Magazine article Marketing

HSBC Rethinks Strategy with Wealth-Based Plan

Magazine article Marketing

HSBC Rethinks Strategy with Wealth-Based Plan

Article excerpt

Bank to align marketing across six targeted consumer and business sub-brands.

HSBC is to realign its marketing based on six sub-brands that will target consumers and businesses according to their level of wealth.

The shift is part of a wider brand-strategy overhaul initiated by the bank's group head of marketing Tracy Britton, using WPP's teamHSBC agencies JWT and Fitch.

The fresh approach, based on the concept 'HSBC helps you unlock the world's potential', will be launched in the next few weeks. However, the financial-services brand's long-running strapline, 'The world's local bank', will not be changed.

The segmentation strategy is intended to help the brand target its communications.

Four of the sub-brands will be consumer-facing. Of these, HSBC Private Bank was revamped last year, while the visual identity of HSBC Premier, which was launched in 2007, will be refreshed this week.

HSBC Advance, a current account targeting the 'emerging mass affluent' sector of young professionals, who have been identified as potential future Premier customers, was launched last week.

The product, which carries a pounds 12.95 monthly subscription charge, includes services such as travel insurance, roadside breakdown recovery, and ID theft assistance. …

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