All men's business
Despite its financial debacle, the Vaud Cantonal Bank is launching a product campaign
Despite Financial Setback, the Vaud Cantonal Bank Launches a Product Campaign By Anita Vaucher No sooner has the Vaud Cantonal Bank disappeared from the headlines than its advertising is back in the spotlight. This unconventional approach to crisis communication, conceived by the creative team at Pulsion in Lausanne, also seems to be having a positive effect on the bank’s stock price.
Until the end of October, hardly a day went by without the financial debacle at Banque Cantonale Vaudoise (BCV) filling the pages of the press. But since the extraordinary general meeting of the Lake Geneva bankers on October 31, calm has returned—at least on the surface. BCV stock is also beginning to recover, climbing from its annual low of 86 francs on October 15 to 91 francs as of November 15. Of course, shareholders have had to pay a heavy price for this. Exactly one year ago, the stock was trading at a high of 355.32 francs.
That’s when the decline began. It was triggered by the Swiss Federal Banking Commission’s finding that high-risk loans had been inadequately covered. The government, the majority shareholder with 67.89 percent of the share capital, had to step in and injected another 1.25 billion Swiss francs at the end of October, after provisions totaling 850 and 400 million Swiss francs had already been set aside. At the extraordinary general meeting, it was decided to make a clean slate: the Bank Council was dismissed, the Board of Directors was drastically reduced—from 21 to 7 members—and filled with new experts.
Not designed for the average person
While the Board of Directors took a lot of flak from the press during these crisis-ridden months, BCV placed advertisements in those very same media outlets in an effort to regain the trust it had lost. There’s hardly any other way to interpret BCV’s asset management slogan: «Pooling expertise to optimize services.»
Pulsion's campaign aims to convey a sense of humanity and customer focus. The harmonious group photo featuring men is intended to suggest to the reader that BCV has a carefully selected team that is fully dedicated to serving the bank's customers.
In contrast to BCV’s recently launched private banking campaign, which featured real-life investment advisors, the protagonists in the latest ad campaign are models. Understandably, the real advisors would likely have been reluctant to have their likenesses appear in newspaper ads given the current climate.
Private banks are too distant from their clients and not very accessible, as are the major banks; that is why BCV has carved out this market for institutional investor asset management, says Alain Ciocca of Pulsion. A cantonal bank, by its very structure, is very close to its clients, the consultant adds. However, BCV’s top management had long debated whether to postpone the campaign, as it might be counterproductive at this point in time. In the end, though, they decided to go ahead with it, if only because the ad space had already been reserved, explains Ciocca.
Mauro Salvadori, the project and communications manager for institutional asset management, also opted for a low-key “business as usual” approach. The goal was to signal to the public that the bank is there for its clients even in times of crisis. Salvadori explains the forward-looking strategy by noting that the bank did not want to keep a low profile in this difficult situation. Furthermore, Ciocca adds, the ad campaign is a form of B2B communication aimed at specialists. The average person on the street would hardly be interested in the ad, he explains.
Ad Rating
Until the end of October, hardly a day went by without the financial debacle at Banque Cantonale Vaudoise (BCV) filling the pages of the press. But since the extraordinary general meeting of the Lake Geneva bankers on October 31, calm has returned—at least on the surface. BCV stock is also beginning to recover, climbing from its annual low of 86 francs on October 15 to 91 francs as of November 15. Of course, shareholders have had to pay a heavy price for this. Exactly one year ago, the stock was trading at a high of 355.32 francs.
That’s when the decline began. It was triggered by the Swiss Federal Banking Commission’s finding that high-risk loans had been inadequately covered. The government, the majority shareholder with 67.89 percent of the share capital, had to step in and injected another 1.25 billion Swiss francs at the end of October, after provisions totaling 850 and 400 million Swiss francs had already been set aside. At the extraordinary general meeting, it was decided to make a clean slate: the Bank Council was dismissed, the Board of Directors was drastically reduced—from 21 to 7 members—and filled with new experts.
Not designed for the average person
While the Board of Directors took a lot of flak from the press during these crisis-ridden months, BCV placed advertisements in those very same media outlets in an effort to regain the trust it had lost. There’s hardly any other way to interpret BCV’s asset management slogan: «Pooling expertise to optimize services.»
Pulsion's campaign aims to convey a sense of humanity and customer focus. The harmonious group photo featuring men is intended to suggest to the reader that BCV has a carefully selected team that is fully dedicated to serving the bank's customers.
In contrast to BCV’s recently launched private banking campaign, which featured real-life investment advisors, the protagonists in the latest ad campaign are models. Understandably, the real advisors would likely have been reluctant to have their likenesses appear in newspaper ads given the current climate.
Private banks are too distant from their clients and not very accessible, as are the major banks; that is why BCV has carved out this market for institutional investor asset management, says Alain Ciocca of Pulsion. A cantonal bank, by its very structure, is very close to its clients, the consultant adds. However, BCV’s top management had long debated whether to postpone the campaign, as it might be counterproductive at this point in time. In the end, though, they decided to go ahead with it, if only because the ad space had already been reserved, explains Ciocca.
Mauro Salvadori, the project and communications manager for institutional asset management, also opted for a low-key “business as usual” approach. The goal was to signal to the public that the bank is there for its clients even in times of crisis. Salvadori explains the forward-looking strategy by noting that the bank did not want to keep a low profile in this difficult situation. Furthermore, Ciocca adds, the ad campaign is a form of B2B communication aimed at specialists. The average person on the street would hardly be interested in the ad, he explains.
Ad Rating
Mastro Lorenzo: The campaign by mobile carrier Orange has just barely won over the ad raters. Now, the cinephiles among the ad raters are being asked to cast their votes for the “Commedia all’italiana” commercials for Mastro Lorenzo at www.werbewoche.ch/adrating
OrangeTop: 53,30%
Flop: 46,70%
Praise and criticism of ad-raters summarized at www.werbewoche .ch/adrating/comments
