Third time lucky for RaboPlus marketers

The online banking and investment platform RaboPlus yesterday launched its third advertising campaign since its launch in the Australian market in May 2007.

RaboPlus, part of Netherlands-based RaboBank, offers a high-yield savings account, term deposits and a managed investment service. Access is by internet only; there are no branches and no phone banking.

One of the features of the package is its low cost. There are no ongoing fees for customers using the banking service and many of the managed investments are wholesale funds charging low annual fees.

There was a marketing glitch around the time of the RaboPlus launch in Australia and a big campaign was cancelled at the last minute. A pretty basic press campaign ran throughout 2007, featuring contrasting flow charts, illustrating the complexity of dealing with big banks versus the simplicity and elegance of RaboPlus.

In 2008 a new campaign featured wealthy people who looked like characters from an early twentieth century period drama.

The theme was that people should wise-up and bank with the rich people. It looked as though it was trying to appeal to upper-class twits.

RaboPlus general manager Greg McAweeney came from Ireland to take charge of the Australian operation in October. He didn't like the ads and pulled them

McAweeney said the creative concept for the new campaign is that RaboPlus is a financial institution for people "in the know".

A series of ads will develop this theme. For example, people in the know don't jump at promotional rates (RaboPlus does not use them), people in the know cut out the middleman and go direct, and people in the know look for a safe bank (Rabobank has a AAA rating).

McAweeney said: "Our target market, progressive accumulators, are motivated beyond just price. They look for returns plus brand values such as transparency, sustainability, empowerment and commitment."

The false starts with previous campaigns have had an impact on customer numbers, which stand at a fairly modest 25,000.

McAweeney said plans for development of the business this year centred around the investment side of the product set. He wants to introduce more funds managers and investment options, an online offering for self-managed superannuation funds and model portfolios.

The group is working on establishing some customer loyalty, running webinars and blogs. A recent webinar featuring the group's head of investments attracted several hundred participants.

McAweeney writes a blog. He said customers liked having the opportunity of telling the general manager of a bank what they thought.