BrandMatters

Virgin’s New Credit Card

Thursday, July 29th, 2010

Richard Branson is in Australia to promote the latest direction for the ever-stretchable Virgin brand. Virgin is teaming up with Citibank to deliver a low-cost credit card and a deposit account with a very welcoming introductory rate.

In true Virgin style, it’s delivered as an attack by The People on those currently dominating the sector – in this case Australia’s four
primary banks.

Whether this will dilute or just extend the Virgin brand remains to be seen, however the group is so adept at producing new businesses and experiences with the Virgin brand, that another Virgin financial product will excite many, and pull few signs of surprise from others.

Commenting on what will mark this business as distinctly Virgin, Branson remarked, Virgin loves coming in where people are being ripped off and there’s no question that people are being ripped off in the banking sector, and in every single product that we’re launching we’re much, much better value.”

This is fundamentally and very typical aligned to the Virgin brand. Anti establishment, consumer advocate and “much much better value.” Love or hate this brand, its almost impossible not to admire the brand’s (and Branson’s) brutal consistency around this positioning and the brand’s messaging. It makes it one of the most admired, respectable and valuable brands today!

More here: http://www.smh.com.au/business/bransons-back-for-another-crack-at-finance-market-20100727-10ufq.html?autostart=1

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