If it's "here for good", what should Standard Chartered do?
As CMO's, many a times we face difficult decisions, situations and deadlines - we launch a new product and the damn product doesn't work in the desired way(remember iPhone's antenna problem, or Nokia's N97 software). Or we launch a new multi-million campaign and a new regulation related to our product category hogs more lime-light. Or we start a joint collaboration and a media report comes generating negative coverage instead of all the planned good cause. Not an easy job!!!
Three days back, Standard Chartered or popularly called StanC - launched its "Here for Good" 360 campaign in India, starting with cover page ads in Indian national dailies claiming - how an international bank can understand its local market so well that it can design and deliver products & solutions meeting local needs and demands. See -
Two days later, StanC hogged the limelight again on cover pages about how the bank didn't understand local market and how it mis-sold products to consumers - http://bit.ly/jWeLq0 . According to ET - a few relationship managers at Standard Chartered Bank's private banking business in India mis-sold debt securities to some of its private banking clients with a promise to buy them back at higher returns, something which is not possible under the existing regulations.
Now that's a lot of free publicity - but not so positive. So, what should StanC do, if its in India for good?
Should it park or continue its new "here for good" campaign?
Should it work closely with its customers to undo the wrong?
Should it invest in strengthening its local market understanding and training for local staff?
Should it communicate the progress openly with media and use this natural opportunity to strengthen its "here for good" proposition?
Time for some thought and action!!!
As CMO's, many a times we face difficult decisions, situations and deadlines - we launch a new product and the damn product doesn't work in the desired way(remember iPhone's antenna problem, or Nokia's N97 software). Or we launch a new multi-million campaign and a new regulation related to our product category hogs more lime-light. Or we start a joint collaboration and a media report comes generating negative coverage instead of all the planned good cause. Not an easy job!!!
Three days back, Standard Chartered or popularly called StanC - launched its "Here for Good" 360 campaign in India, starting with cover page ads in Indian national dailies claiming - how an international bank can understand its local market so well that it can design and deliver products & solutions meeting local needs and demands. See -
Two days later, StanC hogged the limelight again on cover pages about how the bank didn't understand local market and how it mis-sold products to consumers - http://bit.ly/jWeLq0 . According to ET - a few relationship managers at Standard Chartered Bank's private banking business in India mis-sold debt securities to some of its private banking clients with a promise to buy them back at higher returns, something which is not possible under the existing regulations.
Now that's a lot of free publicity - but not so positive. So, what should StanC do, if its in India for good?
Should it park or continue its new "here for good" campaign?
Should it work closely with its customers to undo the wrong?
Should it invest in strengthening its local market understanding and training for local staff?
Should it communicate the progress openly with media and use this natural opportunity to strengthen its "here for good" proposition?
Time for some thought and action!!!
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