Branding. Don't try to manipulate it. Make a promise and live up to it.
My wife and I closed down all of our Bank of America accounts two years ago because they seemed to stop caring about us.
What a large, honest sounding brand name. They raised interest rates without telling us. They lowered credit limits without telling us. They tightened the screws on us in every way we could imagine at a time when we needed help. So we switched to a credit union which we found delightful to deal with.
It's no easy feat, shutting down your savings and checking accounts, when you have automatic online payments scheduled, direct deposits, safety deposit boxes... God, it was a lot of work. No simple decision. We had to be motivated. In fact we were indignant. They created a situation which we felt left us no alternative.
So you know what I think of B of A.
Today I'm reading that they're trying to burnish their tarnished brand.
http://www.reuters.com/article/2011/10/11/bankofamerica-ads-idUSN1E79A21120111011
After they did to millions of people what they did to us. After they took all that federal bail out money. After they paid terrific bonuses to all their top people. After it was proven that they triggered improper foreclosures. Today they are running ads in 12 of their larger markets that try to convince us they care, that they invest in local communities, that they invest in small business. All of that sounds pretty hollow after my experience with them.
And didn't I read just the other day that the CEO of B of A publicly said that the bank "deserves to make a profit" after announcing its five dollar a month debit card fee? The answer is, of course, yes. But in light of everything they have been accused of doing... and I can account for some of it... is that not one of the more callous and selfish comments you can imagine?
This is an instance where clever, targeted advertising will never undo the damage of reality. I've written before that marketing needs to be honest. It needs to speak to people clearly and without deflection. I would suggest that the B of A stop all advertising now and sink its money and efforts into, first and most importantly, changing its culture, and then gaining as much public relations as it can to prove that it's changing its culture.
Do not try to tell me through clever advertising that you have been misunderstood. Do not try to take it even a step further through clever advertising to tell me that are really pretty swell. Do things right. Do them right often. Then talk about how you can help me and my wife feel better about the way you do business.
Branding. Don't try to manipulated it. Make a promise and live up to it.
My wife and I closed down all of our Bank of America accounts two years ago because they seemed to stop caring about us.
What a large, honest sounding brand name. They raised interest rates without telling us. They lowered credit limits without telling us. They tightened the screws on us in every way we could imagine at a time when we needed help. So we switched to a credit union which we found delightful to deal with.
It's no easy feat, shutting down your savings and checking accounts, when you have automatic online payments scheduled, direct deposits, safety deposit boxes... God, it was a lot of work. No simple decision. We had to be motivated. In fact we were indignant. They created a situation which we felt left us no alternative.
So you know what I think of B of A.
Today I'm reading that they're trying to burnish their tarnished brand.
http://www.reuters.com/article/2011/10/11/bankofamerica-ads-idUSN1E79A21120111011
After they did to millions of people what they did to us. After they took all that federal bail out money. After they paid terrific bonuses to all their top people. After it was proven that they triggered improper foreclosures. Today they are running ads in 12 of their larger markets that try to convince us they care, that they invest in local communities, that they invest in small business. All of that sounds pretty hollow after my experience with them.
And didn't I read just the other day that the CEO of B of A publicly said that the bank "deserves to make a profit" after announcing its five dollar a month debit card fee? The answer is, of course, yes. But in light of everything they have been accused of doing... and I can account for some of it... is that not one of the more callous and selfish comments you can imagine?
This is an instance where clever, targeted advertising will never undo the damage of reality. I've written before that marketing needs to be honest. It needs to speak to people clearly and without deflection. I would suggest that the B of A stop all advertising now and sink its money and efforts into, first and most importantly, changing its culture, and then gaining as much public relations as it can to prove that it's changing its culture.
Do not try to tell me through clever advertising that you have been misunderstood. Do not try to take it even a step further through clever advertising to tell me that are really pretty swell. Do things right. Do them right often. Then talk about how you can help me and my wife feel better about the way you do business.
Branding. Don't try to manipulated it. Make a promise and live up to it.
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