For Huge Companies Like Facebook, "I'm Sorry" Costs Millions

"Sorry" is a powerful word. When used the right way.

But for companies, "I'm sorry" is a bit more expensive than just buying a bouquet of flowers for your upset wife.

Brands like Facebook, Uber and Wells Fargo are just a few of the companies currently taking steps to win back consumers' trust. 

"Corporate missteps" and social controversies in recent months have their advertising campaigns spending millions. Just to apologize.

Facebook has been airing TV ads promising its users that they will finally address fake news and data misuse, adding this will be one of their largest ad efforts. 

The social-media giant is trying to rebuild trust after it's involvement in the 2016 election and the alleged Russia scandal.

In a statement, Facebook promised "We are taking a broader view of our responsibilities, and we hope this campaign will show that we take that responsibility seriously and are working to improve Facebook for everyone."

Their "apology" ad campaign started in April and is said to be running throughout the summer.

 As of now, the company has spent almost $30 million on the ads.

Uber has recently suffered from accusations of sexual harassment, and they too are promising to "move forward" in order to turn their wrongs into rights.

The ride-share company has released this ad, featuring their new CEO, Dara Khosrowshahi. In it, they promise to move in a new direction, yet they never actually mention any of their problems within the company.

Since their ad premiered on May 14, Uber has spent almost $10 million on the apology efforts.

For Wells Fargo, social media polls and focus groups have revealed to the company that ever since 2016,  their customers have been losing trust in the big bank and are wanting changes.

So the bank announced that their newest campaign will be their largest ever. Over $21 million to be exact.

They aired their "Earning Back Your Trust" ad on May 5, and plan on using radio, print, digital and mobile ads to get the message across.

"We live in an age of rage, and companies are now compelled to engage and apologize,"Wells Fargo  corporate adviser Harlan Loeb said. 

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