Bank of America has finally tried to capitalize on their name… THE Bank of AMERICA. It is clever, but no substitute for a truly meaningful brand. A brand that is truly meaningful to target audiences identifies the highest emotional intensity in the market and the precepts of that audience. As the Bank of Opportunity, they are close to being a brand, and in the brand-blind market of the banking industry, it might just be as close as it gets to, well, still not great.
Bank of America is caught believing that a brand promise is the same as an advertising tag line. They can be and very well may be the same, but in this case, the Bank of Opportunity is too much about the bank and not enough about the customer.
Opportunity is today’s version of “possibilities” , a vague promise that there is something worth getting out there but we are not ever quite sure what it is. If seeking more "opportunity" is the most emotionally intense reflection of the target audience, then Bank of America has a winning brand.
However, research shows that the brand promise of opportunity is a key flaw in the Bank of America's claim. Brand needs to be about your prospect, but it must also reflect the realities of your business model. In one of our research studies, 21% of Bank of America customers were unhappy with their bank and would consider switching banks. (Although it should be noted that they aren't swtiching, because they believe a new bank would simply be more of the same.) Therefore, not only is the claim of "opportunity" not believable, it is also not the most emotionally intense current running through the market.
Bank of America has almost twice as many branches as its nearest competitor, which means that they have built their brand with bricks and mortar upon location and convenience and not customer preference. What will they do with all those branches when no one wants to use them anymore? It is a fair question.
Most of their marketing messages are an attempt to sell category table stakes. The Bank of Opportunity is in fact the bank with credit cards, free checking, ATM Machines, On-line banking, and investment services. Now there is brand differentiation for you.
Stealing Share is a brand development firm that arms its clients with the tools they need to drive competitive advantages. We conduct research and provide corporate strategy, positioning, training and brand design with one goal in mind: To steal market share for our clients.
Our experts are all about the science of persuasion, and have proven it with brands and companies all across the world. We uncover the fears and belief systems of your target audiences so your brand can align itself with them and create preference. It’s how we steal market share.
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