Okay, this has been on my mind for months. Those WaMu ads with the cool black guy who isn't at all like those old white guy bankers who are out to take your money. I remember watching them and thinking about the demographic shift in the country. How all these Mr. Monopoly type bankers look like the Republican convention — old, rich and out of touch. And how the WaMu guy looked like "us" -- the average guy. Not so different from the Apple ads of Mac vs. PC really, young, hip, relaxed and oh, if you didn't notice, black. A brilliant execution of a common strategy to differentiate the product.
And then, as the primary season ended it looked like the election was in fact cast by the WaMu ad agency, with Obama as WaMu and McCain as those Mr. Monopoly old white bankers. Well, in some ways, McCain is Mr. Monopoly -- regulation be damned, the little guy be damned, let's take
care of Keating, the S&Ls and oh by the way let's not regulate this bailout. Except in the real world, WaMu is a bank like all the others that has jumped off the edge of the building like a lemming following its greed. The campaign was just an advertiser's way of creating a non-bank image for another institution that didn't handle our money well. Still it was a good campaign, and now, both sociologically and historically interesting.
Citi tried to do something similar with their Live Richly campaign, which quite to the contrary of its critics, ran headlines that demonstrated Citi understood that the rich life was not about money, but about love, creativity, connection. They did it with words more than image though, it was an intellectual campaign, a cool campaign, like the client who bought it. I know the agency understood the message of connection and creativity as true wealth. And maybe even the marketing client understood it, but certainly what they also understood was that the creative strategy was a way to say something that differentiated the perception of the bank. However it didn't make a whit of difference to the behavior of the bank as we all know.
So don't read anything into today's worst bailout of a bank since the last Depression (note I say last Depression because if you don't think we're headed for some seriously bad times, you should get off the Zoloft) with regard to their advertising and the outcome of either the bailout or the election. I simply point out the way race and age were used in the WaMu ads to define a difference. I'm curious to know the demographic of most of the customers those ads brought in as WaMu expanded like so many Duane Reades throughout Manhattan.
Tangentially, Duane Reade is also in trouble and has been for months. Like Starbucks, they have too many locations, paying too much rent, so they cut back service which makes people want to go to them even less. However, we have to go since they killed the small pharmacists. Grumble. Grouse. Curmudge.
I'm an Obama supporter, and a serious Democrat -- after all, I'm a queer Jewish Buddhist, which in Pastor Muthee's eyes makes me a witch and an agent of Satan. Truth is I worry for the country no matter who wins, since après Bush le déluge.