ORLANDO, Fla. –Wells Fargo & Co will launch their new multi-channel ad campaign to shift the attention away from the sales scandal in their retail unit last year that has caused a drop in the account openings.
Timothy Sloan, the Chief Executive Officer, explained the new campaign to the employees during the town hall meeting last Tuesday in Orlando, Florida. Sloan said that the company wants to create a culture that is getting better every day for all the team members and the customers. The advertising campaign is set to begin in the middle of April and will be published across various media channels.
The ad campaign will focus on the changes that were implemented by the bank after some illegal sales practices were uncovered in September of last year.
The new campaign’s slogan “Building Better Every Day” will also run in some print ads, broadcasts, online, on the mobile app of the bank, and on some of its internal channels. A spokesman, however, declined to give a statement about the budget for the new ad. However, after the fallout last year, Wells Fargo said that this new campaign will surely increase the marketing spending.
From the data made by an ad-tracking firm that is based in New York, Kantar Media, the advertisement expenditure of Wells Fargo increased by 15%, making a total of $183.8 million just for the first 11 months of the year 2016 compared to the year before that.
In October 2016, the advertisement expenditure of the bank increased by 32%, making it about $27.5 million on a yearly basis. This includes all marketing across the internet, TV, magazines, newspapers, and outdoor displays.
However, the spokesperson for the bank did not claim that the increase in advertisement expenditure related directly to the 2016 campaign of the company. The Omnicom, which is the marketing group that owns the OMD media agency that runs the advertisement campaigns for the bank, didn’t give any comment on the matter either.
The latest retail business results of the bank on Monday showed that it is still fighting a steep battle to regain its customers. As the third largest US bank, Wells Fargo is experiencing a sharp drop in their account openings and customer interactions in the bank’s branches. Account closures have also increased after the bank scandal has broken out.
For the month of February, 55% fewer credit card accounts and 43% fewer checking accounts were opened on a yearly basis and an analyst, Brian Kleinhanzl, said that the increase in the marketing expenditures should benefit the bank’s account openings for the next months.
