In its prime, Wachovia Bank was in a neck and neck battle with Nations Bank, now Bank of America, and First Union for market share in North Carolina.
Wachovia was seen as the “old money” bank for wealthy North Carolinians, Nations Bank was the aggressive bank for up and comers while First Union was the bank for the tobacco farmers, textile and furniture manufacturers and their employees.
Wachovia tracked awareness, market share, switching preference, and spending every two months.
Since Wachovia did not have the media or production budgets of Nations Bank or First Union we looked for other ways to differentiate the bank and make our bank more attractive to new comers and people who were considering switching.
We developed a series of five “head” commercials that gave very logical reasons to bank at Wachovia — typically rate or fee driven. And, we developed five “heart” commercials that provided more emotional reasons to bank at Wachovia — the “sundown rule” and dog biscuits at drive-throughs.
We ran these commercials for more than a year. At the end of the year, we were able to prove that the “heart” commercials drove greater awareness and switching preference than did the “head” commercials.
Making an emotional connection with the customer pays — even for banks.
How do you make an emotional connection with your customers?