Wells Fargo has struggled to engage (and re-engage) its customers. But recently, the bank’s loyalty numbers improved: 58% to 73%. True, not great when you consider other banks are in generally the high 80’s, but something.
Apologies to customers and ad campaigns don’t go as far in this socially-networked world as they did 25 years ago. What the brand faces was never something that could be fixed with mid-20th century public relations & communication tactics.
Wells Fargo has bad brand karma. Nobody believed their ads. Why would they? They betrayed customer trust.
A new logo? The CMO insisted, “The changes to our stagecoach paid homage to our history while signaling a transformation to a contemporary, dynamic, and ever more innovative bank.” One can only suppose he wasn’t talking about innovative ways of creating fake credit card accounts.
Their approach was bound to fail.
And it did.
But Wells Fargo’s loyalty improved recently. How so?
For insights into how the bank managed its own critical brand asset, we invite you to read Tanya Gazdik’s Financial Review in Marketing Daily.
The bottom line? They finally pulled the right loyalty lever, which might have been culturally labeled “Throw the Rascals Out.”
If they had predictive loyalty metrics, they would have known that. High percent-contribution loyalty values always point the right road for a brand to take. Which is important.
Especially if your logo is a stagecoach.
Find out more about what makes customer loyalty happen and how Brand Keys metrics is able to predict future consumer behavior: brandkeys.com. Visit our YouTube channel to learn more about Brand Keys methodology, applications and case studies.
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