Now banks have to market reassurance
Clearly, banks have some work to do convincing people their deposits are safe. Under the circumstances, that's a pretty tall order. Rico Gagliano gets some ideas from marketing expert Faith Popcorn
Handshake (iStockphoto)
TEXT OF STORY
Scott Jagow: Judging by the e-mails we've gotten recently, I'd say people are pretty furious about what's going on between Washington and Wall Street. But they're also worried about their own financial situation. Banks are losing people's trust, fast. So, how are they going to get it back? Here's Rico Gagliano.
Rico Gagliano: This what financial firms are up against:
Faith Popcorn: We found that 64 percent of the people don't trust the ethics of any kinda majorcorporationn, especially financial. They think that the financial crisis is pure corporate and individual greed.
That's Faith Popcorn, CEO of marketing consultants Brain Reserve. She says to overcome those odds, financial firms should put their message in the mouth of someone people actually trust. Like personal finance expert Suzie Orman. She's become the voice of calm for the FDIC.
Tape clip of Suzie Orman: Listen, if your bank is insured by the FDIC, and you stay within the coverage limits, your money is 100 percent safe.
Popcorn also suggests that, as firms campaign to reassure customers that they stick to the truth.
Popcornn: So we want direct and clear, honest communications. And I'd say this is an anti-marketing era.
Marketing trust without seeming to market. Another delicate dance Wall Street may have to learn in this unbalanced economy.
In Los Angeles, I'm Rico Gagliano for Marketplace.
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