SPIDERLIGHT
MOLLY HERSH
CAMILLE JARMON
BRIANA O’KEEFE
DEREK YEGAN
TABLE OF CONTENTS
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EXECUTIVE SUMMARY
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RESEARCH
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MEDIA STRATEGY
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CREATIVE
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PROMOTIONS BUDGET AND EVALUATION
EXECUTIVE SUMMARY
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CHANGE IS HARD
unique because it shows that they are there to help those who may need it more than
WHAT WE DO
Young Adults are contantly transitioning into
others. We aim to stay true to those values by
What we have made is a fully integrated
the next stage of their lives, and with each
focusing on the importance of instilling a strong
campaign that will show Young Adults that
transition they become more independent
financial foundation early on. The fundementals
Bank of America is not only a trustworthy
from their parents, and more responsible for
of saving and budgeting are skills that will lead
bank, but one that will steer them in the right
themselves. The truth is, there’s no way to be
to success for life.
direction. We understand that what they are
completely prepared for being on your own,
going through is scary, but we’re going to make
ecspecially when it comes to finance. Going from Mom and Dad paying for everything from
EXTRA ATTENTION
it as smooth of a transition as possible. Our
rent, to car insurance, to meals, to covering all
Young adults are unique customers. For many,
traditional media, partnerships and promotions,
that yourself can be a rude awakening.
they are will soon be or already supporting
as well as new incentives for the program.
themselves for the very first time. They need to
Through our efforts, we will strenthen the
HERE TO HELP
feel reassured that they will succeed, but at the
existing Bank of America brand, but now with
same time empowered. Whether paying off their
an added twist.
Originally founded as Bank of Italy, Bank of
student loans, or saving up for a a car, Young
America was dedicated to providing service
Adults usually could use a little extra help. We
to Italian Immigrants who had been denied
made it our goal to let them know that Bank of
elsewhere. This attitude makes Bank of America
America is here for them, every step of the way.
campaign utilizes both traditional and non-
RESEARCH OBJECTIVES We set out to find everything there was to know about Bank of America, and the perceptions of the company. By delving into company history and current events, as well as gathering both qualitative and quantitative research, we were able to gain insight into the public’s opinion. Understand how the customer views Bank of America and how it fits in his or her life Find out new ways to reach the customer and strengthen their relationship Discover innovative oppurtunites to gain new customers Increase positive perceptions of Bank of America
SWOT ANALYSIS STRENGTHS
WEAKNESSES
• Long standing reputation and dominant market position with large global presence • Allows easy access to a variety of financial services • Innovation in services which leads to convience
• Banking operations such as fees and added charges • Issues with corporate management • Loss of trust and negative brand image • Failure to capitalize on large global presence
OPPURTUNITIES
THREATS
• Increase market share within the student market and internationally • Offer larger incentive by creating helpful banking advice • Increase trust and convenience within Bank of America • Take advantage of online resources
• Competiton from commerical banks and credit unions • Economic turmoil • More restrictions from the federal government • Bad publicity
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INDUSTRY ANALYSIS For a business never entirely understood by its customers, the American banking industry plays a key role in the every day lives of consumers and non-consumers alike. Banks are closely integrated in the operation of our government and the management of the ever-changing financial environment. With over 7,513 operating banks across the country, the business is responsible for transferring risk, supplying liquidity, and allowing for both major and minor transactions. Although monitored and regulated by the Federal Reserve, the banking industry is treated as any other competitive corporation. Often seen as a “necessary evil”, American banks are desperate to redefine their image and secure the trust and loyalty of their customers. Many companies are now looking to utilize the development of online and mobile banking, as well as social media, to better connect with customers. Some of these institutions are also focusing on young adults and student consumers to gain their loyalty at an early age.
Ranked first in the nation with over 5,490 branches and assets of $2.3 trillion. Chase offers specialized student checking accounts for high school students (13-17) whose parent has an existing Chase account, and college students (17-24)
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Chase also provides informative videos targeted specifically to college students on its “Student Center” website page.
Wells Fargo offers a College Combo package with both a College Checking and Way2Save Savings account. Students have access to over 12,000 ATMS and 6,200 banking locations. Wells Fargo also offers a College Credit Card as well as a Campus Debit Card for use at participating schools.
Citizen’s Bank offers a Student Money Bundle with exclusive features including Money Saving Discounts, where students can save money on food, entertainment, travel, clothing, and school supplies. Parents can easily transfer money and there is no monthly balance requirement with the bundle.
Credit unions are member-owned, not-for-profit financial institutions. Although they have fewer branches and ATMs, credit unions generally have lower fees and better rates than commercial banks. Campus credit unions are completely geared to student’s needs and help students manage their finances and build a strong credit record.
RESEARCH FINDINGS After conducting both quantitative and qualitative research in the form of a variety of surveys for both current Bank of America customers and non-customers, as well as oneon-one interviews, we gained some insight into Bank of America’s current place in the market, as well as the best ways to reach potential and current customers. TOP RESPONSES TO HOW TO IMPROVE TRUST IN BANKING
BANK OF AMERICA’S STRONGEST ATTRIBUTES Large number of ATM’s and branch locations
Transparency of business practices Free financial advice Better customer service Stronger security for online banking
MOST PEOPLE SAID... They would be interested in free financial advice BUT FEW PEOPLE SAID
WEAKEST ATTRIBUTES Fees Corporate decision making
They would actually watch online videos featuring free financial advice
AVERAGE SOCIAL MEDIA USAGE PER DAY
>30 minutes
30-60minutes
1-3 hours
3-5 hours
AVERAGE TELEVISION USAGE PER DAY
>30 minutes
30-60minutes
1-3 hours
3-5 hours
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MARKET SEGMENTS After gathering and analyzing our research, we were able to break down our target market into two market segments: the experienced and inexperienced young adults. While both markets lie within the millennial demographic, they have very different characteristics
PRIMARY: Young Transitionals ages 17-20
Our primary market are young adults who will
Our secondary market lies within soon to be or
soon or have recently graduated high school.
recent college graduates. They may be moving
They will be moving away from their parents
away from where they attended school, which
for school, and while they are learning to
would provide an oppurtunity to change banks.
become independent, their parents still make
They are becoming increasingly independent
a majority of their financial decisions. They are
from their parents, however they are still likely
opening their own accounts for the first time,
to rely heavily on parental input. They are
and may or may not stay with the same bank
getting their first jobs, and therefore beginning
as their parents. They value saving time and
to learn firsthand about income, expenses,
saving money, and prefer not to physically go
and managing their finances for themselves.
into branches.
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SECONDARY: Experienced Transitionals ages 21-25
KEY INSIGHTS MOTHER KNOWS BEST
GOAL ORIENTED
CONVENIENCE IS KEY
While Young Adults are beginning the transition to becoming independent, they still heavily rely on their parents. Even if they aren’t being supported financially, parental opinion matters when making banking decisions.
Whether saving for a car or paying off student loans, budgeting is very important for Young Adults. Since they are usually focused on specific financial goals, tips on acheiving these goals a will be helpful.
Always on the go, Young Adults value saving time and ease. They prefer to perform their transactions at ATM’s as opposed to branches, and tend to utilize online banking and mobile apps.
CAMPAIGN OBJECTIVES Effectively translate the convenience and trustworthiness of the Bank of America brand to the student banking market Increase current customer trust and loyalty, and attract new customers Effectively utilize technology to accomplish the first two goals
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BIG IDEA REACH BEYOND Young Adults are constantly going through changes and transitions, whether they are starting college, getting their first job, moving into their first apartment, or establishing financial independence from their parents. During these potentially turmultuous times, Bank of America is there to provide a strong and helpful foundation for Young Adults so they can successfully start their lives and acheive their goals. They are free to pursue their dreams without their finances holding them back.
CREATIVE VISION LEARNING TO PROGRESS Managing your finances for the first time on your own is not easy, but Bank of America is there for you every step of the way. Whether paying off student loans or saving up for a car, Bank of America can help set and maintain financial goals. With a creative vision of Learning to Progress, we can focus on the educational aspect of banking to teach Young Adults to be smart with their money early on.
TONE Trustworthy, helpful, uplifting, and slightly comedic
TAGLINE Bank of [you]
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MEDIA OBJECTIVES In order to elevate Bank of America in the eyes of our target market, we will introduce a consistently fun and uplifting message regarding our student banking program. We will put a large emphasis on the first two quarters of the campaign to achieve maximum impressions during the most pivotal transition times. For media purposes it is important to note that both the primary and secondary market belong to the same demographics, and as students, they tend to share many commonalities in their choice of entertainment and lifestyle. For this reason, our promotions and creative executions will resonate with both markets. In our research we have determined that both markets are still heavily influenced by their parents, so our media will be widely distributed to ultimately reach all target audiences and their influencers.
SCHEDULE The campaign will be launched in April 2012, beginning with a condensed media schedule for the first two quarters. This time period, April through December, is traditionally a time of transition with college and post graduation decisions. Through selected broadcasted mediums, outdoor and print our goal is to saturate the environment of our target market. Throughout the rest of the year the emphasis will be placed on Internet marketing and the different online resources the campaign incorporates.
GEOGRAPHY The campaign will implement a national strategy with broadcast, print and online media. Our outdoor advertising will be placed in major college cities throughout the country to generate an additional awareness in heavily populated areas.
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REACH Achieve a minimum goal of 75% for each 4 week period of advertising. We will achieve this goal through a combination of Television commercials, Internet, print and outdoors. FREQUENCY Achieve a minimum goal of 12% for each 4 week period of advertising. Local, outdoor, Television, Internet and print, outdoors. BUDGET Our media budget will be 65% of the total allotment of 35 million dollars.
MEDIA STRATEGY TELEVISION
OUTDOOR
Television is still the most heavily viewed vehicle amongst all audiences and will allow for high frequency. Our fun, 30 second spots will communicate a positive and helpful vision of student banking at Bank of America.
Outdoor will be used in the largest metropolitan areas as well as in the major college cities in the US. Outdoor will help create awareness of the program while being cost effective.
ONLINE
Magazine advertisement will not only target our primary audience, but their parents as well. We will choose a variety of magazines with high coverage, some of which target an older audience. Our full page placements will re-establish the messages of the webisodes, and will resonate with all audiences. As for scheduling, a large emphasis will be placed in the months of May and August when students are entering their transitional phase.
A strong focus will be put on internet advertisements, as it is the medium our targeted audience spends the most time with. The online placements will include streaming online ads and traditional placements like banners. The more traditional Internet executions will be on the 18 top ranked websites. In addition the commercial will also be placed on our audiences’ favorite online streaming video websites.
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PRINT ADS
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Our series of three print ads feature three relatable characters all going through difficult transitions that will affect their finances. The ad pictured, “Car Ride,” pictures a Young Adult driving off to college with her parents when they begin to nag her about beginning to become financially responsible and independent. She’s making a face that both Young Adults and parents will easily recognize and sympathize with. The copy shows that Bank of America can help please both you and your parents through this transition. Our other two print ads feature a Young Adult graduating from college when she suddenly realizes she is financially responsible for herself, and a young man packing to study abroad when he again, realizes he didn’t plan out his finances. Each ad will feature a different word or phrase in brackets after “Bank of,” to show the individualization of these experiences. This will also be the three different character depicted in our webisodes.
COMMERCIAL 30 SECOND SPOT: “BANK OF [LIFE]” Staying consistent with our positive, slightly humorous tone, this quick-paced commercial features digitally enticing images and fun, uplifting music. The message aims to communicate directly with our target audience by illustrating the challenges of starting a financially independent life and offering a solution with Bank of America’s new student program. The commercial will showcase Bank of America’s new focus on financial education and personal assistance.
“Growing up can be tough”
“To little bumps along the way”
“And uncharted territory can be scary”
“With Bank of America’s new student banking, we’re with you for every turn”
“But every new path is a new oppurtunity”
“And because life is a learning process”
“From big decisions”
“We’ll teach you how to keep your ‘pay day’s’ growing. Bank of America, Bank of Life.”
WEBISODES: The online campaign includes a series of webisodes, each capturing one of three imagined characters of our target audience in a “transitioning” situation. The webisodes are an extension of our print ads and are meant to reinstate our tone. They will be featured on our website, as well as a hulu.com ad, and on the Bank of America Youtube channel.
EXAMPLE: “THE TALK” While being nagged by her mother, a girl originally excited by leaving for college becomes worried about her finances living on her own. She reassuringly locks eyes with her mother and “Bank of [Independence]” is shown on the screen.
EXAMPLE: “STUDY ABROAD” While packing for his study abroad trip, a boy imagines all the fun times to come and becomes excited, but is suddenly hit with a wave of anxieties he has about the trip, the majority of which revolve around finances. He looks up from his suitcase with a terrified expression. “Bank of [Discovery]” appear on screen over a series of Italian postcards.
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OUTDOOR BILLBOARD Our billboards featuring the three characters from the print ads and webisodes will be placed on major freeways and high traffic areas in metropolitan areas.
WILD POSTINGS Our guerilla style wild postings will be put up in large cities in areas with high foot traffic. They will mirror the print ads, using the same characters and design elements, and will promote the new student banking program. The example shown of the Young Adult going off to college says, “Bank of America’s new student banking program will make it easier to get Mom and Dad off your back.”
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ONLINE
[ME]banking gas $100 $150
entertainment
$50
restaurants
welcome back! Rachel Rees
log out
RACHEL’S TIP OF THE DAY
BUDGETING AND GOALS groceries
[ME] BANKING WEBSITE
NEVER SHOP HUNGRY If you're going to do some grocery shopping, either on your own or with a family member, and you go when you’re hungry, the results can be disastrous. Your cart or basket can ll very quickly with all kinds of goodies that you don’t need, but that look good because you haven’t eaten since breakfast.
more tips
$80
Users have an opportunity to input their financial goals as well as budgeting within various aspects of their lives. Users who stick to budgeting and goal plans receive rewards. Monitor your account and recent activity directly on your profile page Financial advice and tips are updated daily and posted at the top right of the page. Users can search previous postings as well. Make payments or order checks through links on the page. Bank of America’s “Life Technicians” are available to answer questions 24/7 on the live chat box located at the bottom right of the page.
SAVING PROGRESS
LIVE CHAT
WEB BANNERS Web banners mirroring the print ads will be placed on major social media, shopping, and ticketing websites. They will lead to the Bank of America student banking website.
$3000 see more
nancy is available to chat
ACCOUNT BALANCE CHECKING: SAVINGS: CREDIT: buy checks transfer funds recent transactions settings
$3,456.98
available balance
$6,876.03
available balance
$345.76
GUERILLA ONLINE ADS
outstanding balance
type your question here....
SEND
When you scroll over this moving online ad, a face is propelled onto to the screen with the words “Need a boost? With Bank of America Student Banking, you get the best start to “real life”
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SOCIAL MEDIA BANK OF AMERICA “SMART STUDENT” FACEBOOK PAGE The “smart student” Facebook page is one of the many outlets where students can interact with Bank of America. The page will keep students updated on current banking advice, provide exclusive incentives, as well as Bank of America representitives ready to respond to comments left of the page’s wall.
REACH BEYOND BLOG The Reach Beyond blog is a frequently updated blog, which will serve as the hub for banking geared towards Young Adults. Posts will include everything from tips for saving and budgeting, to upcoming events, to personal success stories from other Bank of America customers that fall into
REGIONAL TWITTER ACCOUNTS Our campaign will utilize regional Twitter accounts for a truly custom social media experience. The accounts will highlight regional branches as well as local events that Young Adults will enjoy and benefit from.
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the demographic.
INCENTIVE PROGRAM SMART STUDENTS SMART BANKING The Smart Students Smart Banking program rewards participating students by increasing the interest rate of their savings account
A AVERAGE .75%
B AVERAGE .5%
C AVERAGE .25%
D/F AVERAGE
increase over base rate
increase over base rate
increase over base rate
increase over base rate
NO
based on their grade point average.
JANUARY-MARCH groceries and restaurants
APRIL-JUNE movies, concerts, and entertainment
BEYOND SAVINGS CASHBACK CARD To help keep wallets full, customers who apply for the Beyond Savings Card will be rewarded with 5% cashback on a variety of categories, rotating each quarter. The categories are meant to target aspects that hit the student budget
JULY-SEPTEMBER
OCTOBER-DECEMBER
home improvement and home furnishings
gas, airfare, and travel
hard, such as food, gas, travel, movies, concerts, moving, and more.
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PROMOTIONS
CHEVRON PARTNERSHIP A partnership with Chevron will focus on helping out Young Adults in a place that hits their wallet the hardest-gas. Customers who utilize the online student banking site and meet their savings goals will be rewarded with a $5 Chevron gas card, which will not only please the customer, but drive traffic
COLLEGE ORIENTATION BOOTHS Bank of America will target Young Adults at the beginning of a big transistion: starting college. This presents a large oppurtunity for new students to switch banks, so it’s important to make an impression on campuses. Bank of America representatives from nearby branches will set up branded tents on campus during orientation week. In addition to the regular collaterals and branded pens, the Bank of America tents will create a fun and energetic atmosphere to draw in passing students.
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towards Chevron as well.
SOUTHWEST AIRLINES PARTNERSHIP There’s no place like home, especially for students living far away from their parents for the first time. With a partnership with Southwest Airlines that offers exclusive discounts to customers with student banking accounts, homesick students can take a bite of Mom’s homemade meatloaf without breaking the bank.
PROMOTIONS LOCAL BANDS COLLEGE CONCERT SERIES PRESENTED BY BANK OF AMERICA Instead of dropping cash on expensive concerts, Bank of America will help you save by bringing the music to you. The Local Bands College Concert Series will target college towns across the country, find a lineup of local bands and musicians, and put them in the spotlight. Bank of America will sponsor these events on campus, at rates friendly to the student budget. While students are dancing the night away, Bank of America will host a space to wind down and rest for a bit, complete with collaterals and promotional materials about Bank of America student accounts.
A FEW EXAMPLES OF TARGETED CAMPUSES
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MEDIA SCHEDULE
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BUDGET TOTAL BUDGET ALLOCATION
MEDIA BUDGET ALLOCATION MEDIA [65%]
BROADCASTING [35%]
COMMISSION [20%]
ONLINE [25%]
MISCELLANEOUS [5%]
OUTOOR [15%]
PROMOTIONS [10%]
PRINT [25%]
EVALUATION Google Analytics: This tool will give us insight into the effectiveness of our online advertisements as well as traffic information for our updated website and [Me]Banking profile page
PageLevel: This advanced insight evaluation system will be used to track the success of the Bank of America Facebook posts and activity.
FollowerWonk: We will apply this program to Bank of America’s Twitter accounts. Designed to compile and analyze follower information, FollowerWonk also evaluates the effectiveness of tweets.
Post Testing/Surveys: Following the campaign, we will conduct focus group testing and surveys to complete a thorough understanding of the effectiveness of this campaign.
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