Bank of America Media Monitoring
Bank of America’s media coverage throughout the month of May 2012 has been widespread and diverse. The finance industry in and of itself has been extensively scrutinized in all forms of media. Current reassessments of government regulations, the precarious nature of present economic conditions, and shareholders and customers general distrust of big banking have all contributed to an influx of media interest in covering financial institutions.
Bank of America has received a considerable amount of attention based on its size and stature. An analysis of news mentions, blog mentions, web mentions, and PR Week articles reveal the nature of Bank of America’s media coverage from an external perspective. Bank of America’s own Tweets, Facebook posts, and official news releases provide an indication of both the company’s responses and proactivity in controlling and influencing media coverage. Bank of America’s created content also provides an indication as to how the company uses external communications to shape their own reputation through the media. Media coverage in the month of May is introspectively significant. May serves as the middle month of the second quarter, and the end of Q2 signals the halfway point of the fiscal year. Media coverage in the middle of a quarter could significantly affect the reputation of the company at the end of the quarter, and consequentially, its stakeholder’s opinions at the midway point of the fiscal year.
Bank of America received a total of 290 news mentions, 89 blog mentions, and 30 web mentions from May 1st to May 31st, according to Google Alerts. Bank of America was also the subject of two full-length feature articles on PRweek.com. Bank of Americas communications division released a total of 45 press releases, archived in their online newsroom. Reportage on Bank of America throughout the month of May examined a myriad of topics. Throughout the month, intermittent reports on various presentations, awards, and events with high-ranking Bank of America employees as speakers were covered by all outlets. The majority of this type of coverage stemmed from Bank of America’s press releases.
Earlier in the month, news and blog coverage focused on rounds of layoffs and job cuts at Bank of America’s investment banking, commercial banking and corporate banking units, in order to reduce costs. As expected, news of employee elimination was detrimental to the company’s reputation in news, blog, and web coverage. Company representatives stated that job cuts were part of plan to greatly reduce costs; however, in an economic environment with high unemployment rates, elimination of a company’s workforce is negatively viewed by the public.
Several other subjects generated concentrated coverage in specific parts of the month. Foreclosures, mortgages, and mortgage relief have dominated the media’s coverage of commercial lenders since the start of the US housing industry’s financial crisis in 2007. Bank of America released several new mortgage packages and media outlets focused on new opportunities for formerly foreclosed homeowners. Positive coverage generated in regard to mortgages and home equity financing vastly improves the company’s overall public image. Other topics mentioned in May that could dramatically improve the company’s public image include the revenue-generating sale of Bank of America’s stake in Archstone, an apartment company, to rival investment bank Lehman Brothers.
An indirect influence that positively affected the public image of Bank of America was the convenient timing of the JP Morgan 2 billion dollar trading loss and congressional inquisition of CEO Jamie Dimon. As a direct competitor to Bank of America’s Merrill Lynch, unethical and unprofitable investments by JP Morgan serves to divert the attention of pessimistic reporters and analysts, and allows Bank of America and opportunity to gain public favor by demonstrating a commitment to ethical and profitable investments. In response to the JP Morgan trading scandal, articles featuring Bank of America’s viewpoint on the incident and interviews with CEO Brian Moynihan positively impacts the company’s image. Stories comparing Bank of America to JP Morgan during this time use quotes from Moynihan such as: “we’re smarter than JP Morgan,” “comfortable with banks investments,” and “not too big to manage” portraying Bank of America in a wholly positive manner.
The month of May earned Bank of America a wide variety of media attention the majority of coverage focused on a single event: Bank of America’s annual shareholder meeting. Although every corporation is required by law to hold an annual meeting to elect members to the board of directors and inform shareholders of past and future activities, no other company’s annual meeting spawned as much media coverage as Bank of Americas. On May 9th, hundreds of protesters gathered outside the Bank of America headquarters in Charlotte, NC to rally against the bank’s foreclosure practice, investments in coal mining, and other grievances. CNN Money dubbed the event “Occupy Bank of America” and devoted several days to covering the meeting and accompanying protest. ( http://money.cnn.com/2012/05/09/markets/bofa-protests/ ) The majority of media mentions for the week of May 6th – 12th focused on the annual meeting. Stories were also dedicated to reporting the state of unrest within the actual meeting, with shareholders actively expressing discontent for the bank’s activities.
The media firestorm surrounding Bank of America’s annual shareholder meeting completely negated any resurrection of a favorable public image the company had hoped to achieve. By literally demonstrating their frustration and dissatisfaction with the bank’s activities, protesters succeeding in reaffirming the general public’s mistrust and abhorrence of big bank industries, and brought these attitudes back to the forefront of media attention. Reportage detailing the disapproval and dissent inside the meeting further exacerbates the bank’s negative public image. As a company literally dependent on these shareholders, Bank of America’s reputation as a whole will continue to suffer if media coverage derived directly from these shareholders is so blatantly negative. Bank of America’s reputation as a whole has been severely damaged in the opinion of all major publics as a result of this disastrous meeting.
The topic that received the second largest majority of Bank of America’s media mentions throughout the month of May was the company’s hiring of a new branding and advertising agency. On May 3rd, Bank of America sent out a press release stating “Bank of America today announced it has selected Team Bank of America at WPP as its global agency of record after an extensive review.” (http://newsroom.bankofamerica.com/press-release/new-hires-promotions-appointments/bank-america-selects-team-wpp-its-branding-and-adver) The release details the reasoning behind the choice of WPP, a self-described “world leader in marketing communications,” as an attempt by Bank of America to “help us better communicate both the progress we’ve made as well as the value of our brand and our company to all of our stakeholder groups around the world and across all of our lines of business.” Team Bank of America at WPP was selected to “handle Bank of America’s overall brand positioning, as well as branding and advertising for its Consumer Banking, Global Banking and Markets and Global Commercial Banking divisions.” Given the current tumultuous state of Bank of America’s public image, particularly in these three areas, the employment of a rebranding agency shows that the company is not only acknowledging its negative reputation, but taking significant steps to change the public’s perception.
Media reaction to this news release was immediate. In the days following the Bank of America’s news release, news, web, and blog mentions were both speculative and seemed to agree with the decision that Bank of America desperately needs a drastic rebranding effort. The most notable media mention in response to Bank of America’s hiring of WPP was a feature article posted on PRweek.com, which provided details on the selection of WPP from the viewpoint of the marketing and communications industry. (http://www.prweek.com/uk/news/1130454/WPP-lands-global-Bank-America-ad-branding-account/?DCMP=ILC-SEARCH) The article describes WPP as “winning out” over competing agency BBDO. The article also details the different agencies already employed by Bank of America in the company’s other segments. The article mainly inserted WPP related news from Bank of America’s own press release, but provided additional industry insight, comparing the budgets and company segments awarded to WPP against the other communications firms working with Bank of America. This public relations specific media coverage affects the company’s public image from the viewpoint of communications industry professionals. Increased attention from marketing and communications agencies can drastically improve the quality of services rendered from those employed by Bank of America. If Bank of America is viewed by the communications industry as a desirable, rather than desperate account, the company’s reputation in the public relations industry could be improved, leading to a positive change in the company’s public image in the business sector.
Bank of America’s use of social media was highly concentrated on a few topics, and far more directed, contained, and controlled than traditional media outlets. Bank of America has struggled to recover from social media attacks and negative campaigns from outside the company, and as a result their own adoption of social media practices has been implemented with trepidation. The main Twitter handle for Bank of America’s company news and information, @BofA_News, sent out a total of thirty-six tweets in May. Bank of America’s Facebook page was converted into the new “Timeline” format in May, resulting in only one post displayed. Bank of America’s YouTube channel posted two video news releases in May, the first on May 24th, which received 841 views, 3 likes, and 3 dislikes. The second was posted on May 31st and received 1,185 views, 8 likes, and 5 dislikes. Comments were disabled on both videos.
Bank of America’s use of Twitter and YouTube in the month of May was used as part of a wider public relations campaign to attract and appeal to small business owners. The peak of Bank of America’s Twitter activity occurred on May 24th, with six tweets released. Four of the six Tweets contained information related to the bank’s newly created Small Business Report. On May 24th at 7:00 am, Bank of America Tweeted: “@BofA_News: #BofA first semi-annual #smallbizreport, released last week, can be found here: http://go.bofa.com/8u4c” (https://twitter.com/BofA_News/status/205659439259320323) Bank of America continued the small business themed tweets on May 24 by hosting a live Twitter chat hosted by @BofA_News and USA today small business columnist Steve Strauss (@SteveStrauss) and small business media professional Rieva (@Rieva). Bank of America offered small business owners the opportunity to connect directly to the company and have any inquiries regarding the Small Business Report immediately answered. Bank of America started the open forum Twitter discussion by tweeting “@BofA_News: If you have a question about the #BofA Small Business Owner Report, add #smallbizreport to your tweet.”
The purpose of these twitter releases and discussion was to provide a direct two-way communication method between the company and their small business customers. Bank of America’s use of Twitter allowed small business owners to connect with the company in a free, open, easily-accessible forum. In their usage of Twitter to target small business owners, Bank of America is implementing a part of their wider public relations campaign to show support for their small-scale commercial customers and attempts to change public opinion to view the company and more personal and individually attentive.
Another example of Bank of America’s attempts to connect to small business owners through social media was the release of a motivational YouTube video coinciding with the May 24th Tweets. Bank of America’s YouTube channel posted a video on May 24th titled “Big Ideas for Small Businesses: A Small Business Case Study,” subtitled “Brought to you by Bank of America.”(http://www.youtube.com/watch?v=XNJyPSOXRY0&list=UUtHZ1qs5h4sx9TijVBQCMIA&index=7&feature=plcp) The video features “small business expert and columnist, Steve Strauss, [who] interviews a small business owner who has successfully navigated and grown their small business during challenging economic times.” The video offers advice, expertise, and examples of marketing tools for small business owners, including social media. The video also suggests partnering with other small businesses and taking advantage of other no-cost communication exchange opportunities for small business owners. Notably, the video does not mention any financial or banking strategies. The video ends with a link to Bank of America’s “Small Business Online Community,” a separate social networking site featuring forums, stories, and articles exclusively for Bank of America’s small business customers. (http://smallbusinessonlinecommunity.bankofamerica.com/index.jspa)
Bank of America’s YouTube release served several public relations purpose. The video format and use of YouTube appeal to an entirely different demographic than traditional mass media outlets. Posting the video on the company’s own lesser-known YouTube channel enabled Bank of America to completely control the message, yet still allowed viewers to repost and share, achieving the goal of a social media release. This YouTube release also served to show small business borrowers that Bank of America can be used as a resource for more than just financing. By presenting themselves as a comprehensive resource for small business owners, Bank of America provides additional product to existing customers and attracts new customers without using blatant and advertising and sales tactics. This YouTube video supported bank of America’s wider public relations message of demonstrating a commitment to the success of small businesses.
Bank of America’s fledgling social media presence appears most effective when directed at individual small business owners. By segmenting the behemoth bank into a smaller, more accessible financial source using social media, Bank of America becomes humanized in the eyes of their social media follower base. Instead of appearing as a bureaucratic institution controlled by a concentration of seasoned shareholders, Bank of America can present itself as a smaller, more personal bank. Social media use that targets small business owners can establish a sense of trust, familiarity, and intimacy between small-scale commercial borrowers and the massive lender that is Bank of America. If combined with traditional mass media advertising and public relations campaigns, social media can be used as an additional strategy, enabling Bank of America to establish effective two-way communication channels for each and every type of stakeholder.