The last week in UK politics has been totally fascinating – and how often have we ever been able to say that?! I’m looking at it (as objectively as possible) from a marketing standpoint. Before last Thursday we had a weakening market leader and a strong challenger brand that, between them, were confident of monopolising the UK voter at the expense of all other brands in the market. That was despite the public anger about the financial crisis, where the bankers have been seen to have ‘got away with it’, and the complete loss of trust caused by the MPs’ expenses debacle. One of the basic rules in marketing is to identify and listen to your audience; and they didn’t. They thought it could all be pushed aside with a few apologies and then it would be back to ‘business as usual’ under the misconception that they are the only options open to the market.
The leaders lined up on Thursday with Gordon Brown and Labour expected to get a kicking as the incumbent government; being on the receiving end of the electorate’s frustration with the current financial situation and issues around immigration, defence, crime, health and education. David Cameron and the Conservatives were said to have it all to lose, with market expectations on him to steal the show, attacking Labour’s record with the sort of style and panache he displays at prime minister’s questions. Oh yes, and there was that other chap, Nick Clegg, the leader of the Liberal Democrats who many thought should be grateful to have been given the opportunity to turn up, whilst others thought his minority status was an unnecessary distraction.
And so they presented their (marketing) propositions with Labour and the Conservatives engaged in their usual sparring. Gordon Brown probably landed a few more punches than had been expected whilst David Cameron seemed decidedly uncomfortable and did not perform as imagined. And what both the big ‘brands’ ignored at their peril was the feisty number three brand. Nick Clegg and the Liberal Democrats had nothing to lose and were in the enviable position of not being accountable for the mistakes of the past twenty or thirty years. And Nick Clegg went for it, branding Labour and the Conservatives as the ‘old way’ of doing things and proposing a new, fair way. He struck a chord with the (target) audience and could, quite possibly, have changed the result of this general election.
They say that a week’s a long time in politics but the change from before and after last week’s debate on the UK political landscape is little short of extraordinary! As reported by The Guardian, before last week’s election debate, bookmakers William Hill gave Nick Clegg ‘at most a small chance’ of becoming the next prime minister. And by ‘small chance’, they meant it was about as likely as the Loch Ness monster turning up in the next five years. ‘And I’m not sure we weren’t taking more bets on the Loch Ness monster,’ said Graham Sharpe, the William Hill spokesman. Before the debate William Hill was offering odds of 300-1 on the Lib Dems winning an overall majority on 6 May. Today, William Hill is offering 20-1 odds on an overall Lib Dem majority and 12-1 on Nick Clegg becoming prime minister! What a difference an hour and a half TV appearance can make!
So, what are the marketing lessons to be learned?
- Don’t underestimate your target audience – listen to them and act on their comments if you want to win their brand loyalty
- Don’t assume your competition is the same as it always has been – that minority brand can do something to thrust it into the limelight and potentially steal your market share
- Always expect the unexpected!
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