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| Subject: BofA Tries to Remind People of Rosier Era. | |
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Author: Dennis S. Vogel |
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Date Posted: 22:55:28 04/19/10 Mon In reply to: Dennis S. Vogel 's message, "Does Marketing Mean Never Having to Say You're Sorry?" on 00:14:38 04/06/10 Tue I posted another comment/response for another Ad Age article. By the time you read this, it may not be available to nonsubscribers. The article title is BofA Tries to Remind People of Rosier Era. The URL is http://adage.com/madisonandvine/article?article_id=143358 I've included a few quotations from the article to supply some context. “Like all financial institutions, Bank of America is still licking its wounds from the Great Recession. But a new entertainment-marketing partnership with the History Channel finds the bank turning to a rosy depiction of its past in hopes that consumers can overlook its more recent history." "...in hopes that consumers can overlook its more recent history." When I look at the BofA picture of men struggling to push a covered wagon, it reminds me of how taxpayers - whether we wanted to or not – pushed too many banks out of their self-inflicted mud holes. In any communication, it's vital to think ahead about how words & images may be interpreted. My mind naturally extrapolates further - The current rosy era (for banks at least) reminds me of a driver of a 4 wheel drive truck getting help from some kind folks. They push while the driver spins the truck tires & splashes the helpers with mud. The effort is successful & the driver keeps driving away - slinging a bit more mud in the helpers' faces - without acknowledging the help or showing gratitude. "As the presenting sponsor of History Channel's "America: The Story of Us," a 12-part miniseries premiering April 25, Bank of America is creating 12 mini-documentaries to air during commercial breaks spotlighting the role the Charlotte, N.C.-based bank has played in historical events of the last 400 years." "When you look at the archives, so many things would not have happened without their funding," Chris Moseley, History's exec VP-marketing said, pointing to the vignette series' segments on the bank's expansion of Ellis Island in 1814, the rebuilding of Chicago after the great fire of 1871 and its financing of early Hollywood epics from Louis B. Mayer and Cecil B. DeMille as examples. "We're so excited to be able to tell their story in a fresh way that's based on facts and very credible. We want to be as accurate as possible to protect the History brand." Would that level of accuracy also include the interest rates/finance charges? Were the expansion of Ellis Island & the rebuilding of Chicago charitable donations or loans? Will the explicit or at least implicit message be- BofA had a major part in 400 years of history? BofA's role was so important, the US & its citizens owe BofA a big debt. Being the beneficent bank it is, BofA will forgive the remaining debt & call it even. Or am I being too cynical? If this effort isn't handled well, it could seem like a kid trying to hide the mess from a party just as the parents get home. There's been a lot in adage.com about sincere & insincere apologies. "They're taking the Tiger Woods approach…" Not quite because Tiger deeply hurt a smaller number of people. It seems like an ex-wife saying, "Forget why you divorced me. Let's just remember the fun we had." Implicit message - It wasn't so bad, so get over it! It's easy for BofA executives to downplay problems & think of the positive. I acknowledge it WAS a great marriage - for her but not for me. There's a big difference between being sorry for being caught & being sorrowful for causing pain. I don't expect anybody to apologize forever, but I expect a real apology. Randy Pausch (Carnegie Mellon Professor) shared a lot of wisdom in his "Last Lecture" while he battled pancreatic cancer. He said a full apology includes 1) I'm sorry. 2) It was my fault. 3) What can I do to make it right? Asking isn't enough. To make it right, do your best to fulfill the answer to the question in part 3. A full apology helps people put inflicted pain behind them. Is this miniseries how BofA is trying to make it right with us? More than a decade ago, people criticized Hollywood for its TV shows which showed a problem & quick, easy "solution" in less than 30 minutes (shorter because of commercial breaks). Real life doesn't work that way. Consciously, people may forget quickly. Subconsciously, there's a wall in each person's mind. Inflicting pain is like throwing mud on somebody's newly painted wall. The mud will eventually fall off, but there will be marks for a long time. People who retired or were about to retire may have lost too much money to be retired. Instead of being retired, they'll be among the unemployed. If they haven't retired yet, instead of gladly retiring & vacating a job, they need to keep their jobs. As a result, there'll be fewer job openings. Dennis S. Vogel Don't expect consumers to conform to you or you'll lose. Build their trust. Help them win as they are, or help them improve & you'll win too. To help you do it, I have free marketing advice & information here - http://www.lakefield.net/~thrivingbusiness/ http://www.voy.com/31049/ [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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