BofA’s “how long can you touch it” promo
A big, inflatable NFL jersey…that is.
BofA used an old standby — the stamina contest — in its promo for this year’s NFL kickoff. No fancy Web 2.0-style microsite. No online social media component. Nope. Their Now Prove It Challenge tested fans’ limits as they attempted to outlast one another by continuously touching a giant 20-foot inflatable team jersey. The last fan standing won a pair of tickets to every 2008 regular season home game of their favorite team.
The Now Prove It challenge took place in the hometowns of the Carolina Panthers, Dallas Cowboys, New England Patriots and Washington Redskins. All four teams are sponsored by BofA.
The contest in Washington, D.C., started at noon on a Wednesday and ended 19 hours later.
As the Official Bank of the NFL since 2007, Bank of America provides NFL-themed personal banking products nationwide, including credit cards with the logos of each of the 32 NFL teams.
Key Takeaway: This kind of promotion can be deployed by any sized financial institution anytime. The thing people keep their hands on doesn’t need to be a jersey (how about a Prius?). And you don’t have to give away season tickets (how about a Prius?).
This article © 2012 by The Financial Brand and may not be reproduced.
Related Articles From The Financial Brand:
- 15 of the Best Guerilla Promotions in Banking
- 9 Promotions Building Facebook Fans for Financial Institutions
- Credit Union Toys with Microsoft Tag Tech in $15,000 Scavenger Hunt
- March Madness: The Do’s and Don’ts
This is fun, but what does it do for the Bank of America brand? I get that it reinforces BofA’s official sponsorship with the NFL, but it seems too cutesy and out of touch with what consumers really care about — the security of their finances. BofA and other financial institutions should be transitioning their sponsorship/marketing dollars into customer service programs to connect with consumers, provide education and support, etc.
Hi Andrew,
Are you suggesting that financial institutions need to focus all their marketing energy on the “safe and sound” message? Can’t a financial institution promote that message while also conducting other promotions?
It’s worth noting a few things. First, this promo was probably planned at the beginning of the year, when time’s were different. Second, BofA’s sponsorship dollars (like the NFL) are contractually committed in multi-year deals (often 10+ years). Third, BofA, along with Wells Fargo, is one of the few financial brands to turn a profit in the last four consecutive quarters.
If they were losing money, or if the BofA brand was submerged in turmoil, it would be easier to endorse a drastic “course correction” in terms of budget, message and resources.
Besides, BofA has a $2 billion marketing budget, so I’m guessing they can afford to run a few campaigns with a couple different messages simultaneously.
Bottom Line: It could be very reckless if financial institutions abandon all their normal marketing activities in favor of an entirely “safe and sound” strategy. That feels very rash and reactionary.
Some people have said this is a waste of money because BofA isnt’ investing in their brand identity. But it’s worth noting that this promo was ridiculously inexpensive relative to BofA’s other marketing initiatives. The season tickets given away as prizes were probably the most expensive component. They already had sponsorships in place with each of the four teams, so that part didn’t cost anything extra.
This brings up another interesting point. I’ve encourage separate budgets specifically for branding for years. Everyone seems to pool advertising, marketing, sponsorship, PR, promotional AND branding budgets all into one. Branding affects and impacts every aspect of the organization, so why should marketing take the hit?
[...] BofA, an official NFL partner, kicked off the 2008 season with its “Now Prove It Challenge” contests at various stadiums around the league. Fans competed in endurance contests to see who could outlast the others by continuously touching a giant 20-foot inflatable BofA jersey. The last fan standing won a pair of tickets to every 2008 regular season home game of their favorite team. READ MORE [...]