SunTrust is spending what is surely a vault full of money to run a new TV commercial during the Super Bowl, the most hyped time of our marketing year. And at first blush the bank's ad might seem like an odd fit.
For one thing, SunTrust executives say they aren’t trying to sell us any products or services. (Instead, they say they want to inspire a movement for people to reduce financial stress, which, by the way, they’d suggest you do in part by opening a savings account.)
For another thing, SunTrust is spending big time for a commercial that will air nationally, though the core of its business is in Southeast and Mid-Atlantic states.
SunTrust, by far the biggest bank based in Georgia, is convinced it’s ready for a bigger national stage, I suspect. It wants to catch eyeballs and win love, just as it did when it agreed to buy the naming rights to the new Atlanta Braves stadium in Cobb.
Winning affection isn’t cheap. SunTrust isn’t saying how much it paid for either the Super Bowl showing or the stadium naming rights. But estimates of the big game’s 30-second spots have gone as high as $5 million, which doesn’t include the cost of producing the ads. And an industry expert suggested holding the “SunTrust Park” name could cost $10 million a year.
This kind of marketing is more subtle than back in the day when SunTrust trotted out a TV spot showing a Benjamin Franklin impersonator dancing and singing to the pop tune "Don't you want me, baby?" (Ben's mug is on the $100 bill, which is how much SunTrust offered customers if they did enough new business.)
Banks, particularly big ones, are in need of a little love these days. People despise fees and many Americans don’t have traditional bank accounts.
So, SunTrust is trying the soft sell, I guess.
Its 30-second spot will air during the Super Bowl’s final two-minute warning.
Last year, the Super Bowl had 82 network commercials consuming a total of 48 minutes, according to Kantar Media. That doesn’t include the ads shown just in specific local markets.
This year, you'll be treated to extraterrestrials praising avocados from Mexico and a flock of sheep singing a Queen tune to sell Honda trucks.
Then comes SunTrust, running its first nationally aired Super Bowl ad, being all thoughtful and serious on a subject most of us would rather not ponder, even if we should.
A ticking clock
With the sound of a ticking clock in the background, SunTrust's ad points out that lots of us are under financial stress, which makes us feel like we are drowning, which makes us miss out on life's important moments.
“SunTrust is about to help America catch its breath by lighting the way to financial confidence,” a voice says. Viewers are urged to visit a site SunTrust set up called onUp.com to get inspiring messages about how to reduce financial stress. Among the site’s various tips are suggestions to open savings accounts.
The commercial “is not to promote products and services,” said Brian Ford, a financial well-being executive for the bank, adding later that “People need to save more whether it is with SunTrust or not.”
The company chose to air a national ad because the issue of financial stress is nationwide, said Corinne Cuthbertson, SunTrust’s head of brand, advertising and digital marketing.
While SunTrust’s regular bank branches are concentrated regionally, it does some business nationally, including mortgages, commercial banking and wealth management.
SunTrust isn't the first to suggest that Americans should save more money. But convincing more of us to save is an important message worth repeating.
‘Not what you expect’
"If they mean it, and they are trying to help people get their financial situation in shape, that's great," consumer advocate Clark Howard said of the bank's plans. "That is not what you expect from a bank."
Of course, he said, that doesn’t necessarily mean you should open an account with SunTrust. Howard (who works for the same company that owns The Atlanta Journal-Constitution) is a customer of a credit union. He recommends consumers research the industry’s best rates and avoid fees by using comparison tools on Bankrate.com.
Greg McBride, the chief financial analyst for Bankrate.com, said that compared to many rivals, SunTrust’s money market accounts offer us lower interest rates, include high balance requirements and can carry monthly fees. On the bank’s savings accounts, consumers can avoid charges by dropping paper statements, keeping high enough balances or taking other steps.
“Everybody needs an emergency savings account,” McBride said. “But I would argue the best place to put it is in an account where you are going to earn a competitive return and not be hemmed in by balance requirements or monthly fees.”
Meanwhile, fewer than a quarter of American households have adequate emergency savings, he said. And nearly 30 percent have no emergency savings at all.
That should give us all a sinking feeling.
