Attended a very interesting presentation this week by Richard Duvall, who was one of the guys that founded Egg, the internet bank. He was explaining how the vision was to reinvent banking. Interestingly, Egg was not the preferred brand name – it was `Oxygen` – now what a great brand name that is! The Prudential (Owners) threatened to sack him if he insisted on keeping Egg on the short-list, but the problem was it kept testing really well in consumer research, with incredibly high recall levels.
Richard was outlining how they completely underestimated demand for the Egg account when it launched in 1998 – the call centre was completely overwhelmed and their systems consistently failed. However, they persevered and are now the world’s largest on-line bank with over 3.6 million customers (don’t mention the `profit`word though!).
The overriding theme that struck me as I was listening to Richard, is that if you had a blank sheet of paper and wanted to `reinvent` the health club, it would not look like the present offer. So what would it look like, you’re thinking? Well, that’s going to be the theme for my next piece of research, so watch out for it.