Anne Finucane, CMO of Bank of America was supposed to be on hand to give a presentation to ANA over the past weekend. It is a telling circumstance that she had to deliver her address by
video. The company is in the midst of acquiring hobbled mortgage firm Countrywide, and hobbled investment bank Merrill Lynch.
Brand and advertising officer Anne
Saunders and Claire Wong were there in her stead to talk some turkey about how the company is dealing with the crisis both in financial markets, and in consumer perception of banking overall.
"We are talking more about FDIC insurance," she said. "We are talking about the stability the bank can bring and confidence people can have in
us; we are talking a lot more about savings options, about putting your money in a place where you can watch it grow. And we are also talking about our ability to be nimble and
flexible, as well."
Claire added the company is also "cognizant of the fact that people want safety and security, so we are also pushing the idea of 'guaranteed,' and telling
people we can give them help."Â She said the company has organized a "war room" so that when a headline comes up that raises flags among consumers, the bank can respond to customers."
Linda said the company hasn't arrived at marketing spend for next year but she said it probably won't drop.   "We are not done planning '09, and obviously events
of the last few weeks will have an impact," she says. "The competitive set we have now is different from a month ago, so we aren't concluding that we will necessarily cut spend, but we are
still in midst of a dynamic market and are trying to be as flexible as we can."
She added that the present acquisition of Merrill Lynch and Countrywide means more marketing communciations
tasks. "And on both the short and long term, you need to continue to tend your brand and building it."