Tuesday, January 02, 2007

Bank of America Executes Nationally, but Delivers Locally

Bank of America continued with its forward momentum in 2006. It ended 2005 with a bang by introducing Keep the Change. And it kept on chugging forward by merging with MBNA and keeping online brokerages on their heels by offering $0 equity trades for accounts with $25,000 or more.

Bank of America has continued to maintain its presence online, on air, and in print of mostly product-specific ads that focused on its "Higher Standards" campaign. It looked to add value to its customers seeking a single financial source. Bank of America's goal is to become a "destination" brand.

"Reflecting our size and scale, and the capabilities that we deliver domestically and throughout the world, our marketing strategy is singularly focused on supporting and accelerating the growth prospects for our company," says cheif marketer Anne Finucane. "Our ongoing work is meant to evolve Bank of America from a brand everyone knows to a destination brand that everyone-consumers, businesses, and communities--chooses and uses repeatedly because our innovative solutions and understanding of their financial needs create opportunities for them that no other financial services provider can match."

Bank of America will continue to attract and retain customers since it focuses on creating a portfolio of easy-to-use products, technology, and customer security. In fact, its online banking site includes the addition of "Sitekey" which protects its customers against identity theft. Bank of America's ability to integrate product, service and marketing strategy allow it to move smoothly through the rocky financial industry.

Bank of America marketing objectives in 2007 include extending race-themed mass-market promotions, at-track branding and hospitality, rewards programs for customers and employees, and business-to-business and cross-promotional opportunities with NASCAR's various sponsor partners. In addition, Bank of America is the official sponsor of Major League Baseball, the 2006-2008 U.S. Olympic Teams, and the NFL's Carolina Panthers, Washington Redskins, Dallas Cowboys, and New England Patriots.

Bank of America's growth is just another great example of a company leveraging its size to add value and increase revenue, and expand its customer base. Federated Department stores is using a similar strategy with Macy's. Likewise, Federated is leveraging the marketability of Macy's as a national brand. Macy's may be America's Department Store, however, Bank of America is definitely America's Bank.

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