JWT’s AnxietyIndex is designed as a place to discuss how brands and consumers are responding to the global recession. With daily content updates, AnxietyIndex.com includes contributions from around JWT’s network, offering a truly global perspective.
In a post earlier this month we talked about how anxious consumers might respond to the global recall of Toyota vehicles and pondered how Toyota would take action. Toyota’s response to complaints had been too slow and had fallen extremely short of expectations, eventually leading to the recall of now global proportions. Unfortunately, the brand’s steps in addressing consumers on a public platform have been all too slow as well.
On the upside, Toyota.com has been serving as a hub for news and updates surrounding the recall, with a page wholly devoted to the matter. And today, CEO Akio Toyoda will be addressing Congress and issuing a formal apology to those affected by the faulty vehicles. Toyoda will declare his goal to restore confidence in his cars: “You have my personal commitment that Toyota will work vigorously and unceasingly to restore the trust of our customers.”
The brand also recently released its “Restore” spot (see below). The TV commercial leverages the history of Toyota with black and white images of old warehouses and models, ending on a grainy, colored shot of a smiling little girl jumping into a red car. The more striking aspect of the “Restore” ad is how transparently it addresses the recall, acknowledging that the company has made mistakes—from which it will learn, the voice-over assures. The commercial is an attempt at Maximum Disclosure, and an effort to win back those hesitant to trust the corporation again. Toyota tells the viewer, echoing what the CEO will tell Congress today, “We’re working to restore your faith in our company.” Considering the constant stream of negative details surfacing from the recall, renewed confidence in the brand could be a long way off. It will take more than nostalgic images and assertive words to convince customers at this point.
One of the Super Bowl’s standout commercials was from Denny’s, with its recession-friendly “panicky poultry,” as The Wall Street Journal put it. The spots featured chickens— from Mount Rushmore to the Oval Office to outer space—screaming their heads off. Why all the screaming? Denny’s was announcing its second annual free Grand Slam breakfast this Tuesday. Since it includes two eggs, a whole lot of egg-laying would be necessary.
The ads declared, “Great day to be an American. Bad day to be a chicken.” It’s nice to hear that it’s good to be an American, especially in uncertain times like these. Denny’s message touches recession-minded viewers by lightheartedly suggesting, at least you’re not a screaming chicken.
The marketer that might have been most expected to at least tacitly address the recession was CareerBuilder, but its spot avoided serious undertones, portraying an office that takes casual Fridays too far, with employees running around in underwear. The site missed an opportunity to connect with job hunters and inspire them.
In a full-page New York Times ad that ran earlier this week, the New York branch of steakhouse chain Smith & Wollensky declared that if it can’t get its hands on customers’ cash, it will take their stock options. Its tongue-in-cheek “Steak for Stock” special calls for steak lovers to swap NYSE and NASDAQ certificates for equally acronymic USDA dry-aged steaks.
While Wall Street bonuses have traditionally funded blow-out meals at such restaurants, this year many bankers are getting company shares rather than cash. The ad pokes fun at the fact that Smith & Wollensky’s core clientele is no longer knee-deep in bonus money, saying that “the effects on the local economy could be catastrophic, leaving large tracts of land in the Hamptons and Martha’s Vineyard undeveloped.” Actual “Steak for Stock” trades are unlikely, as the registered owner of the stock must present the original certificate. But the ad insists customers take the promotion to heart, adding that the restaurant will “even accept GM.”
It’s an over-the-top approach reminiscent of the “Expense-a-Steak” promotion from Midtown steakhouse Maloney & Porcelli, which provided a site that generated fake receipts so that corporate clients could return to the upscale dining venue. This tactic boldly connects not only with bankers coming to terms with a new financial equation but also with other anxious New Yorkers, who can use a good laugh when thinking about the crisis.
Louis Vuitton ads have long been synonymous with flash, featuring bold colors, images and celebrities like Madonna and Keith Richards. In what appears to be a step away from this tack, the luxury brand launched a campaign that is bold in its understated approach. At first glance, the print ad looks like a delicate Vermeer painting. It features a demure, angelic young woman in a darkened room, her hands and face lit in halos of light, hand-sewing a red leather wallet. Opposite the elegant image is copy that draws on the impeccable finesse that is executed by Louis Vuitton’s “craftsmen.” It goes on to say that details, like “five tiny folds,” make its products timeless and long-lasting.
In our trendletter last May on “The Recession and Its Impact on Luxury,” we wrote that, as consumers shy away from conspicuous consumption and ostentation, luxury marketers would play up “craftsmanship, heirloom appeal and the best materials.” This ad is an attempt to do just that, with its message of classic quality, attention to detail and long-lasting value.
However, luxury brands also need to take care in what they claim. As we talked about in Reading the Fine Print, one of our 10 Trends for 2010, consumers are now more than ever doing their homework before purchasing products, calling for transparency. In fact, according to BusinessWeek.com, Louis Vuitton does not make most products by hand, dismissing the aforementioned craftsmen. It may not suffice for consumers to read the concluding copy: “Let’s allow these mysteries to hang in the air. Time will provide the answers.”
Louis Vuitton
