Academic journal article ABA Banking Journal

BofA's "Event Concept" Wins Awards, and Customers

Academic journal article ABA Banking Journal

BofA's "Event Concept" Wins Awards, and Customers

Article excerpt

And the winner of the award for best technology, and PR, and best set design, and freshest idea, and best event concept over $50,000 is (inhale) ... Bank of America.

BofA swept the boards at a recent awards ceremony in which event planners across all industries recognize each other's work. The bank--the only bank to win an award at the seventh annual BizBash event-awards show in Manhattan--won five of 17 first prizes.

Award recipients did nominate themselves, but they were chosen by a cross-industry panel of promotion experts, including consumer media. BofA's award-winning team included event planner Concentric Communications and Emanate PR, both of New York.

Bank of America had already made an impact when it set up a kind of pit stop to refuel holiday shoppers last December. BankAmericard Gift on Fifth (Ave.) garnered over 25 million media impressions, says Peter McKillop, senior vice-president of communications for the bank's global consumer and small business banking division.

And this for a campaign costing "a tiny fraction, probably less than 5%," of a traditional TV advertising campaign.

Some 54,000 people visited the specially erected building during its ten-day existence on a vacant city lot (see photo). Of those polled, 62% said they would apply for the card. McKillop said he has "no idea" how many of them number among the now 1.3 million BankAmericard holders. It's almost impossible to measure response rates from marketing, other than "scientific" direct mail, he says, and this is at the other end of the spectrum--"experiential marketing. …

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