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June 8, 2004 The Wall Street Journal Online
In Wake of Fund Scandal,
Advertising Stresses Trust
By Lizabeth Einstein
Excerpt:
Marketing analysts say Wall Street's focus on image -- rather than
products -- is the right message to send now to reassure both clients
and consultants working on the front lines.
"The heady days of promotions promising fast profits in a bull market are over," says Catherine Kaputa, a New York branding strategist and advertising consultant. She says firms will be focusing on cleaning house for the foreseeable future. "In this kind of environment where people are so skeptical, you need people ... to feel more positive that there really is a level playing field," Ms. Kaputa says. "Later on when sentiment is more positive, you can do two kinds of messages -- a positioning message about why your firm is different from others, but also product messages."
But will the image-heavy ads work? With so much clean-up to do on
Wall Street, advertising will play a prominent part in attracting business,Ms.Kaputa says. "The best thing now is really [a firm's] actions and its reputation and showing people 'here's how we're organizing things.' All these messages help turn things around," she says.
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