In the wake of Main St vs. Wall St, large bank executive bonuses, and bailouts, consumers are wary of financial service companies. Lack of confidence in the banking sector contributed to June 2010′s Consumer Confidence report’s 9.8 point dip. To win-back consumer confidence, banks need to craft messages relevant to today’s consumer environment. That means showing that they are in touch with the current market reality, and refreshing their personalities to attempt human connection (a difficult task for banks!).
Recent advertising campaigns by Ally Bank and Capital One show that they have distinct approaches to marketing strategy and building their brand. Ally is built for the consumer in 2011 whereas Capital One tries to be ahead of the curve, but in reality is stuck in 2007.
Ally Bank
Ally demonstrates the bank is in-tune with the current consumer market by providing a high interest rate. Smart, considering many consumers need every penny they can get to stay afloat. Ally also distances itself from “traditional” banking practices by exposing them with a typical banker and naive kid scenario. In doing so, Ally takes an honest look in the mirror and identifies systemic banking flaws — particularly hidden, deceptive fees. Ally plays on these deceptive practices as the banker steals a couple of eggs from the kid — attributing it to a “management fee,” though it seems like an arbitrary rule made to feed his greed.
Ally tries to shed the “soul-less” banking corporation by injecting personality into its commercials. The bank takes a humorous approach to expose the deceptive practices of traditional banks. The deceptive scenario is reluctantly funny because it’s terrible to cheat a child but banks are so obvious in “cheating” their customers, according to Ally bank.
Capital One
Capital One’s “geo-pin” commercial paints the banking company as an upbeat, energetic, urban brand that appeals to today’s youth. The enormous pin in the street is a fun guerrilla marketing campaign to bring awareness to the company’s many convenient locations. And Capital One dials up the youthful energy with drummers pounding on the “geo-pin” with drumsticks, skateboarders swooping under it and football players playing catch over it.
Capital One’s attempt at demonstrating a realistic, approachable personality that reflects the true attitude of today’s youth, falls flat. As we discussed in Sparxoo’s 2010 Generational Trend Report, Gen Y is highly skeptical of large corporations, and “appealing” to them with skateboarding and sports isn’t genuine and realistic. Where Ally gets an 8 or 9, Capital One gets a 4 or 5 on the banking reality scale. Ally showcases a funny, yet thought-evoking scenario that takes a realistic view of today’s banking market whereas Capital One is whimsical, unrealistic and somewhat superficial.
Image by Svilen Milev from Stock.Xchng
Related posts:
- 2011 Market Trends: Brilliant Blend “I wish I could find a healthy alternative to Captain...
- What I Learned From a Supermodel Entrepreneur When you think about what's going to make you a...
