A record, of sorts

23/07/2009 - 00:00

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WHILE rebranding can be difficult when the high costs and long hours associated with doing so are considered, the companies found on this year's list of 'WA's most underperforming brand' may want to examine their options in this regard.

A record, of sorts

WHILE rebranding can be difficult when the high costs and long hours associated with doing so are considered, the companies found on this year's list of 'WA's most underperforming brand' may want to examine their options in this regard.

And at the top of that potential rebranding pile is BankWest.

BankWest holds the unenviable title as the leading (under)performer in the WA Business News annual branding survey, heading the 'underperforming brand' section four years in a row.

In January, it was announced that Sydney-based creative agency Host had secured the strategic planning contract for BankWest, with Ikon Communications handling the bank's media buying duties.

Host won the $18 million media contract from Starcom MediaVest, which also had responsibility for media buying.

A spokesperson for the bank previously told WA Business News that Host had been working with BankWest for more than12 months on the creative side, helping to launch its 'Happy Banking' campaign last year, indicating a rebranding campaign is probably unlikely in the near future.

But it's not all bad news, with the bank also securing a position in the best brand category, taking out sixth place for the second year in a row.

Marketforce chairman and chief executive John Driscoll said the reason for the Commonwealth Bank-owned BankWest concurrently remaining in the best brand list and topping the underperforming list was a combination of ownership issues and heritage in the Western Australian market.

"BankWest will be up there on the best brand list because of its solid performance in terms of where it sits as a state brand," Mr Driscoll told WA Business News.

"In terms of underperforming, clearly there have been some ownership issues that have faced the bank in the last 12 months.

"Banks have probably not fared that well as other brands in the last 12 months.

"I should say Australian-owned banks have fared well, foreign owned banks haven't fared well, and BankWest (having been) a foreign owned bank had that issue."

The story of BankWest brand is rooted in the Rural & Industries, or R&I, with the change from the R&I to BankWest more than a decade ago presenting a major rebranding challenge for the organisation before its listing on the ASX.

With all these changes, Mr Driscoll still feels the current campaign is slightly off kilter.

"I'm sure there are sound reasons for its advertising and strategy, but I quite haven't worked them out," he said.

"It seems to be a campaign that is a little bit out there for the category."

Coming in second in the underperforming category was another east coast-owned brand, Burswood Entertainment Complex while third place was filled by the West Coast Eagles, which was also an underperformer last year, where it came in fourth.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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