Client Discusses Future of $30 Mil. Ad Account With Consultants
SAN FRANCISCO--The Dreyfus Corp. is talking with several consultants as it prepares to review its estimated $30 million ad account. The business is handled by Citron Haligman Bedecarrƒ.
"We are seeking a new agency," said a representative for New York-based Dreyfus. Citron "has completed its assignments with us, and now is a natural time to find an agency located closer to home."
The client is the fourth financial services provider to launch a review in recent weeks. Merrill Lynch, Chase Manhattan and Liberty Mutual all have accounts in play, for a variety of reasons.
Dreyfus executives initially told Citron they were seeking an agency to handle some "direct response projects" that Citron "willingly" declined to work on, said sources. Citron executives were "totally unaware" that Dreyfus was taking steps toward putting its account "into play," those sources added. Dreyfus is expected to consider agencies experienced in both direct response and traditional advertising duties.
Executives with San Francisco-based Citron declined comment, and Dreyfus did not indicate whether Citron would be invited to participate. Citron has handled the Dreyfus business since 1995. Sources have speculated for several months that Dreyfus was unhappy with its relationship with Citron, but both the agency and the client have denied any problems.
"We have been very pleased with Citron's work," said a Dreyfus representative. However, Dreyfus' pursuit of a new agency could put the "longevity" of Citron's new $30 million TV campaign for the client's mutual funds in jeopardy. That campaign broke in February.
Three black-and-white TV spots show a man or woman in his or her 40s or 50s with the docile Dreyfus lion. The actors describe what they would like to do "someday." The work retains the "Rule your kingdom" tag.
The ads target affluent baby boomers who do not see retirement as an afterthought, but embrace it as an opportunity for personal rediscovery.
--with David Gianatasio and Hank Kim