Wells Fargo’s ad campaign to repair its image in the middle of a major crisis may be working with
the public so far.
The bank’s perception levels have been rising since the campaign launched on October 25th, featuring the iconic Wells Fargo wagon and promising to “make changes to make things right.” Wells Fargo is still deep in negative sentiment, however, after seeing its perception scores drop about as steeply as scandal-plagued Volkswagen.
Wells Fargo’s campaign has earned wide consumer recall: on October 24th, 21% of consumers were aware of Wells Fargo advertisements. One month later, that percentage had jumped to 35%.
A corresponding decrease in word of mouth may also be helping Wells Fargo. With fewer people talking about the bank, the brand is now less in the spotlight. On October 10th, 34% of consumers were talking about Wells Fargo with family and friends, far above its normal levels of about 14%. Since then, word of mouth has decreased to its current 22%.
YouGov BrandIndex measured Wells Fargo’s perception with its Buzz score, asking respondents: “If
you've heard anything about the brand in the last two weeks, through advertising, news or word of mouth, was it positive or negative?
A Buzz score can range from -100 to 100 with a zero score equaling a neutral position.
Wells Fargo consumer sentiment bottomed out in early October with a Buzz score
of -48, where it remained for three weeks. Once the ad campaign kicked in around
October 25th, the Buzz score made its way back to its current -29.