Bank of America’s (NYSE:BAC) Latest Ad Campaign Targets Building Trust with Consumers

Bank of America (NYSE:BAC) has decided in their latest $40 million marketing campaign to get back to simplicity with their message, and it seems to be working so far, as consumers seem to understand the trouble the economy is in, and now are looking for answers on how to receive help in getting through the times, not more data and confusion reinforcing that it exists.

With many consumers having a very negative view of all banks, especially the large banks receiving bailouts, executives at Bank of America said they’re attempting to rebuild trust with their customers and build their relationship with them up again to a healthy place.

Consequently, they decided to get rid of the language normally used in the industry which consumers don’t understand, and us ad spots which include messages that are “simple, clear and direct,” to that end. The campaign launched on Monday of this week.

Understanding people are looking for help, the campaign is presenting the various products Bank of America offers and explains in easy to understand terms how they can help their customers. Simple things like showing customers how they can save while getting gas, use their debit card and also get mobile alerts as to when their checking balances are getting low are examples of the ad spots used.

Research revealed that consumers want banks to be clear and transparent when doing business with them, and to show them how banks can help them get through the harsh economic times being experienced. They are also looking for help on how they can still keep living in their homes.

Other research data show that 75 percent of Bank of America’s constomers feel they must cut back on spending, and when spending, to figure out ways to save. Approximately 40 percent of Americans say they are saving more now than they did three months ago.

Basically, Bank of America ad spots include more of a general educational type of focus which helps their customers use their products than attempt to sell them on them.

With many consumers saying they weren’t explained about the risks associated with ARMs, the bank has been also eliminating hard-to-understand language and working on making it easy for consumers to know what they’re getting. That seems to have resonated well so far with their customers and generate a more positive image of the BofA brand.

Last year the company spend $319 for marketing in the U.S., while through June they were at a much smaller rate of $125 million, according to Nielsen.