Q&A: Richard Nunn, Legal & General
Richard Nunn, brand director, Legal & General, talks about the perception of marketing in the financial services industry.
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Marketing Week (MW): Do you think the financial services industry is particularly bad at making promises that the organisation is unwilling to meet?
Richard Nunn (RN): Often the industry is just not very good at promoting the good work it does in keeping its promises. We’re in the business of providing products and services to our customers which can have a profound impact on their lives.
MW: What is the thinking behind the decision to externalise the brand now?
RN: Our markets are going through fundamental change. The Retail Distribution Review (led by the FSA to instil confidence in the retail investment market) will bring a new set of challenges for financial services firms. This, plus the ongoing impact digital is having in all our lives, means that having a strong meaningful brand that connects with consumers is vital.
MW: Can you explain the concept behind the Every Day Matters internal strapline?
RN: Every Day Matters guides strategic decision-making in everything we do and say. It determines how we position our company in the market, how we behave, how we compete and how we communicate. Every Day Matters is about real life. It is about showing our customers that we understand their lives and what matters to them.
MW: How does marketing strategy drive cultural change within the business?
RN: A single organising thought allows the whole company to get behind a simple idea. It helps to build a shared culture based on the customer rather than ourselves.
MW: Why is it important to embed a brand position internally before launching it externally?
RN: It is absolutely fundamental. Highly motivated, engaged employees produce greater business performance. We have survey results to suggest that we are making strong movements in this direction. We’ve also made it onto The Sunday Times list of the 25 Best Big Companies to Work For.
MW: How do you ensure that your advertising promises match Legal & General’s services?
RN: We focus on what matters to our customers, advisers and stakeholders by speaking to them in a clear and warm language and by reflecting their lives back to them in our imagery. We demonstrate that we understand them because we’re people too. It’s our business imperative.
