Tangerine Case Study
Schulich school of Business
Consumer Behavior (MKTG 6150M)
John Milne
Submitted by
Phulvir Khatra
213319710.
Why ING chose the name Tangerine!!!
Defining the Topic
Paramount to the success of any Marketing strategy of public policy formulation is a comprehensive and exhaustive understanding of consumer, potential consumer, or population attitudes, behaviors and preferences. When Scotiabank acquired ING direct for $3.13 billion in 2012, it was agreed between both the leaders that it would be business as usual at ING. It is the largest deal by dollar deposit Scotiabank has done in its 180-year history and adds $30 billion to its deposits. Aiming to retain its customers, Tangerine has preserved ING’s business …show more content…
model and is not cross selling Scotiabank’s products. A primary concern for Scotiabank, however, will be retaining ING’s customers including many who opened an account with the upstart bank because it offered an alternative to major banks.
Change always comes with a certain level of uncertainty though. When it became clear that part of the deal included the name change a few (3000 of 1.9 million, according to Tangerine CEO Peter Aceto) customers jumped the ship. But the important question is why only so few customers left ING since the acquisition was announced: A likely answer is its distinctive Orange brand. After consulting with more than 10,000 Canadians – including 800 employees and 5,500 customers – Tangerine was chosen. The name reflects the bank’s core DNA but with a rather modern zest
Research done on the topic
As per my research, while looking for an alternate name, there were really two things that ING wanted to achieve. One was to protect ING Direct’s stake in the marketplace, which currently amounts to about 2 million customers, while the other was to set the bank apart from its competitors. Even at the beginning when the bank was named ING DIRECT it was looked upon by people as an odd name because at that time nothing was named as DIRECT, though a number of financial institutions followed it later on. So when ING DIRECT was forced to change its name under the terms and conditions of the acquisition, it got an opportunity to further prove its point that it’s different. Once again it could establish its image as a challenger and could stand out against the rest and it did exactly the same.
The company hired California-based marketing experts Lexicon Branding, the same team that helped Research In Motion become BlackBerry, and came up with the names Swiffer and Febreze. The bank then started asking customers and employees in both focus group settings and online surveys what they thought the ING Direct brand represented. “Simplicity” and “innovation” were two things the bank wanted to come across in its new name—the idea was to hearken back to its earlier days (being an alternative, simplified place to do your banking), but push the brand forward at the same time. The name Orange was considered on the shortlist, but was considered to be “too safe or obvious of a choice.” Tangerine makes reference to ING Direct’s orange history, while also being significantly different.
Importantly the people working on the project knew that customers could perceive a fancy name like Tangerine as being silly or non-serious. Banking is a serious business. People are being asked to give their life saving to the bank or are being helped to buy a home or to invest so anything that suggests any kind of non-seriousness might prove to be a disaster for the bank. So keeping in mind this seriousness it was decided that there wont be any reference of Tangerine, the fruit, in any of Bank’s advertisements. The bank recognizes that the service at the customer level needs to be thoughtful and earnest in order to win a client base. The use of the name Tangerine is just limited to invoke a feeling in the minds of the customers that the bank is different, its not like every other bank.
The new logo is reminiscent of the old logo using the same arrow but pointing upwards (to represent that the bank is moving forward and upwards) and a friendlier orange color. The logo is much more fresh and inviting than the previous logo and yet simple at the same time. While the logo is simple the new website is far from being typical. It’s bright and bold and displays information in a way that makes you want to read it. As a customer you tend to fall in love with the website while navigating through different services and banking tools. It’s bright and bold and displays information in a way that makes you want to read it. The site is almost completely Orange with highlights and text in white and light grey. It is hard to believe that this Website belongs to a bank. With its friendly font, bold company timeline, and simple icons it’s night and day in comparison to most other bank sites, and almost makes banking fun. It is somewhat similar to the British Airline easy jet in the feeling of the brand.
Opposing views
Critics will say that Tangerine is a non-serious name for a banking institution. Though it is fancy and cool but people don’t go to banks to chill around or to have fun. A bank is meant to provide solidity in the financial situation of its customer’s life but the name Tangerine and the new logo are totally opposite. The earlier logo of the bank, which had a Lion in it, was more solid and provided more security to the customers mind than this new fruity logo. Moreover, we all know that this was not a change that was desired by ING. It was a forced change, which was agreed upon by both the parties during the acquisition in 2012. So we can very well understand that even ING would have preferably kept the same name and same logo if it were not forced to change its name by Scotiabank. Where the name is too funky and odd, the logo takes a more timid and safe approach, perhaps to temper down the fact that the name will be divisive enough. Also, the theme of this new branding is too dependent on one color. It has been assumed that everybody loves the orange color and everybody likes to see it all the time. In the previous branding Scheme the Orange color was there but it was not dominating the entire scheme of things but after the rebranding things might have become too Orange for some people’s likings. It looks cool and fancy in summers but in a place like Canada where everything is covered with snow most of the year, too much coolness can be unwanted at times. The name Tangerine is anything but corporate and seems to be totally separated from People’s expectations of what their bank should be.
Personal views
The new brand in my opinion has been well executed.
The “ING” name had plenty of clout around the world and given the premise that ING Direct Canada could not hold on to that name it had to go big or go generic like most banks do (based on the assumption that banks need to sound and look serious). And, haven’t they gone big? Choosing “Tangerine” as a name is a bold, ballsy move because it invites so much criticism (good and bad). People and ING customers who were in love with the Orange color and the different experience provided by the ING bank couldn’t have liked any name more than the whimsical, Tangerine. The name and logo are bold fresh and modern, which is what the company has always strived to be. At some point there were rumors that the new name for ING DIRECT would be Scotiabank360, which would have been terribly disappointing for me. This is definitely a much better solution. In the category of banking there have been generally a lot of sameness, customers usually don’t differentiate between different banks because they all sound the same, offer same kind of services and their attitudes are about the same. The name Tangerine accentuates to customers that it is not their usual big bank but it is a different alternative to big banks. Also the word Tangerine is bilingual as it is written the same way in French as its written in English. I personally love the Orange color and I don’t think anybody can ever get bored of this color. You do have to wonder if customers will embrace it and be vocal about who they bank with or whether they will shy away of being mocked by choosing a bank named after produce. As much as I like the name and the no-holds-barred decision to go with it, the logo is a bit too generic. It doesn’t have to be a weird-ass logo and it doesn’t have to have a tangerine drawn on it but it would have been nice to see a similar bold approach to
it.
Conclusion
So it seems we will have to wait and watch to see whether the name Tangerine has its desired effect on the minds of the people. By choosing fancy and vibrant, color and name, the bank has done its best to show it is different from other banks and this worked for them earlier as well. Along with the name and logo the customers are more concerned with the experience and the services that the bank provides. So in addition to maintaining its funky image the bank will also need to maintain and keep improving its level of services. ING’s research found 12 million Canadians prefer an online approach and have moved away from the traditional branch model and this will suit Tangerine in future, specially with the new attractive website they have got.
References
http://www.theglobeandmail.com/report-on-business/industry-news/marketing/ings-tangerine-rebrand-kicks-into-high-gear/article17925393/
http://www.newswire.ca/en/story/1335583/ing-direct-changes-its-name-to-tangerine
http://www.ratehub.ca/mortgage-blog/2013/11/ing-direct-canada-to-become-tangerine/
http://www.bladecreativebranding.com/blog/index.php/2014/04/29/whats-the-effect-of-the-tangerine-transition/
http://www.stakinc.com/tangerine-ing-new-branding
http://www.investmentexecutive.com/-/ing-direct-changes-its-name-to-tangerine
http://www.ratesupermarket.ca/blog/ing-name-change-to-tangerine-peter-aceto faq/
Consumer Behavior (MKTG 6150M)
John Milne
Submitted by
Phulvir Khatra
213319710.
Why ING chose the name Tangerine!!!
Defining the Topic
Paramount to the success of any Marketing strategy of public policy formulation is a comprehensive and exhaustive understanding of consumer, potential consumer, or population attitudes, behaviors and preferences. When Scotiabank acquired ING direct for $3.13 billion in 2012, it was agreed between both the leaders that it would be business as usual at ING. It is the largest deal by dollar deposit Scotiabank has done in its 180-year history and adds $30 billion to its deposits. Aiming to retain its customers, Tangerine has preserved ING’s business …show more content…
model and is not cross selling Scotiabank’s products. A primary concern for Scotiabank, however, will be retaining ING’s customers including many who opened an account with the upstart bank because it offered an alternative to major banks.
Change always comes with a certain level of uncertainty though. When it became clear that part of the deal included the name change a few (3000 of 1.9 million, according to Tangerine CEO Peter Aceto) customers jumped the ship. But the important question is why only so few customers left ING since the acquisition was announced: A likely answer is its distinctive Orange brand. After consulting with more than 10,000 Canadians – including 800 employees and 5,500 customers – Tangerine was chosen. The name reflects the bank’s core DNA but with a rather modern zest
Research done on the topic
As per my research, while looking for an alternate name, there were really two things that ING wanted to achieve. One was to protect ING Direct’s stake in the marketplace, which currently amounts to about 2 million customers, while the other was to set the bank apart from its competitors. Even at the beginning when the bank was named ING DIRECT it was looked upon by people as an odd name because at that time nothing was named as DIRECT, though a number of financial institutions followed it later on. So when ING DIRECT was forced to change its name under the terms and conditions of the acquisition, it got an opportunity to further prove its point that it’s different. Once again it could establish its image as a challenger and could stand out against the rest and it did exactly the same.
The company hired California-based marketing experts Lexicon Branding, the same team that helped Research In Motion become BlackBerry, and came up with the names Swiffer and Febreze. The bank then started asking customers and employees in both focus group settings and online surveys what they thought the ING Direct brand represented. “Simplicity” and “innovation” were two things the bank wanted to come across in its new name—the idea was to hearken back to its earlier days (being an alternative, simplified place to do your banking), but push the brand forward at the same time. The name Orange was considered on the shortlist, but was considered to be “too safe or obvious of a choice.” Tangerine makes reference to ING Direct’s orange history, while also being significantly different.
Importantly the people working on the project knew that customers could perceive a fancy name like Tangerine as being silly or non-serious. Banking is a serious business. People are being asked to give their life saving to the bank or are being helped to buy a home or to invest so anything that suggests any kind of non-seriousness might prove to be a disaster for the bank. So keeping in mind this seriousness it was decided that there wont be any reference of Tangerine, the fruit, in any of Bank’s advertisements. The bank recognizes that the service at the customer level needs to be thoughtful and earnest in order to win a client base. The use of the name Tangerine is just limited to invoke a feeling in the minds of the customers that the bank is different, its not like every other bank.
The new logo is reminiscent of the old logo using the same arrow but pointing upwards (to represent that the bank is moving forward and upwards) and a friendlier orange color. The logo is much more fresh and inviting than the previous logo and yet simple at the same time. While the logo is simple the new website is far from being typical. It’s bright and bold and displays information in a way that makes you want to read it. As a customer you tend to fall in love with the website while navigating through different services and banking tools. It’s bright and bold and displays information in a way that makes you want to read it. The site is almost completely Orange with highlights and text in white and light grey. It is hard to believe that this Website belongs to a bank. With its friendly font, bold company timeline, and simple icons it’s night and day in comparison to most other bank sites, and almost makes banking fun. It is somewhat similar to the British Airline easy jet in the feeling of the brand.
Opposing views
Critics will say that Tangerine is a non-serious name for a banking institution. Though it is fancy and cool but people don’t go to banks to chill around or to have fun. A bank is meant to provide solidity in the financial situation of its customer’s life but the name Tangerine and the new logo are totally opposite. The earlier logo of the bank, which had a Lion in it, was more solid and provided more security to the customers mind than this new fruity logo. Moreover, we all know that this was not a change that was desired by ING. It was a forced change, which was agreed upon by both the parties during the acquisition in 2012. So we can very well understand that even ING would have preferably kept the same name and same logo if it were not forced to change its name by Scotiabank. Where the name is too funky and odd, the logo takes a more timid and safe approach, perhaps to temper down the fact that the name will be divisive enough. Also, the theme of this new branding is too dependent on one color. It has been assumed that everybody loves the orange color and everybody likes to see it all the time. In the previous branding Scheme the Orange color was there but it was not dominating the entire scheme of things but after the rebranding things might have become too Orange for some people’s likings. It looks cool and fancy in summers but in a place like Canada where everything is covered with snow most of the year, too much coolness can be unwanted at times. The name Tangerine is anything but corporate and seems to be totally separated from People’s expectations of what their bank should be.
Personal views
The new brand in my opinion has been well executed.
The “ING” name had plenty of clout around the world and given the premise that ING Direct Canada could not hold on to that name it had to go big or go generic like most banks do (based on the assumption that banks need to sound and look serious). And, haven’t they gone big? Choosing “Tangerine” as a name is a bold, ballsy move because it invites so much criticism (good and bad). People and ING customers who were in love with the Orange color and the different experience provided by the ING bank couldn’t have liked any name more than the whimsical, Tangerine. The name and logo are bold fresh and modern, which is what the company has always strived to be. At some point there were rumors that the new name for ING DIRECT would be Scotiabank360, which would have been terribly disappointing for me. This is definitely a much better solution. In the category of banking there have been generally a lot of sameness, customers usually don’t differentiate between different banks because they all sound the same, offer same kind of services and their attitudes are about the same. The name Tangerine accentuates to customers that it is not their usual big bank but it is a different alternative to big banks. Also the word Tangerine is bilingual as it is written the same way in French as its written in English. I personally love the Orange color and I don’t think anybody can ever get bored of this color. You do have to wonder if customers will embrace it and be vocal about who they bank with or whether they will shy away of being mocked by choosing a bank named after produce. As much as I like the name and the no-holds-barred decision to go with it, the logo is a bit too generic. It doesn’t have to be a weird-ass logo and it doesn’t have to have a tangerine drawn on it but it would have been nice to see a similar bold approach to
it.
Conclusion
So it seems we will have to wait and watch to see whether the name Tangerine has its desired effect on the minds of the people. By choosing fancy and vibrant, color and name, the bank has done its best to show it is different from other banks and this worked for them earlier as well. Along with the name and logo the customers are more concerned with the experience and the services that the bank provides. So in addition to maintaining its funky image the bank will also need to maintain and keep improving its level of services. ING’s research found 12 million Canadians prefer an online approach and have moved away from the traditional branch model and this will suit Tangerine in future, specially with the new attractive website they have got.
References
http://www.theglobeandmail.com/report-on-business/industry-news/marketing/ings-tangerine-rebrand-kicks-into-high-gear/article17925393/
http://www.newswire.ca/en/story/1335583/ing-direct-changes-its-name-to-tangerine
http://www.ratehub.ca/mortgage-blog/2013/11/ing-direct-canada-to-become-tangerine/
http://www.bladecreativebranding.com/blog/index.php/2014/04/29/whats-the-effect-of-the-tangerine-transition/
http://www.stakinc.com/tangerine-ing-new-branding
http://www.investmentexecutive.com/-/ing-direct-changes-its-name-to-tangerine
http://www.ratesupermarket.ca/blog/ing-name-change-to-tangerine-peter-aceto faq/