The healthcare and financial services industries have come under closer consumer scrutiny this year. The healthcare industry is about to undergo a transformation with the upcoming national reforms becoming more apparent in 2012. And, the financial services industry is still struggling to redeem itself after the recent economic collapse. Some analysts believe both of these industries will be rolling out image campaigns in the next year.
PARTNERS&Simons, a Boston, MA-based brand communications company has been tracking ad effectiveness, especially in the insurance industry. The credibility of campaigns may be at an all-time low. CEO Tom Simons quotes the following percentages of ad credibility:
- Radio 23%
- Print 23.3%
- TV 30%
Simons remarks, “Audiences are not generally willing to accept what these advertisers have to say about themselves.” The PARTNERS&Simons study suggests that consumers might be turning to social media or similar platforms to obtain information but these platforms must be perceived as believable in order to be useful. Simons suggests that a better approach might be found in ‘traditional testimonial methods’ that are combined with word of mouth. The agency believes that plain-spoken approaches which deliver believable personal stories by consumers can do much to improve the reputations of institutions which are regarded somewhat suspiciously.
The next step in the process for these institutions is then to deliver on their promises. This approach can help to repair a damaged reputation but it will not happen overnight.[Source: A Matter of Health and Wealth. PARTNERS&simons. com. November 2011. Web. 23 Dec. 2011]