Obviously, it's critical to make sure your brand and products are relevant to current consumer needs. The financial downturn has given banks and investment houses the opportunity to re-connect and show how they can be useful in challenging times. Wells Fargo has responded to this need by creating the Wells Debt Down Solution. It's a new product that allows consumers to consolidate their high interest debt and find a workable way of paying it off.
We are used to banks being slow and unresponsive when it comes to product development and it's therefore great to see Wells responding to real consumer needs and offering something useful to consumers.
brand utility and coping strategy
I agree, but I think you can take the argument further. Brands should learn from people in how they cope with the crisis. People use different types of coping strategies, which are fertile ground for insights on what brands can do, not just financial services companies. You might find this interesting:
http://culturalfuel.com/2008/12/09/how-brands-can-learning-from-peoples-crisis-coping-strategies/ Posted by Alexander Wipf on 12/10/2008 01:09 PM
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I agree, but I think you can take the argument further. Brands should learn from people in how they cope with the crisis. People use different types of coping strategies, which are fertile ground for insights on what brands can do, not just financial services companies. You might find this interesting: http://culturalfuel.com/2008/12/09/how-brands-can-learning-from-peoples-crisis-coping-strategies/