Charles_Schwab_case_ - Summary Due to highly competitive...

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Summary: Due to highly competitive low cost charging brokerage firms, the revenue of Charles Schwab Inc. had declined in a year where in every other brokerage firm gained a big share of pie. One of the reasons attributed to could be the budget cut in marketing coupled with many competitive firms flowing similar strategy of low cost of that of Charles Schwab Inc. The Brand Value declined, most people took it to be a steady company and not one of the most innovative one. It was not late for Saeger, the then Chief Marketing Officer, having worked for VISA as head for marketing for 8 years, to realize this and start convincing the executives to reinvest in central brand-building campaign. In spite of some criticism, Saeger believed that brand image revitalization was needed. She made to focus that Charles Schwab Inc. was not only a low-cost but also a high value and quality service provider. This was a way to regain customer confidence which by then had reduced as compared to what it was a few years back. She built a different campaign which focused on advertising through every possible approach ranging from TV commercials to billboards rather than traditional direct e-mails. Due to the new campaign ‘approachability’ was the key differentiating factor which set Schwab a foot ahead of others. Schwab was also confident that the new advertising will portray a personality who is committed to provide great service to customers. Saeger rightly selected cities like Chicago as its test markets since neither of its competitors nor itself had headquarters. While reviewing the results, they found out that the attrition rate reduced and Brand recallers now exceeded non recallers.
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