Using Fear to Sell

In about three months total time, COVID-19 has changed the world. It has changed how we interact, it has changed how we think about being prepared, and many businesses are now starting to use this “change” to appeal to the emotional sense of their customers. 

Take into account SoFi. SoFi is a millennial bank. It is an online institution for bank accounts, lending, student loans, and financial planning. SoFi recently came out with a new television commercial to highlight their “promise”. With their target audience represented in what looks to be videos shot while social distancing, SoFi appeals to more of their target audience by demonstrating appropriate behaviors (social distancing), while highlight that “The world is changing. Our promise isn’t. SoFi is here to help you. Get your Money Right.” 

SoFi follows Miller’s (2017) Storybrand framework by using characters, the millennial consumer, while highlight the problem, COVID-19 changing our world. Even though they don’t specifically mention COVID-19 it is obvious they are appealing to the implications that the virus has had on our world. They meet guides in the face of consumers who are showing how SoFi helped them with their finances and helped them create peace. It continues to follow the framework through the rest of the spot, highlighting how SoFi can help them through this new world. 

SoFi isn’t the first company to release COVID-19 inspired commercials. Even Wyoming’s Tourism has created ad spots highlight the new change, and the impact of COVID-19. Many business are appealing to the emotions of scared consumers in an uneasy and changing world to market their product. 

The question is, is it too soon? Will consumers feel authentically supported, or will they see through the facade of the business? Should companies be trying to benefit off of marketing the current situation due to the pandemic? Is it ethical to appeal to the fear of the consumer in a once in a lifetime event to market your business? 

I found myself rolling my eyes as I watched the SoFi commercial, seeing them as a vulture ready to pounce on the opportunity to use fear to sell. There are many companies who have done a lot of good during the pandemic, but appealing to the crazy, socially distant time right now doesn’t seem like an authentic approach that will create any brand loyalty from me.

Check out the SoFi commercial and let me know what you think.