A Foray Into The Financial World

It's interesting how in this time of economic recession, the last thing I've thought to write about is financial brands.

But this morning it occurred to me: how are brands that handle money really functioning in this time, and how to do they have to change their advertising and behavior to continue to be a source of comfort in consumers' lives?

I just read an article by John Quelch in the Harvard Business Publishing Weekly on how these financial brands are doing, and what consumers are really looking for when they go to invest in banks, insurance companies, and other financial resources.

With the death of brands such as Merril Lynch, Wachovia, Washington Mutual, and especially AIG, it has become apparent that consumers really are looking for a company who can "do no evil." Instead of the media publishing stories on a company's bad social behavior or the extravagant bonuses it pays to its executives, consumers are looking for stories about companies who really are trying to help. Thus, brands such as Charles Schwab and H&R Block, with their "talk to Chuck" and "you've got people" campaigns, are becoming more and more valuable because of their exerted efforts to really bond with their consumers. By making themselves seem personal, like a friend on whom one can rely in bad times, they are not only avoiding a host of potential media attacks, but are also growing the relatability of their brands, and as such, their businesses.

It seems to be like I've said before. With this change of times comes a change in how companies should market to consumers. Now more than ever, consumers aren't looking for companies they can merely buy from; instead, they're looking for companies they can have relationships with. As such, a trend of optimisim and personality has emerged in almost every brand out there, and now consumer advertising will probably never be the same.

I have to wonder, though: does this hold true for business-to-business brands as well? Are businesses themselves, in making efforts to be a friend to consumers, really looking for friends to supply them with their own resources? Do these companies have to market themselves the same way as to consumers, or can they just go with a simple "we're better than the competitors" pitch and have a real chance of winning the business?

I would think that these companies would at least have to differentiate themselves, and perhaps create more of a "professional friend" than a "casual friend;" that is, they would want to portray themselves as someone you'd want to work with (and that you can see yourself progressing with) rather than someone you want to go out and have coffee with. And therein lies the major difference between business-to-business and consumer advertising.

So it all comes down to a difference in personality. But personality itself, really, is the core of everything.
More research on this later.