Can we Truist them?
UPDATE
AMERCAN BANKER, 9/8/23
Truist Financial is facing increasing scrutiny from critics who say it's not meeting the expectations it established when the merger that created the company was announced more than four years ago.
While Truist has taken recent steps to cut costs, remix its balance sheet and achieve greater efficiency, some analysts and investors want the North Carolina company to move faster and make bigger, bolder changes to improve its stock price, which has tumbled more than 30% this year.
The pressure intensified after Truist's second-quarter earnings call, when company executives lowered their full-year revenue forecast for the second time in seven weeks while also increasing their spending projections and suggesting that positive operating leverage might be out of reach before 2025.
2. American Banker, 9/13/23
Truist Financial, which has been facing criticism from Wall Street over its rising expenses, rolled out a plan Monday to cut costs by an estimated $750 million over the next 12 to 18 months. The spending reduction will involve "significant" job cuts between now and the first quarter of 2024, CEO Bill Rogers said at an industry conference. He also promised a reduction in the number of management layers, the consolidation of certain business lines and cuts in technology spending.
Now, did the branding decisions made years ago cause this fall from grace? Certainly not. Did they contribute? You be the judge. Here’s a look back at what we wrote back in 2022.
If you live in the Mid-Atlantic region, you may have noticed that your Sun Trust or BB&T account is now held by Truist. As someone who has assisted in a few bank brand conversions in my day, I’ve been watching this with some interest. This is an extremely high-stakes game. Doing it right can mean greater market share, an increase in stock price, and significant wins in the commercial banking space. Doing it wrong can erode consumer trust and result in significant (and costly) decreases in consideration and conversion. So, how did they do?
Let’s look at the logo
When I first saw this logo, the only visual connection I could make was to a vise. You know, like the one you used to see mounted under a table in your high school shop class or your home workshop. And I thought … well, that’s an odd symbol to choose. Someone pointed out to me that it’s an amalgam of some kicked-over letter Ts … But, you know, I still can’t see it. I can’t lose the thought that this is a financial institution that might be delivering the message—intended or not—that they’re prepared to put the squeeze on their customers.
How about the name?
Naming things is tough. Most words have already been used, in virtually every combination—especially in the FinServ sector. There’s always the argument “we need to tell them exactly what we do” which is always countered with “we don’t want to get lumped in with all the other people who do exactly what we do.”
So, what strategy did Truist use in their naming exercise? Well, it looks like it’s gold old #2 when you Google naming strategies: “Use a familiar word with a twist.” So it’s Trust with a twist. Or is it True? Maybe the “brain truist” thought it was even clever-er that it could be either, or both!
Let’s look at the launch.
Truist did a soft launch over the period of about 18 months—but now, they are all-in … changing signage, closing branches and running a TV campaign.
When I saw this spot, and particularly when I heard the voiceover, I thought: Wow, that really reminds me of a Hal Riney spot.
A Hal Riney spot minus the brilliance, that is.
Ed Note: Hal Riney is a well-deserved member of the Advertising Hall of Fame and was named #30 on Ad Age’s 100 People of the 20th Century. He’s famous for a distinctive style of ads featuring a home-spun voiceover (delivered by Mr. Riney himself). The best-known, most-loved Riney ads are probably the Morning in America spots for the 1984 Reagan campaign, as well as long-running campaign for the Wines of Ernest & Julio Gallo.
There’s one campaign, in particular, from which the Truist launch seems to have taken heavy inspiration—the launch of the Saturn automobile brand in the 1990s.
The Truist spot lets you know Care is Coming to Banking. You know it because, well … they tell you. Compare that to this legendary Saturn spot Moment of Truth … a straight-up Master Class in brilliant, understated copywriting and concept. See the difference it makes when you don’t have to be told someone cares … you can see it for yourself. And see yourself in it.
Saying you “care” is a lot like saying you can help someone ‘save.” It’s a word that will always test well because there isn’t a consumer anywhere who’ll say “Nah, I prefera bank that doesn’t care” or “I want to pay more than I have to.”
Here’s a way to show people you care. Show what it means. Give them the chance to see themselves benefitting from that care.
Instead of saying “great service” or “we care”, a bank I worked with let people know they were keeping their drive-thrus open even as many other banks were closing theirs. That makes a big difference if the weather’s crummy, or you have your child with you. And folks just might find that more relevant than a fantastical ball of rolling “warm and fuzzies.”
Both the Saturn and the Truist spots reach the same conclusion: Letting you know they are “different.” Saturn gives you specific examples, pushing against specific pain points in the car buying process. Truist? Well, I guess, for now at least, we’re just supposed to trust them. Oh, sorry … truist them.
by John Taylor, Principal, The Strategic Messaging Group