A recent examination of 323 print and 196 TV ads exposed to retail banking customers last year in the U.S. shows there is no single "correct" pathway leading to success; however, strong executions fell along a continuum from brand recognition to personal reassurance to customer empowerment
RHINEBECK, N.Y., April 4, 2011 — New research from Phoenix Marketing International shows there are multiple ways by which retail banking advertising can achieve "success" with invoking a market response. What matters is whether or not the advertising was successful with meeting at least one of the following strategic communication initiatives:
- Promote a superior banking product/service;
- Convey the advertising sponsor as a credible brand;
- Make a strong cognitive connection with the target audience;
- Present a message that is perceived as personally relevant; or
- Break through the clutter with an impactful creative execution.
"The most successful advertising for retail banks in 2010 spoke to the 'average' banking customer or presented strong and 'own-able' thematic creative or were part of an integrated campaign with a consistent presentation across all media channels," explains Daniel Rivera, Senior Analyst responsible for both the Canadian and U.S. Retail Banking programs. "What did not work were 'corporate-speak' executions that either lacked a supporting message or were assumptive and/or confusing," added Rivera.
Advertisements for 20 brands were reviewed for this research and included many familiar names such as Bank of America, Capital One, Chase, Citibank, Citizens Bank, Deutsche Bank, E*Trade, Fifth Third Bank, HSBC, ING Direct, JP Morgan, Key Bank, PNC Bank, Royal Bank of Canada, Regions Bank, SunTrust, TD Bank, US Bank, Wachovia, and Wells Fargo. In doing so, it become evident that the more successful advertising fell along a continuum from brand recognition to personal reassurance and finally to customer empowerment.
In addition to reinforcing positive feelings about the brand, well-branded ads often incorporated a celebrity spokesperson who enhanced breakthrough and became a branding element as well. Ads with a clear and succinct message reinforced by visuals, graphics, and voiceovers reassured banking customers with clear, and often simple, communication. Finally, advertising that demonstrated a personal payoff, communicated a message that was about the customer and not the brand, or rewarded customers for their time was found most relevant to the retail banking customer.
Phoenix is one of the fastest growing research companies in the U.S. Study findings are based on an analysis of 161,325 individual assessments of print and TV advertising for retail banks in 2010. Assessments were gathered from national, monthly studies among banking customers age 25+ with household income of at least $25K and who own at least one banking or investment product. Phoenix has collected monthly brand metrics and market evaluations of brand advertising (multi-media) since 2004.
For More Information or a Free Summary Report, Contact:
Daniel Rivera
508-647-0151
Email
http://www.phoenixmi.com
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