Bank ads roll out in trying times
Washington Mutual is the latest financial giant to launch a massive marketing effort. Ads that roll out this week highlight consumer and small-business offerings, as well as stress-reducing customer service. One TV spot shows a man so thrilled with WaMu's free checking that he fantasizes about cruising an oceanfront highway in a convertible.
The campaign tag line: "Whoo hoo!" That's meant to reflect how WaMu customers feel when they get an unexpected, added service, says chief marketing officer Genevieve Smith.
She acknowledges that the "lighthearted" ads come as many folks have money worries, but says the underlying message eases concerns. Services such as no-fee ATM use at any bank and free checking "provide value," she says. "We're saying, 'We don't nickel-and-dime you,' and, 'We've got your back.' "
In fact, economic turmoil is an ideal time for bank advertising, says Barbara Sullivan, a marketing consultant whose firm works with financial companies.
"People still need financial services," she says. "For smart marketers, this is a great opportunity."
To capitalize, she says, banks shouldn't just focus on nabbing new customers, but should reassure existing patrons who may feel edgy. "As long as they feel well-served by their financial institution who has its eye on the ball and who cares about them, they'll have no reason to switch."
WaMu's challenge is to stand out amid the blitz of other bank advertising. Many of those campaigns also tout customer service and are backed by big ad budgets:
- WaMu. One of the largest mortgage lenders in the country, it has suffered some heavy hits because of the subprime mortgage mess. But its retail customer-focused ad strategy isn't in response to that trouble, says spokesman Shane Winn. The ad plan "precedes any issues in the mortgage business," and is part of a strategy to expand its retail banking. WaMu is the nation's sixth-largest bank/thrift, with $528 billion in assets, according to SNL Financial. It plans to add 100 to 150 new branches.
To lure people to those branches, ads will stress that "banking should be simple" and customers "should have a smile," says Carisa Bianchi, president of WaMu ad agency TBWA\Chiat\Day in Los Angeles.
- Chase. In January, it launched a new ad campaign with the theme "Chase what Matters." The company says it will spend $70 million on advertising in the first quarter. Print, TV and outdoor ads highlight retail services such as ATM convenience and fraud protection.
- Citigroup. Its ad theme, which rolled out last year, brands the banking behemoth simply as "Citi" and uses a plain red arc as its logo. Its global marketing campaign tag line is "Let's Get it Done."
- Bank of America. With the tag line "Bank of Opportunity," launched last year, ads say it can serve customers of all income levels well. Current TV ads also specifically push its "Keep the Change" program: The bank contributes the difference between debit card purchases and the nearest whole dollar to the customer's savings account.
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