By: Irina Skaya
‘The Great Depression’
‘Economic tsunami, hurricane, and storm all in one’
‘Financial crisis’
All of the above were heard over and over again at this year’s Annual Masters of Marketing Conference to describe today’s U.S. economy. Surprisingly, most marketers still remained optimistic when asked about the economic slowdown and what they’re doing to stay ahead. Many described this conference as a “bonding experience.” Almost every speaker, including E-trade provided marketers with growth strategies and advised them how to sail through this economic hurricane. But during the collapse of major commercial banks and investment brokers, how can companies reassure consumers that their money is safe? After E-trade almost went bankrupt in 2007, Nick Utton and Ken Zasky said that the company released ads, email messages and made phone calls informing their customers that their money is secure. Their message to marketers was to be honest with their customers, create engaging ads and keep spending.
Banks have a lot going on right now, but the last thing they want is customers closing up accounts or not opening new ones. Customer communication is critical right now to help companies rebuild trust with their customers, and show that relationships are important to these banks.
Most importantly, during a credit crunch like this, a company must have a strong foundation and message to their customers, and great customer service. E-trade provided marketers with the following five guiding principles for a stormy climate:
1. Speed is not negotiable. With customers receiving instant media alerts, a company must move quickly and decisively to reassure customers that their money is safe.
2. Reassure Everywhere Possible. conversation must be continuous. In response to the media’s message that E-trade may go bankrupt, the company came up with ads that E*Trade is not going anywhere. Their confidence encouraged current customers to maintain their accounts, and new customers to sign up.
3. Be Engaging.
4. Be Seen. Out of sight means out of mind: marketers must spend money. The company’s message needs to be out there in order to create a difference between them and their competitors.
5. Focus. Focus. Focus. Account quality became as important as volume of accounts.
Here is an ad E-trade that both encourages people to invest and reassures that their money is safe.
One last thing: "Take care of your customers or someone else will." (Nick Utton)
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