MIAMI – Having just dipped its toes into addressable television advertising, Bank of America is planning additional campaigns and looks forward to being able to do sequential messaging to specific consumer targets. “I think there’s a ton of opportunity in the space,” says SVP of Marketing Andrew Deming.
The company’s overall goal is a shift to one-to-one marketing and a more relationship-driven model as opposed to the “old transactional-style, product-driven model,” Deming says in an interview with Beet.TV conducted by Tracey Scheppach, who recently launched the Matter More Media consultancy.
BOA will still have an umbrella brand message that it pushes out to the masses to tell its brand story. “But then when it comes down to each different audience group, we can deliver to individuals within them messages that are relevant and resonate to them,” Deming says.
For example, people looking for their first credit card would receive a specific pitch. “But if you already have a credit card with bank of America and you’re just recently married and are looking for a home loan, we can provide different home loans and mortgage solutions for you,” he adds.
Asked by Scheppach about BOA’s recent experience with addressable TV ads, Deming notes, “I think we’ve really just cracked the surface on it by launching our first campaign there. We’re working on one, possibly two, additional addressable campaigns. It will be in a very similar vein to what we did the first time.”
As technology evolves in the addressable space and the national footprint gets larger, Deming hopes to drive sequential messaging aligned with consumer needs.
“We can have more dynamic segmentation where we can actually have one group that’s in a segment for investing products but they may be in a different segment for cards,” Deming says.
One irony for BOA in an age of split-second digital ad delivery is the time it takes to prepare for an addressable campaign because of confidentiality surrounding its first-party data.
“It’s an asset and also a complexity at the same time when you have access to your own first-party data,” he says. “In our world, we need to be thinking nine months in advance and we need to be sizing and beginning to start seeking approval on the use of data six months in advance.”
This interview was conducted at Beet Retreat 2016: The Transformation of Television Advertising, an executive retreat presented by Videology with AT&T AdWorks and the 605. Please find more videos from the event here.