Documente Academic
Documente Profesional
Documente Cultură
APRIL 2013
What
has happened?
Over the weekend, and during the NCAA Final Four, one of the most heavily watched events in the U.S., Bank of America launched a new brand position that centers on the connections it makes for consumers and clients. This reposition was launched through a multi-channel, integrated campaign. It comes on the heels of a significant investment made by the Bank of America to update its banking centers and digital banking capabilities.
Why 1 2
did it happen?
The reposition was not unexpected for two reasons:
Through its acquisition of Countrywide and Merrill Lynch, the Bank of America had become a much different organization. Defining a new, common purpose to reflect its expanded capabilities and culture was critical for the brands and the employees. The Bank of America brand had been greatly tarnished over the last few years.
} Shouldered more blame than any other financial institution for contributing to the recession, largely due to its acquisition of Countrywide. } Business changes like tightened lending standards and leading the industry in foreclosures made it no longer possible to claim being the provider of opportunities. } Public intentions of charging a $5 fee to use a debit card, re-pricing checking accounts, and closing business and home-equity lines of credit, made it an easy target for already-angry customers.
Bank of America had become the symbol of everything that was wrong with big banks. Its employees suffered from low morale and lacked a clear understanding or belief in the direction of the company.
What
Tagline
TAGLINES
Consumer & Small Business Bank: Lifes better when were connected Commercial, Investment Bank and Global Markets: The power of global connections Notable creative language: We know were not the center of your life, but well do our best to help you connect to what is
How
IN-STORE:
it comes to life:
Bank of America spent the last year remodeling 2,000 of its 5,400 branches across the country. Like many retailers, Bank of America wants its physical locations to provide an experience, not just a transaction center. Private rooms are available for meetings with financial specialists; about 100 branches have rooms with videoconferencing capabilities, too, for customers to be able to meet with specialists remotely if a branch doesnt have someone on-site. The bank currently has 6,500 specialists financial advisers, mortgage loan officers and small-business bankers staffing its branches and phone lines, and hopes to have 7,800 available by the end of the year. Face-to-face interactions are a key part of what Bank of America is trying to accomplish. After all the heat banks took during and after the financial crisis, part of Bank of Americas transformation is about regaining customer trust.
How
Brand spots focus on the connection between Bank of America and communities across the United States. For example, in San Diego the spot demonstrates how researchers, entrepreneurs and bankers shared a vision to help foster the biofuel industry claiming that Bank of America connected minds and technology to help fuel a nations future. These executions feel very familiar to a lot of work in the finance and B2B space.
How
ADVERTISING:
Business, Investment Banking and Global Markets TV: Each execution highlights a business or organization that was helped by BAC/ BACML banking or financing. This model has become the go-to strategy for nearly all Banks. While these executions communicate the Banks role, they fail to differentiate it from competitors.
How
PRINT:
Brand print launched Monday, April 8th in publications like the Wall Street Journal and the Washington Post.
AD CODE: BACB-11295
AD CODE: BACB-11295
How
OUTDOOR:
PARTNERSHIPS:
A new partnership with online educational website Khan Academy offers to teach its customers about financial literacy. Khan Academy is a non-profit education website that provides free access to video lessons and exercises on everything from basic math, to art history, to organic chemistry. Its new site, BetterMoneyHabits.com, will be open to everyone, not just Bank of America customers, and it will host a combination of Bank of America and Khanproduced content on topics such as understanding mortgages and steps toward getting out of debt.
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How
DIGITAL:
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How
DIGITAL:
PAID MEDIA PAID MEDIA PAID MEDIA PAID MEDIA
DIGITAL PAID MEDIA. DIGITAL PAID MEDIA. BUSINESS AS USUAL. BUSINESS AS USUAL. NEW BANNERADS NEW FOR BANNER ADS FOR DIGITAL MEDIA. DIGITAL MEDIA. GLOBAL PAID AMBASSADOR GLOBAL PAID AMBASSADOR BUSINESS BUSINESS AS USUAL. USUAL. TIMES SUPPORTS WOMEN SUPPORTS IN AS WOMEN IN SQUARE PROPERTY TIMES SQUARE PROPERTY NEW BANNERADS FOR NEW BANNER ADSGIVES FOR MEDIA SPACE BUSINESS. BUSINESS. GIVES TO MEDIA ALL SPACE TO ALL AMBASSADOR GLOBAL GLOBAL NO PAIDAMBASSADOR MEDIA NO TO PAID SUPPORT MEDIA TOPARTNERS SUPPORT TO SHARE PARTNERS TO SHARE TIMES SUPPORTS WOMEN IN SQUARE ON PROPERTY SUPPORTS WOMEN IN FOLLOW TIMES SQUARE ON PROPERTY NEW MESSAGING. NEW MESSAGING. AND AND TWITTER. FOLLOW TWITTER. BUSINESS. GIVES MEDIA SPACE TO ALL SPACE TO ALL BUSINESS. GIVES MEDIA NO PAID MEDIA NO TO PAID SUPPORT MEDIA TOPARTNERS SUPPORT TO SHARE PARTNERS TO SHARE NEW MESSAGING. TWITTER. NEW MESSAGING. AND FOLLOW ON AND FOLLOW ON TWITTER. CONTENT CONTENT CONTENT CONTENT
TWITTER TWITTER BOOSTED BY SUPPORTERS BOOSTED BY OF SUPPORTERS CAUSES AND OF BOA CAUSES AND BOA RETWEETS. TWEETS RETWEETS. ALL PUSH TWEETS TO YOUTUBE ALL PUSH AND TO YOUTUBE SITE. AND SITE. TWITTER BOOSTED TWITTER BY SUPPORTERS OF CAUSES AND BOA BOOSTED BY SUPPORTERS OF CAUSES AND BOA RETWEETS. TWEETS ALL PUSH TO YOUTUBE AND SITE. RETWEETS. TWEETS ALL PUSH TO YOUTUBE AND SITE. SITE/APP SITE/APP SITE/APP SITE/APP
DISCONNECT -DISCONNECT FEW VIEWS ON YOUTUBE. - FEW VIEWS ON YOUTUBE. COMMUNITY COMMUNITY SECTION SHUTSECTION OFF. NO COMMENTS SHUT OFF. NO COMMENTS ALLOWED ON POSTS. YOUTUBE DOESNT REFLECT NEW DESIGN. ALLOWED ON POSTS. YOUTUBE DOESNT REFLECT NEW DESIGN. DISCONNECT -DISCONNECT FEW VIEWS ON YOUTUBE. - FEW VIEWS ON YOUTUBE. COMMUNITY SECTION SHUTSECTION OFF. NO COMMENTS COMMUNITY SHUT OFF. NO COMMENTS Sunday, April 7, Sunday, 13 April 7, 13 ALLOWED ON POSTS. YOUTUBE DOESNT REFLECT NEW DESIGN. ALLOWED ON POSTS. YOUTUBE DOESNT REFLECT NEW DESIGN.
FURTHER-DISCONNECT FURTHER DISCONNECT SITE SITE VANITY URL EMPLOYEE POSTS. VANITY URL EMPLOYEE POSTS. SHOWS NEW DESIGN. SHOWS NEW DESIGN. SIMPLY REWATCH SIMPLY NOTHING NOTHING WHAT YOUVE WHAT REWATCH YOUVE USEFUL ADDEDUSEFUL TO SITEADDED TO SITE FURTHER DISCONNECT -DISCONNECT FURTHER JUST SEEN. NO COMMENTS. JUST SEEN. NO COMMENTS. EXCEPT VIDEO CONTENT. EXCEPT VIDEO CONTENT. SITE VANITY URL EMPLOYEE POSTS. SHOWS NEW DESIGN. SITE VANITY URL EMPLOYEE POSTS. SHOWS NEW DESIGN. SIMPLY REWATCH SIMPLY NOTHING WHAT YOUVE WHAT ADDEDUSEFUL TO SITEADDED TO SITE NOTHING REWATCH YOUVE USEFUL JUST SEEN. NO COMMENTS. EXCEPT VIDEO CONTENT. JUST SEEN. NO COMMENTS. EXCEPT VIDEO CONTENT.
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Initial Results
SUMMARY
1 2 3
Negligible change in sentiment after the Bank of America ad aired on Saturday, April 6th. Very few posts mentioned the ad.
Social mentions remained focused on bigger BoA bank news and events.
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3.3%
485
BLOGS
3.3%
463
FORUMS
2%
35
BLOGS
3%
48
FORUMS
41.8%
5,797
TWITTER
51.4%
7,134
NEWS
64%
1,018
31%
497
NEWS
36% 61%
36% 62%
NEGATIVE
NEUTRAL
POSITIVE
NEGATIVE
NEUTRAL
POSITIVE
Sentiment on Saturday was slightly less positive than sentiment on Sunday. On 4/6, 57% of mentions were positive compared to 4/7, where 61% of mentions were positive.
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Bank of America
word clouds
In the past week In the past day
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The Posts
Only a handful of posts reacting to the new ad campaign. Most Bank of America mentions were surrounding big news or events for the bank.
Big Bank of America news dominated social posts Relevant Twitter mentions
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Social Listening
conclusions
1 2
The advertisement on 4/6 did not make enough of an impression to change sentiment or create attention on social media or blogs. Sentiment around Bank of America is generally positive. Sentiment comparison analysis could be conducted on competitors to gain a better understanding of the industry standard.
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Is it
worthy of concern?
It remains to be seen how effective the campaign will be for Bank of America, because: } It launched with a message that is heavier on point of view than on products during a time when customers and clients are primarily focused on whats in it for them. } The work fails to strongly communicate how the Banks network of connections is more extensive, more purposeful, and more helpful for customers and clients. This, coupled with low branding, could hurt the Banks effort to stand out. } Some disconnect exists between Portraits and recent press about banking center updates and digital capabilities. The former leans local and human, while the latter highlights new innovation and technology. While both are important, the lack of connection between them feels like a miss. For a company that prides itself on its digital innovation, its an interesting decision to launch with a message that is remarkably backward looking. Bank of America had come to be seen as a profit-over-people organization. This new, human approach attempts to tackle that perception head-on. If this approach is successful and can truly pay off with a new banking experience, it could be very powerful particularly given that it already has a foot in the door with every other household in America. The cynics are unlikely to be moved, but then its unlikely any marketing would have accomplished that.
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