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Financial Brands Shine Amidst the Turmoil

By: Jennifer Brinkmann | 10/22/2008

In this economy, no one has a tougher job at marketing than the leaders of financial brands. How can these organizations, at the center of the crisis, communicate with consumers in a way that will foster credibility and create confidence in our financial institutions?

It seems a few are finding their way and may even turn this tough climate into an opportunity to improve their reputations by strengthening their relationships with consumers and other stakeholders.

Take the recent ad from Charles Schwab:

It follows the age old advice of crisis communications. The founder and chairman is demonstrating leadership and compassion in this ad. He is not overtly selling. He is showing his and his firm's depth of expertise and leadership, encouraging investors to remain calm and to seek the advice of a professional. The tone of this ad is perfect for the current environment. It feels more like a public service announcement than an ad.

Another financial brand, Bank of America, employed a different strategy when communicating about their acquisition of Countrywide. As summarized in Advertising Age, the CMO for Bank of America said at the Association of National Advertisers' Annual Conference:

“Countrywide is about our long-term growth opportunities," she said. "It's also a perfect example of how we see the more expansive role [of marketing], including public policy, philanthropy and community outreach arenas that can help us demonstrate we're the bank of opportunity."

With Countrywide, the focus post-acquisition was on meeting with community development groups, nonprofits and housing experts and used testimony before the Federal Reserve Board in California and Illinois to demonstrate what she said is a positive role the bank is playing in the mortgage mess.

The strategies that Schwab and Bank of America both are using will go a long way to improve their reputational value, helping them to remain leaders in the industry as it recovers. They are doing the right thing - focusing on building authentic relationships with the people who matter to them.

Posted in Brand Positioning, Issues and Crisis Management, Reputation Management