I have just settled down to my first cup of tea for the morning and I am already having to deal with the Media, in this case FOXNews. I am a professional marketer and use the time that I am quietly savoring my first cup to ease into what will likely be a very full day saving the planet from incredibly bad marketing.
Steve Doocey and Gretchen Carlson, the FOX&Friends co-hosts covered a story about bailout recipient Bank of America ($45B bailout) and the $10M they spent sponsoring the NFL Experience at SuperBowl 43 in Tampa. Steve and Gretchen were outraged that Bank of America spent $10M sponsoring the event, an event that is held annually in the Super Bowl host city.
The Super Bowl is a coveted sports event and cities vie for the opportunity to host the big game because of the $300M economic impact on the host city. Families travel to the venue from all over just to be a part of the experience and take advantage of numerous events and entertainment even though they may not have a ticket to the game.
One of the biggest events at the Super Bowl is the NFL Experience, about 800,000 square feet of interactive games, clinics, autograph signings, and much, much more. The tickets are typically under $20 and provide an excellent entertainment value. Proceeds from the NFL Experience go to designated local NFL charities.
Considering that Bank of America received a federal bailout, Steve and Gretchen turned Bank of America's $10M expenditure into a chagrined talking point. What Steve and Gretchen, and many Americans, fail to recognize is that even though Bank of America took a bailout, they need to continue to market their company and promote themselves to not only draw in new business, but retain business as well. To do otherwise would potentially reduce their brand awareness in the communities they serve as well as erode public confidence in their remaining solvent.
Should Bank of America have spent the $10M? Well, the Super Bowl is certainly one of the largest sporting events in the world and considering that a 30 second ad goes for millions, what is the value of a multi-day event attended by a couple of hundred thousand potential clients with your name splashed all over it?
The mistake that many businesses make in "hard" times is to sharply reign in or stop their marketing and advertising efforts all together when, in fact, this is the exact opposite of the tactic and approach they should take. In difficult markets we must continue to develop strategies and tactics to maintain our market share, and if possible increase our market position, and marketing costs money. BIG money.
$10M is a lot to you and I, but in marketing dollars it is a budget line-item for these super-sized corporations. People outside of the marketing arena don't understand how expensive it is to market one's product or services, or the cost of an ad or spot, trinkets and giveaways, and such.
Should Bank of America have bailed on their commitment to the NFL Experience? Is Bank of America deaf to public outrage that they, "the big guys", are getting the bailout and the little guys (you and I) aren't? I can't say, but on this expenditure Bank of America has my support, and I am typically loathe to bailout recipients flaunting extravagant spending. I am certain that the Bank of America marketing department has the experience and historical data to support their decision and that this most recent event's result will be evaluated.
We need to be cognizant that outrage is being used to drum up support for this $3T federal spending spree called a stimulus package. The outrage is being used against America's corporations, Wall Street, the financial institutions, the auto dealers, to propel support for this bailout and for government control of America's corporations. And that is where we are heading.
I have issues with the way some of these bailout recipients are using their bailout capital, but on the other hand, I want them to continue to market to clients to retain and grow their businesses. The last thing we want is for one of these institutions to fail, and without a marketing plan and marketing efforts, they will fail.
It's unusual for me to have to call out Steve Doocey and Gretchen Carlson because, quite frankly I like them and, generally, they do a great job. However, as bright as Steve Doocey and Gretchen Carslon are, they are not marketers.
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