Warm and fuzzy ads won’t work for banks; dialogue will

A June 9 article in The New York Times suggests that banks and other financial institutions are betting they can reconnect with consumers by launching warm and fuzzy advertising campaigns.  Their theory is that consumers are ready to “move on.” 

Sadly, these campaigns will not restore consumer confidence.  Consumers’ idea of moving on means they’re open to replacing their financial institutions – not forgetting the bad old days.

Our research shows that many consumers, stung by companies they long trusted, won’t be convinced by kindly images.  They want institutions to change their behavior:

• Competence, the traditional cornerstone of trust, remains an entry fee to the game – but it’s not a strong enough driver of consumer behavior to win confidence and dollars.

• Accessibility, or the knowledge that companies are listening to their customers, is becoming critical to consumers, investors and others who want to be heard.

• Empathy, or the feeling that financial institutions are sharing the pain, is also necessary to build trust for a company or brand in today’s market.

• Vision is critical because consumers, tired of short-term gain, want to be part of long-term success.

Clearly, this is a great time to reconnect with consumers, investors and other audiences that are critical to a company’s success.  But glossy advertising won’t be enough.  Consumers will only trust companies that deserve that trust: companies that are redefining business relationships to reflect today’s realities.

To reconnect with your key audiences, you need to begin a dialog – telling them what they need to hear, using the channels most appropriate to reach them.