Advertisers Need to Talk About the Consumer, Not Themselves
Right now, the markets are in turmoil due to the instability in housing. So in the Advertising Section of today’s Issue of the New York Times, the lead article talks about brand marketers switching gears from easy-money themes to financial strength and stability.
Here’s an example from a New York Life print ad.
“Financial strength
Integrity.
Humanity.
And the highest rating
from all four major
rating agencies.”
Two senior brand-marketing executives from the Omnicom Group believed this move in the industry was “reactive” and “groveling.” But the most telling statement from one of them was that the advertisements were “self-indulgent” because they were talking about themselves instead of the customer.
Don Peppers, a professional direct marketer and founding partner of Peppers & Rogers, makes it even clearer. “The more self-interested you are, the less I’m willing to trust you.”
Do you agree with these statements? If so, what should the financial companies communicate?
Ted Grigg
4 Comments
Reader Comments (4)
I DO agree with these statements. Isn't it a rule of thumb that we should be talking about how our product/service will benefit the customer? I don't agree that it's an issue of the "easy-money theme" vs. corporate positioning.
Perhaps financial institutions CAN keep the "stability" positioning, but still include a customer benefit. Maybe the banks' message in these turbulent times should highlight their very stable loan/credit card/etc. products that can help the customer manage their financial situation. Talk about how the product can not only provide funds/credit but it includes financial counseling.
Think about a whole suite of new products that could be introduced--all focused on the consumers' need to balance their desire for a loan with debt management.
Just one idea :)
W
It seems like the stability theme is more of a feature than a benefit. As you say, it lacks a clear customer benefit. The customer unconsciously asks, "What's in it for me?"
The positioning fails to convey it's key benefit, namely peace of mind. Strong financial institutions should take away the worry of losing one's assets. But that point never comes across.
A good direct response copywriter could do wonders for these "corporate" advertisements that are devoid of customer benefits.
Financial category is a different category. Unfortunately in this space there is more of clutter saying almost the same thing.
I agree that there is a lot of clutter and little differentiation. But you would think that would be an opportunity for one of them to stand out by talking more about the customer rather than themselves.
Ted