Tom Dougherty, CEO – Stealing Share
1 July 2010
Banks now waste their own shareholders money
It is horrible that even as banks need taxpayers money to remain afloat, they waste a ton of money in their marketing and brand messages. Look at their ads.
When evaluating an ad or commercial, ask yourself “what problem is the brand message solving.” When you follow this discipline while looking at bank marketing, the answer is very difficult to discern. For the most part, the ads claim to possess all the attributes of a BANK — nothing more than the bare essentials.
“The current marketing is a total waste of shareholder money and pretty soon those same shareholders are going to wake up to that fact.”
They tell us that they have friendly employees, ATMs, convenient locations, low fees, free checking and that our money is safe with them. As if anyone that has a bank account believes their money is not safe, their bank is not convenient or friendly and it is void of ATMs.
The current marketing is a total waste of shareholder money and pretty soon those same shareholders are going to wake up to that fact. It will really hit the fan then… when the brand is made accountable for its messaging and… gasp… the results are counted and tabulated.
Change is coming soon. It looks like “free checking” might actually become a switching trigger because most banks are planning on adding fees to checking. In a strange twist, only after the banks renege on free checking will it actually become a switching trigger.
Oh well, it just goes to show you once again, that once something becomes becomes important, the banks will stop saying it.
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