Bank of America ad campaign taps social media to boost rewards program
Bank of America?s leveraging of social media in an advertising campaign for its preferred rewards program accentuates the program?s convenience and its popularity to drive even more customers to the program.
The ad, ?Everywhere,? which features consumers making everyday banking and investing transactions, appears on social media channels, in addition to live-streaming sports broadcasts, online video and TV. The campaign shows how mobile banking?s growing popularity can help raise awareness of loyalty programs.
?We know that many customers who are eligible for Preferred Rewards are adopters of high technology, work across multiple devices and have a strong appetite for information,? said David Dintenfass, global wealth and investment management and consumer marketing executive at Bank of America.
?Social and mobile engagement allows us to communicate the right message, to the right person in the right environment so more consumers are able to take advantage of our benefits and rewards. ?
Preferred Rewards offers Bank of America customers rewards across their banking relationship, not just within a single product or service. The advertising platform, ?Get More,? highlights the ways in which Preferred Rewards clients earn more, save more and get more back.
Scene from Bank of America ad.
The program, which has more than 1 million clients, completed a four-month nationwide rollout in October.
?Through extensive research, we found that what our clients valued most from a rewards program was everyday rewards and benefits that they would actually use,? Mr. Dintenfass said. ?Preferred Rewards is a response to this trend, and the program was designed specifically to meet our clients? needs.?
When Bank of America asked clients what they valued most from a rewards program, they said they seek everyday rewards and benefits that they would actually use, Mr. Dintenfass said.
The ad ?Everywhere? features consumers making everyday banking and investing transactions ? from ordering a pizza and taking a taxi to making an online trade with Merrill Edge. The unexpected arrival of gift boxes underscores the everyday benefits that consumers can receive by participating in the Preferred Rewards program.
The spot began airing this week and will run during morning, daytime and primetime programming on the ABC, CBS, FOX and NBC networks.
The ad will also appear on social media channels, live-streaming sports broadcasts and online video. The TV spot and digital advertising will complement current Preferred Rewards banking center signage and Bank of America ATM display screens.
Clients with a personal checking account and a three-month average combined balance of $20,000 or more across their Bank of America checking and savings and/or Merrill Edge investment accounts are eligible to enroll.
Once they enroll, as their combined balances grow, so do their benefits and rewards.
Preferred Rewards has a three-tier structure, which gives clients opportunities to earn more rewards as their status moves from gold to platinum to platinum honors.
Bank of America has about 48 million consumer and small business relationships, including more than 16 million mobile users.
?The campaign fits with the growing popularity of mobile banking.
Saving more, getting more back.
?As mobile banking continues to become more of an everyday banking routine, it is important to reach consumers in these spaces,? Mr. Dintenfass said. ?We?ve developed rich media units for mobile that show the core campaign tiles, play our TV spot and drive the user to a landing page to learn more and begin the enrollment process.?
Michael Barris is staff reporter on Mobile Commerce Daily, New York.