Wells Fargo (NYSE:WFC), as with all banks in America, are viewed in a very hostile an unforgiving manner at this time by consumers, and rightly so, as they have been bailed out with taxpayers money via the Federal Reserve, while large numbers of Americans continue to struggle on a day-to-day basis.
With that backdrop, banks have had to change their marketing practices to reflect those realities while attempting to regain at least some respect and trust from their customers.
For example, at Wells Fargo, they’ve eliminated company events where they recognized the accomplished of various team members, as it was perceived by its customers and the general public as an eccentric practice, which would cost a lot of money the bank had no need or right to spend.
Wells Fargo’s CMO Sylvia Reynolds acknowledged this in a recent interview, and stated they must be highly aware of the feedback they receive from their customers in the current economic environment concerning how they are perceived in their eyes and respond accordingly.
Reynolds added that the marketing arm of a company has an important role during these times in bringing “the voice of the customer into the company, making sure that our lines of business and executives have the data they need to understand the customer mind-set so that we can help our customers succeed in this very difficult economic climate.”
If that doesn’t happen in a clear manner, any type of marketing to their customers could result in a disaster if the wrong message and perception is given to them.
Consequently, accurate and relevant market data from all sources is more of a must than ever, and anything used in marketing could be taken wrong in this highly sensitive consumer market and environment. Even images used in marketing, along with the language, is as important as what is being presented to consumers, who have the most critical eye on the banking industry, probably in its history; something the banking industry definitely deserves and needs.
The former campaign called “Someday/Today” has wisely been abandoned by Wells Fargo, as very few are looking at participating in their dreams at this time, they’re just trying to survive. In its place they’ve instituted a new advertising campaign named “With You When,” which focuses on ways Wells Fargo can help their customers during difficult economic times and challenges.
This is a hard sell of course, since the policies of the Federal Reserve in conjunction with the banking industry has led to this disaster in the first place.
Essentially what this means is wise banks won’t be selling any sizzle any time soon, neither should they. What they need to focus on is the steak, by providing stability and practices which help build some trust back into the relationships with their customers at a time when possibly at it’s lowest ebb in banking history.
To give an idea as to how low trust in banks are at this time, a Gallop poll found that only 18 percent of Americans hav confidence in American banks, down from even the anemic percentage of 32 percent as of July 2008.
