Lexden's 2014 ISA Customer Diary is now complete. A review of the ISA season's campaigns from the consumer's perspective in a lite bite digestible fashion. Perfect as an additional insight source to inspire marketing planning or activation.

1. ISA Customer Diary 2014 Report
Presented by the ISA Customer
Brought to you by Lexden, the Customer Strategy Agency
Conducted in March/April 2014

2. We help clients realise the potential of putting
customers at the heart of their business
We achieve this through our suite of ‘What Matters Most’ customer strategy solutions

3. Lexden works with brands who are serious about
“putting customers at the heart of what they do”

4. The 2014 ISA Customer Diary Methodology
Who:
One consumer seeking an ISA records provider engagement
Currently holds £10,000k combination of Cash & Stocks & Shares ISAs
When:
Consideration phase - 19th March to 5th April 2014
Also included - post 5th April 2014 messages seen
How:
Capture and assess all ISA messaging seen travelling into and around
London in terms of positive & negative sentiment to arrive at a
preferred provider for this year’s ISA selection.
INTRODUCTION
A review of the ISA season brought to you from the customer’s perspective

5. What influences consumer decision making
along the ISA pathway to purchase?
When looking for an ISA consumers purchasing directly will be exposed to several influencing
factors (blue chevrons). In different markets the same patterns occur and the same importance is
placed on various factors.
From our studies, first-hand customer experience of a brand will have the most significant impact
on an existing relationship with a customer (c50%). However, at consideration phase ‘experience’
is often difficult for products such as financial services to demonstrate. Consumers use factors
such as those below to form an impression and create a preferred list* and eventually a decision.
It is these factors we have used to build the 2014 ISA Customer diary.
ADVERTISING
REPUTATION
PEER EVALUATIONS
COMMUNICATIONS
PROSPECT EXPERIENCE
PRODUCT
TERMS
BRAND
*none of which most consumers consciously register in reaching their decisions
INTRODUCTION

6. In our ISA Diary review we recorded messages
from these providers
INTRODUCTION

7. ISA messages were consumed across the
following media
INTRODUCTION
BRANCH WINDOW TRAIN & UNDERGOUND TAXI ONLINE
INSERTS DIRECT MAIL PRESS & MAGAZINE ADS EVENTS

8. Providers comms registered with our consumer
at different points in the review period
INTRODUCTION
19th Mar 26th Mar 4th Apr Post 5th Apr

9. The volume of ISA messaging observed, peaked
on 25th March, prompted by an ES ISA section
INTRODUCTION
0
1
2
3
4
5
6
7
8
Evening Standard ISA Guide

10. ISA Diary key observations & insights contents
• 2014 ISA season highlights
• Key message word bank
• Provider’s specific integrated campaign review
– Fidelity
– HSBC
• Sentiment analysis
• Critical observations impacting consumer confidence
• Top 3 providers based on messaging and communications
• Creative gallery
• Conclusions
INSIGHTS
A review of the ISA season brought to you from the customer’s perspective

11. 2014 ISA season high (and low) lights
Fidelity’s travelling ISA show
Alliance Trust’s multiple messaging
strategy. The consumers view was, “I see
them all, but I remember none”
ISA - the afterthought
campaign from Schroders
HSBC spend big to land
emotional ISA message
via a small child
INSIGHTS

12. ISA providers key message word bank
INSIGHTS
Key Themes
Flat fees
Dreams fulfilled
Choices
Fairness

13. Specific integrated campaigns –
Fidelity Investments
INSIGHTS
CD provided from stand at Waterloo
ISA stand at Waterloo with data capture
Website
Cross-track, tube and press advertising

14. Specific integrated campaigns –
Fidelity Investments
INSIGHTS
15th April 201419th March 2014

15. Specific integrated campaigns –
Fidelity Investments
Campaign strengths
• Fidelity was the only provider who
delivered an (observed) integrated
campaign with continuity in message
and campaign style across media
• Smart ‘deferred decision’ option
presented
• CD provided easy access ISA info with
balance of sector info and Fidelity
proposition
• Website and email provided ‘easy to
digest’ choice of funds based on my
experience of investments,
expectations from investment return
and attitude to risk
Room for improvement
• CD from event had a language bank littered
with unnecessary ‘trade’ expressions
• Quality of the ‘our office’ environment on
the CD was not consistent with the brand
perception established through advertising
• My choices from the stand were not
reflected in the follow up email I received
• Too many different messages within the
same campaign: fund choices, fees and
deferred decisions. As the consumer we
were uncertain of what to focus on
• It felt as if different ad agencies had the
same brief with the creative idea not
translated cohesively across all media
INSIGHTS

16. Specific integrated campaigns – HSBC
Branch poster
TV ad
INSIGHTS

17. Specific integrated campaigns – HSBC
Campaign strengths
• The link between the ‘small
investment’ of the boy in the ad
being hard earned and well invested
scans well a small but sound return
from an ISA (Cash)
• Unlike many of the other campaigns,
HSBC have avoided rational messages
about fees. The connection with the
customer is on an emotional level –
probably appealing to retail bank
customer types who are less
sensitive to the fees associated
• Very brand focussed which lends
confidence to product category
Room for improvement
• Whilst the TV helped HSBC stand apart in
stature and commitment to ISA’s beyond
the competition, the messaging take out is
about ‘saving can lead to growth’ rather
than product level – consistent with
HSBC’s other brand messages
• As a HSBC banking customer, we missed
the connection between the TV and the in-
branch activity – even though there is a
creative link
• The TV and the branch poster refer to the
‘NEW’ ISA but we didn’t keep engaged
long enough to see evidence of what the
advantage of the ‘NEW’ was – a missed
message opportunity?
INSIGHTS

18. ISA communications often left our consumer feeling less positive
about the brand because of the confusing messaging
15
18
4
0
2
4
6
8
10
12
14
16
18
20
POSITIVE NEGATIVE NEUTRAL
INSIGHTS
e.g. “Over 1,900 clean fund”
e.g. “Lowest fees ever”
e.g. “Still unsure? Buy more time”
e.g. “happy with your ISA returns?”

19. Messaging was varied with some focus on growth and emotional connection
consistent with important considered decision, polarised with a display of
rational ‘efficiency’ and ‘savings’ messages more typically associated with low
interest, high frequency and routine purchasing categories
INSIGHTS
Emotional
Rational
Efficiency
driver
Growth
driver
Lowest ever
charges5
Make dreams
happen1
£150 cashback4
Rocket2
Give your ISA
the edge3
Fairer fee
structure4
Buy more
time5
Our team ,your
investment6
Make more of
your ISA4
Happy with
your returns?7
1 HSBC
2 Lloyds Bank
3 M&G
4 Alliance Trust
5 Fidelity
6 Schroders
7 Nutmeg
8 Scottish Friendly
Nice to have
more choice8

20. Critical observations impacting
consumer confidence
INSIGHTS
With a focus on criteria such as fees, Alliance Trust are appealing to a consumer who has
rationalised their ISA purchase to a commodity. Any motivational qualities of the Alliance
Trust brand are marginalised in order to allow the fee message to headline.
The consumer is left with an understanding that ‘it’s free to get in’ to this event, but no
appreciation of what advantage there is to attending the event.
In a market where attracting quality customer types is imperative to leverage further
investments x-sells, does this approach connect with that type of investor. Or is it more
likely to chime with one who
thinks ‘cheap is good’?
The ‘power to the people’ campaign thought may have
looked good at the creative agency presentation, but
It is at best underwhelming and otherwise confusing here.
Other ISA inclusive executions at the same
time seemed to drop the revolution theme altogether.
And finally the £150 cashback for existing ISA
transfers meant that the execution had to not only
carry multiple messages but deliver dual AUM
revenue strategies. This is a challenge for most
media – but it is beyond single execution press.

21. Critical observations impacting
consumer confidence
INSIGHTS
Do we like nutmeg? Of course we like nutmeg – the
platform, the brand confidence, the clean communications.
We love it all…well almost.
What we were disappointed to see was the lack of a
proposition in the communications.
Along with Fidelity they have adopted the general insurers
model out outspend the competition out of the arena. and
at times it felt as if every second cab was blazoned with
nutmeg.
But the story didn’t develop for our consumer. When you
pose, ‘why nutmeg’ the question remains unanswered. And
without an engaging enough story to compel the consumer
to seek them out, I would image this campaign has high
awareness and then a drop out at consideration. Of course it
could be aimed at just existing customers, but if it was the
media choice would be an expensive one.
If there was a second act to the brand piece which was a
proposition we missed, we apologise but the ‘temptation’ to
read on is far to easy to resist with this campaign, sadly.

22. Top 3 selected by our ISA customer based on
message, memorability and confidence
CONCLUSION
IF WE WERE TO
PURCHASE THE
FIDELITY PATHFINDER
FOUNDATION 1
FLOATED OUR ISA BOAT

23. Top 3 verbatim from our ISA Customer - Fidelity
Date Comms
engagement
Observations Sentiment
19th March Stand – Waterloo Funds matched to risk (didn’t really like black box way of telling me my risk vulnerability) POS
Helpful girl- but not the level of experience I expected Fidelity to have NEG
Email
Follow up reinforcing what I'd picked up on stand. A bit soon (over keen). NEG
20th March Fidelity CD Popped in laptop to play. Saw first page of text and decided to leave for now NEG
21st March
Fidelity ISA
dynamic ad Kings
Cross
Confused now as I was thinking choice of funds and now the messaging has switched to
focus on fees.
NEG
25th March Fidelity ad – ES I did get the choice message again. Reminded me to watch my CD - where did I put it? POS
31st March
Fidelity cross
track Too far to read message - recognised shape and colours though -
1st April Fidelity press ad
I like this - delaying my decision without missing out - but of course they've got my money
then - smart
POS
2nd April
Fidelity cross
tracks
There it is again. Not sure what it's saying - but I'm thinking they are definitely my back up
plan
POS
5th April Website
Struggled to untangle several messages I picked up along route and decided I might make
wrong choice. Reluctantly pushed on.
NEG
5th April Fidelity CD
Watched (some of it). Came across too much like a recruitment video! Useful in parts but
trying to talk to notice to well informed in one hit which is too wide a gulf.
--
15th April Follow up email
I received this nearly 3 weeks after I had registered my details on the stand - why nothing in
between?
NEG
INSIGHTS

24. Top 3 verbatim from our ISA Customer –
Santander and HSBC
Date Comms
engagement
Observations Sentiment
28th March Statement
They say timing is everything. II wanted to check last two years performance and here it was
– not bad and gave me context to check other claims against. And with an extra 0.1% bonus
because Rory McElroy won a trophy (nice bit of experience enjoyment) I feel good towards
them
POS
5th March Website Easy to navigate and I knew where I stood. But would only consider Santander for cash ISAs POS
INSIGHTS
Date Comms
engagement
Observations Sentiment
28th March TV ad
I've seen this before but didn’t connect to ISA before. Like the message of growth.
Simple
POS
3rd April Branch poster
It's very soft on the message - not very confident - not really strong enough to get
my attention
NEG
3rd April TV ad
It's sticking now. Really simple execution - conveys what I am looking for from an
ISA. Simplicity and growth
POS
HSBCSantander

25. ISA season creative gallery
INSIGHTS

26. 2014 ISA Summary
OVERALL OBSERVATIONS
• Emotional engagement is more memorable through relevance and resonance than rational propositions
• Our perception is providers have a less defined audience type in mind when they promote ISA’s, or the marketing team
are being pressured to ‘reach everyone’
• Multiple messages confuse
• Limited digital integration – unless the consumer visits their site, the consumer wont find the provider in which case
the ad spend is pure brand (and apart from HSBC and Lloyds) no ads worked like brand ads
• Fees featured as a motivating factor. Stop and think about that as a lead message. Is it inspiring to attract an investor
or does it conjure up a relationship where the provider will judge success by how little they charge where as we all
want to judge in the confidence on the return (FCA limitations accepted)
• Campaigns such as Fidelity which are well organised and integrated cut through. The consumer remembers the brand,
the message and as we found has to find something wrong then to take them off the consideration list
• Nebulas brand statements about using up your allowance in the main have disappeared, but there is still some bland
outdoor messaging happening. If you stand by a cross track poster and look at whose looking at it – you soon find out
how compelling your proposition and your message are. We’d suggest the likes of M&G and Schroders should invest
time here before budget on outdoor.
• Most disappointing was NatWest. Having had an ISA with them for 2 years, and liking the customer-centric emotional
engagement of the ‘mum’s magic’ campaign, to receive nothing except a performance statement frustrated the ISA
consumer who decided to take them off his list going forward for other products too.
RECOMMENDATION
• ISA planning typically starts around November or even later. A strategy which focussed on understanding what informs
decision making (beyond the rational equation), what customers do with their ISA’s and ‘what matters most’ when
they apply invested now, would bear the content fruits for next years campaign and steal a competitive advantage.
FINDINGS

27. We hope you’ve enjoyed this light touch Diary | We will be presenting home insurance, travel
insurance, summer days out and more later in 2014 |We also publish a free monthly CUSTOMER
FIRST which many blue chip brands subscribing from across the globe – to sign up, simply email
‘customer first’ to christopherbrooks@lexdengroup.com and we will send you the latest issue.
If you would like to talk to us about specific customer insight interpretation, proposition
development or experience programmes requirements, we’d love to hear from you.
www.lexdengroup.com
@consultingchris
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