by Dan Reid, CEO, The Reid Group
Case Study #2 The Royal Bank: KBI or Knowledge Based Industries
What is an idea worth? Traditionally banks look at material assets. How could a large financial institution develop a working relationship with people in an industry where millions of dollars change hands based on new ideas and the development of new technology?
The Royal Bank wanted to communicate the bank's unique and extensive new services for people in knowledge-based industries, a diverse audience of inventors, scientists and software developers. Typically, they are well educated, smart, and independent but not well versed on the financial aspects of running a business. Through focus groups the bank confirmed the target audience did not have a high opinion of banks in general. KBIs felt traditional banks were unable to value the financial worth of companies whose main assets were ideas.
The Solution The Royal Bank made a commitment to develop a new working relationship with KBIs, to understand their needs and communicate with them in a medium with which they are comfortable.
Their goals were to:
Educate their own internal staff and sales force on how to serve the diverse and challenging needs of nontraditional businesses whose primary assets are intellectual educate the prospective clients, who are focused on their core business, about the bank's unique services.
We designed a CD-ROM that allowed clients to educate themselves, at their own pace, about the financial options the bank offered, which could assist them in achieving their goals. It also provided a quick reference for experienced staff and a solid training tool for staff new to KBIs.
The CD was the most comprehensive communication tool developed by the Royal Bank to communicate the wide range of support services offered by this new division. They have benefitted from the CD in a number of ways.
We retain only 20% of what we see, but when we add sound or motion, our retention increases dramatically to about 40% or higher. Multimedia is particularly effective with people under 30 who are accustomed to learning in audio sound bites and video clips.
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