Bank of America (BofA) is to double its
expenditure on online advertising, reversing cuts made in its
digital marketing strategy last year.
BofA head of marketing Claire Huang told a conference organised
by US trade journal Ad Age that the bank is not giving up on any
form of media, “however it is shifting its focus to emerging
outlets.”
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The bank is also planning to invest more in texting tools and
setting up webcasts.
Two commissioned reports for RBI on
the state of the financial services advertising market in the US in
2009 reported that BofA slashed its online ad spend by 68 percent
in the first half of 2009 to $55.8 million, bucking a nationwide
trend in which online advertising was the only media to enjoy
sector-wide advertising growth, up by 6.5 percent (see RBI 620).
In the first half of 2009 BofA’s ad
expenditure totaled $182.6 million; across the sector advertising
by US financial services firms sank by 24.3 percent to $3.75
billion in the six months to June 2009.
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