The Wall Street meltdown upended the positioning and customer credibility of most financial institutions. Catastrophic loss and universal shock forces an almost complete re-positioning and messaging to consumers by the surviving banks, brokerages and insurance companies.
Rethinking fundamental marketing concepts and messages come in the wake of widespread feelings of helplessness, fear and loss which are frequently followed by anger, resentment, finger-pointing, name-calling and blame. Every financial services advertiser who promised safety and security was found wanting. Those offering growth and insight were caught flat-footed. And those promising customized service were either overwhelmed or on radio silence. Nobody really knew what was happening, when or what to do about it and consumers were basically on their own; adrift in a turbulent sea..
Now with personal finances and macro-structures in disarray consumers are reeling over losses and struggling to salvage savings or portfolios. The task of rebuilding trust and growth will require much more than a snappy new tagline or a shiny new spokesperson. It will demand a basic change in how financial services firms address customers. Since 9/15 nobody believes that a banker, a broker or an insurance agent can protect them. And many consumers blame their trusted advisor’s for getting them into trouble.
