Today you will see plenty of ads for beer, Doritos and yes, financial companies. Wait, Financial Companies? Why? Their marketing budgets have determined that now is the time to strike, to get consumers to shift.
So how do you compete without dropping a few million dollars on a 30 second ad?
Learn from their marketing budgets and see how each of them are not simply asking to switch products, rates or technologies, but trying to inspire with big vision.
You don’t have to spend millions to project huge vision.
“Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness.” – Malcom Gladwell, David and Goliath
Let’s take a quick look at these giants approaches…
SunTrust plays on the fact that Americans experience a significant amount of financial stress. This premise is a fantastic opportunity and setup to introduce relationship…. that is typically relationships and people who express empathy, care and service can help reduce stress. Learn from their setup and share your solution to financial stress.
SoFi has begun producing some tremendous branding to appeal to millennials with marketing to tap into public distrust in large banks and they may have some interesting ideas by not calling themselves a bank. By the way, they began this campaign with a sponsored twitter day with the hashtag #dontbank But the emotion generated by consumers frustrated by banking is worth tapping into, even if you are a bank.
Quicken Mortgage has been picking up traction with product and the perception of simplicity. Their movement is inspired by the idea of less forms, and easy experience and less traction, certainly a message every institution would like to make. (No, this is not a 60 second summary of the subprime mortgage crisis.)
The “new money” approach Paypal takes is an interesting one. No, none of these ads explain fees, improved speed or basis points, they work to show that the future is trusting that their company will destroy old, big banks.
Enjoy viewing the ads