If you took an informal office poll and asked your colleagues to name 5 companies with the worst PR disasters in the past five years, you would almost certainly hear Wells Fargo amongst them. And these were not just social media faux pas – Wells Fargo plead guilty to a litany of really bad things including opening up thousands of accounts that customers had never signed up for.
The brand loyalty result was predictable. Over the course of a few short years, a century of brand equity and goodwill effectively evaporated as more and more news surfaced about the banks’ bad practices. Brand and loyalty metrics started to look like the kinds of things that portend the end for a lot of companies. And yet …
Today, Wells Fargo stands among its banking peers with a healthy brand reputation. How did that happen? How did they do that?
Our good friend Robert Passikoff, CEO of Brand Keys, has been indexing loyalty and brand affinity for more than two decades. His work has been cited worldwide as the baseline for brand equity and goodwill – and they have been tracking the banking industry over that span of time as well.
In this short interview, Robert discusses how Wells Fargo came back from the brand graveyard.