They should know how to invest money, right? Bank of America doubling advertising spending on digital platforms with goal to create stronger and more personal connection with consumers. In other words, they will use increase use of social media and move away from traditional advertising in TV and print.
Head of Marketing Claire Huang said "We're not abandoning any of those forms of media, but we're realizing that digital not only allows you to provide information, you can have real, live connections. It's not just a flat little square box you have two seconds to look at."
Focus of their digital campaign will be creating digital content, not only advertising in digital media. "Traditional advertising of digital like search and banner ads has shrunk a little bit," Ms. Huang continues. "We're actually making our own content because we have the content experts."
Bank of America already producing podcasts and it will continue to act as digital publisher, together with their partner AOL. Blogs, webcasts, twitter and other social media tool will give them quick and more engaging connection to targeted consumers.
As I always pointed out – traditional forms of advertising will fade, even in digital media. Advertisers will become publishers. And social media allow them to do publish content in previously unmatched manner – quickly and efficiently reaching thousands of consumers.
Great move from Bank of America. Can we now expect their iPad application?