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2018 HISPANIC MARKET OVERVIEW, presented by López Negrete Communications
Acosta recalls some of the key insights that went into what’s being referred to as the “Reestablished” campaign. “It’s grounded on a note to our heritage,” she says. “Wells Fargo Bank was established in 1852. As we build upon our history and our heritage, we are taking a lesson on our reputation challenges. To do this, it made sense to lean into our history to best prepare ourselves for the future.”
A decade ago, consumer trust among Latino bankers — in particular first-generation Americans with lower socioeconomic levels and English-language attainment — were somewhat fearful and untrusting of banks. This was a residual apprehension toward banks resulting from experiences seen in Hispanic’s countries of origin, where low levels of financial confidence persist.
Did Hispanics have a greater level of mistrust in Wells Fargo than non-Hispanics?
Acosta notes that the insights that came back for Wells Fargo showed equal sentiments across all consumer demographics. They were unsatisfactory.
The wheels were then put in motion to create an advertising campaign that sought to prove to consumers that Wells Fargo was truly looking to see what went wrong and has worked hard to make the necessary corrections.
“Looking at how we started, the core message we kept seeing was putting customers first,” Acosta says. “We went back to the beginning and saw how Wells Fargo strayed from this. Now, we are taking those learning lessons and hope to emerge as a better bank from it.”
The Spanish-language spot is identical to the campaign’s English-language TV spot; language is digitally alerted on computer and tablet screens as a differentiator.
As Wells Fargo’s research indicated that the insights it had regarding customer dissatisfaction were universal, “the nuances that we do for the segment, for this campaign in particular, are very small.”
While some may criticize Wells Fargo for simply taking an English-language commercial and translating it to Spanish, the bank deserves a lot more credit for its efforts to keep and to expand its Hispanic consumer base.
Acosta notes that the “Reestablished” campaign is a broad effort that includes all channels – broadcast TV, online video, and radio. There is display advertising. There is a mobile effort. And, there is content integration with key TV partners. “We are deep in all media,” she says of the Hispanic component of the total market effort.
“We partnered with top-tier Spanish-language broadcast networks across different audiences to ensure that the brand message reaches the greatest number of potential consumers,” Acosta says. This includes Hispanic media’s two giants: Telemundo and Univision.