Are Consumers Going ‘Whoo Hoo’ Over WaMu’s New Campaign?

Beginning in February, Washington Mutual (WM) unveiled its new “Whoo Hoo!” campaign which tries to capture how its customers feel about the company’s brand (Figure 1). The bright magenta and blue ads are becoming a ubiquitous part of web navigation to some of the major portals. It appears that some of the buzz around the brand is infectious given the double digit uptick in search traffic to WaMu’s checking pages since the campaign was launched (Figure 2).

Figure 1: WaMu Whoo Hoo! Creative

Visitors to the WaMu domain rose 5% from February to March. Following the start of the Whoo Hoo! campaign in February, search traffic surged with a 59% boost in consumer visits to WaMu’s savings pages. In March there was a further increase of 55%. Yahoo! (YHOO) search traffic to WaMu’s checking pages grew by 69% from February to March. Google (GOOG) traffic also climbed an additional 13% since February.

Figure 2: Top 10 Consumer Referral Sources to WaMu Checking Pages

Taking a look at the sheer volume of search terms, the numbers are staggering. The term “wamu” appeared in searches over 1,000% more between January and March than in all of 2007. Clearly the constant presence of WaMu’s ads have made an impact on consumers, as nearly 100% more search referrals came in for WaMu during the past three months.

It appears that the strategies of placement and even the core messaging behind WaMu’s campaign are speaking to consumers who have been actively seeking out the bank. Compared to the traditional messaging from banks, it seems like making an emotional statement with a cute little bright blue and magenta banner is paying off for WaMu. Oh yeah, and “Whoo Hoo” is pretty catchy too.

Comments

[bearfund]

The slogan may be catchy but the yield is not. I can see little reason to think this will attract a lot of customers. Most Americans don't save at all, and a rate well below that of inflation is unlikely to encourage them to change that.

[LoadedBanker]

Yeah, the average consumer is thinking "this rate is below inflation, and factoring in taxes, the yield on my muni bond portfolio delightful in comparison. Glory day I'm a sharp cookie. James, light the fire and bring me a sweater please." Mmmhmm. Right.

[SteveTheHawk]

I have to be honest and say that I'm saddened by the overall simpleton mentality present in our society. I really don't understand why someone would even react to advertising in any form. I tune out virtually all advertising in that I know it's all BS, often deceptive, and at the least, there is never anything special about the advertiser. Yet, all the sheep flock to the web site in response to a bright shiny ad. Pathetic and sad.

[GatorSpange]

Seriously, in a time where people are not making timely payments, banks are foreclosing and investors are losing money we're led to believe the new brand has people seeking out the website?

I think you need to expand your analysis.

[Speculator209]

WaMu is famous for running a "Whoo-Hoo/Free&qu... campaign every time they raise overdraft and banking fees. They are now one of the highest in California. How can a feeble attempt at advertising "feel good" make sense when the customer is the one getting the "whoo-hoo" right up the a**? They are the Wal-Mart of banks and attract that demographic. Their is nothing to Woo-Hoo about their stock price, their market conduct, and lending practices. They are one of the biggest causes of this economic downfall. They deserve nothing but an acquisition by a better bank. I have since closed all of my accounts, investments and loans and brought them to a more secure, stable and professional bank that does not advertise like a circus coming to town.

[Speculator209]

#2...Besides.....What will a feel good ad do for my bottom line savings anyway? NOTHING.

[CorporateSerf]

Whoo Hoo, who are they kidding? The entire campaign is ridiculous. The banners are an eyesore and the commercials induce vomiting.

Wamu has horrible customer service, low deposit rates, high loan rates, and was a major contributor to the current credit crisis. Woop Doo! I mean Whoo Hoo.

[Speedolini]

I think the searches for wamu, period, have to do with whether or not their stock has bottomed and its time to buy buy buy. What do you all think? Will it hit 8's again like today? I've done research and the banks not going anywhere.

[WaMugoesBK]

Speedolini is correct. I found this blog because I was searching for the latest news about WaMu ousting Kerry Kilinger from his chairman position. As soon has he gets canned from the CEO position, watch the stock soar!!!! I am a stock holder (hate to admit $$$ I paid for the stock). I am ready to buy when I see they are serious about improving the company. This recent move was a step in the right direction.

[What??]

I have seen several of their ads, but I don't remember what they are selling other than that they are a bank. All I see each time is 'whoo hoo', which is misspelled (woo hoo!).