Putting the Heart in Wachovia Bank

Consumer insights on emotional connections

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?

Advertisements

About Insights From Analytics

Integrated marketing professional who generates insights from analytics to increase revenue. Daily blog now resides at www.insightsfromanalytics.com/blog.
This entry was posted in Consumer Insights and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s