Few sectors of the economy have been as tarnished during the global recession as banks and financial institutions. With the closure of some well-known industry names and the billions in losses racked up at others, it is understandable that consumers may feel some nervousness when it comes to the stability of their banks. The fact is, however, that most banks are secure, and to communicate that fact, they have increasingly shifted the focus of their advertising to brand building.
According to a new report from Nielsen UK, total UK ad spending for banks declined about 10 percent in 2008 to £1.4 billion from 2007. But brand-building campaigns accounted for more than £138 million - a 6.2 percent increase from the year before - and that spending is expected increase this year as banks recognize the importance of investing in their brand during a downturn.
To help them do that, some banks have turned to NeuroFocus, the global leader in neuromarketing in which Nielsen is a strategic investor, to help test messaging and other concepts to ensure that their advertising is on the mark.
"The strongest message consumers want to hear from banks is how much their bank empathizes with their pain. These are neurological insights that banks cannot afford to ignore right now," said A.K. Pradeep, CEO of NeuroFocus.
The full study is available from NeuroFocus here.