18 months ago which is a 30% increase, so even with the extra 30k it is still under the 80% LVR.

They should just reduce their rates after their last massive cash grab with the CBA. That would do more for me.

I know this is 2 weeks old now - but REALLY!? This is a just markting tool it changes nothing - a survey of customers showed bank customers were the most loyal to a brand of any product not because we believe/trust the bank we use but simply because we believe they are as bad as each other so there is no point in changing. That certainly rings true for me (and I am a NAB customer by the way) - NAB are trying to impact on that - I don't think it will work (NAB ARE as bad as the other banks)