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Banking on it

July 3, 2018

There’s a new player in town ready to take on ‘The Big Four’

Starting a new business is never easy. You’ve got countless decisions, all with varying degrees of risk involved. You’ve also got to make plenty of outlays, whilst being at the mercy of the market as a new player in the game.

And in today’s world it’s more difficult than it has ever been. In many cases you may have as little as six seconds to grab the attention of your intended audience. That kind of statistic is likely to leave you curled up in a ball riddled with all kinds of questions:

Does your idea have legs? Do you have the resources to get it off the ground? Is there even a need for your product or service in today’s market? How much competition do you have? Will your message even be seen?

And this isn’t just for small-to-medium sized business. What if you’re thinking larger? What if you’re thinking of taking on the big guys? What if you’re considering starting a new bank in the monopolised Australian market?

Well, we don’t mean to go all Donnie Brasco on you, but “fuhgetaboutit!”

But as reported by the Sydney Morning Herald, a new bank is not going to forget about anything. They’re in Australia to shake things up and show that no one should be too intimidated to challenge the status quo.

They’re also ready to demonstrate that revolutionary strategic thinking is just what this market needs.

86400 is the name of the new challenger—and they’re the David to the four Goliaths.

“What is 86400?” we hear you ask. Well, we asked the same question— and apparently it’s the number of seconds in a single day (and, yes, we double-checked the maths).

While it sounds like the follow-up song to “Seasons of Love” from the abbreviated version of Rent (which famously sang about the number of minutes in a year), it’s also a great example of a carefully-orchestrated marketing plan, and how vital a name is.

 

‘The Big Four’ (IMAGE: ABC)

 

While it may seem like an odd choice, it’s actually quite ingenious … and for two reasons.

Firstly, it’s memorable.

Now, ‘memorable’ doesn’t have to mean the name is clever or pretty—and 86400 doesn’t exactly roll off the tongue—people just have to remember it.

Why is it memorable? Well, it’s unique in a world of acronyms like NAB and ANZ, and the very corporate-sounding Commonwealth and Westpac. Put simply, it has impact!

It also makes you ask what it means, which most people are liable to do, and a name with an interesting explanation means you’re less likely to forget it.

And it is the explanation of the name that leads to the second reason why it is so clever: it ties in with the overall marketing strategy.

That strategy is one based around technology, and if there is anything that stands out in today’s crowded business arena, it’s good tech.

“…in today’s super-competitive world of marketing, it’s these kind of claims that a business needs to leave an impression.”

 

The bank works with the capabilities presented by the smartphone. Everything can be done in the palm of one’s hand, which will decrease overall costing because it all exists in the cloud rather than in physical branches.

As a virtual bank, customers will get 86400 seconds of service every day, or in other words, “what they value most, around the clock.”

It’s a lofty promise, packed with a healthy dose of hyperbole, but in today’s super-competitive world of marketing, it’s these kind of claims that a business needs to leave an impression.

It remains to be seen how successful 86400 will be in the face of ‘The Big Four,’ but as a company with some of the best and brightest in the industry at the helm, the traditional banks won’t be able to take them for granted.

If nothing else, this story should deliver a lesson to all start-ups on how to approach your strategy: be bold, be different—and above all else—have plenty of hope, because David did it, and you can too.

And if at first you don’t succeed, you have two options: try again … or “fuhgetaboutit!”

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Are you a start-up in need of a marketing strategy?

Contact us on 1300 932 435 or helen@wearedando.com.

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