I agree with the above. Testimonials are an excellent way of promoting one's business but their effectiveness rely on a few factors:

- they must be real (i.e., don't use actors / models for your testimonials, but real customers).
- the message has to be credible and relate to your actual offering (if you promote superior service or advantageous loans, make sure you do deliver).
- they must come from people your target group can relate to (influencers, real customers, etc.).

As an example, a local bank (in Switzerland) called the BCV launched such a campaign over a year ago. The structure is always the same: real people with their name and the city / village they come from and a sentence. You can check out some examples (in French) at:
http://www.bcv.ch/html/index.html

It's the banner ad at the top. Just refresh the page to see a new ad each time.

They actually have a set of testimonial ads for business people / owners and another set of ads for the public.

One last thing, as you mentioned you need to look into long term for such a campaign to be effective. You might also want to organise seminars (regarding your new offering, banking issues, etc.) with your customers / prospects to help change the negative perception they have about your bank.

Hope this helps,

N.

I agree. Testimonials can work really well.

About ten years ago, we ran a series of ads for a high level Internet security company. The key problem was that their products were too technical and difficult for the average person to understand, so we focused on the clients they had worked with. We were a bit wacky, and it really worked well for them.

How were we wacky:
Telkom called us (They did work for a major telecoms company);
Securing the Reserve Bank;
etc

I think Amir's suggestion is very good. A great tactic to overcome a typical stall or objection is to just say it first. If your bank has this reputation of being difficult to get loans from, then don't wait for your prospects to bring it up. You bring it up.

I believe that if a large percentage of your prospects have this impression, your greatest chance of changing it is to face it, not avoid it.

Using a testimonial allows you to control the way this issue is faced [rather than having to be defensive to a prospect's objections] and allows you to change the impression in a credible manner.

Hope this helps
Bob

Here's a late addition to the great advice you've already received... and perhaps a twisted view of the situation:

If your bank IS tough to borrow from, and if it's NOT going to get EASIER, there's probably a reason. Are the requirements stringent? Is this a risk-averse institution, maybe to the point of paranoia? Does your bank really want to attract borrowers who perceive that getting money is easy?

Consider capitalizing on THAT in your testimonials. Make it a point of business/personal pride (or smugness?) for your loan customers.

I can visualize a photo of a shopowner with a turtle, goldfish and guinea pig... quoting "We couldn't scare Community Bank if we tried." ...byline Eugene Parker of Smithville Pets ...bold tagline in the ad: We're not afraid of you.

Or a shot of a new homeowner leaning on the Sold sign or stack of boxes in front of the porch steps... quoting "Community Bank has the confidence in me that I deserve." ...byline Gertrude McNutt, new Happy Acres homeowner ...bold tagline in the ad: Is love really all you need?

These examples might not hit the mark, but I hope I've conveyed something worth considering!

Shelley

Kevin,

You're probably right about leaving out photos, especially for banking, and even more so if you're going after commercial instead of consumer business.

I have noticed the trend, however, of ads getting playful with words and imagery... even in some "conservative" industries. It all depends on the demographics of your target market, obviously!

- Shelley