Comments on: BofA’s “how long can you touch it” promo

By: 15 of the Best Guerilla Promotions in Banking : The Financial Brand: Marketing Insights for Banks & Credit Unions

Sat, 30 Oct 2010 17:48:01 +0000

[...] 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 [...]

By: Jeffry Pilcher

Jeffry Pilcher — Thu, 16 Oct 2008 20:07:48 +0000

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?

By: Jeffry Pilcher

Jeffry Pilcher — Thu, 16 Oct 2008 18:20:47 +0000

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.

By: Jeffry Pilcher

Jeffry Pilcher — Thu, 16 Oct 2008 17:14:02 +0000

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.

By: Andrew

Andrew — Thu, 16 Oct 2008 14:41:42 +0000

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.