Move Your Money: A Brand Banking on Community
January 28, 2010 ‐ 0 comments
At BrandCulture Company, we have been seeing and are helping clients take advantage of a desire among consumers to shift their purchasing decisions back to smaller, local businesses. During the 80’s and 90’s, the Coca-Cola Company grew immense global market share with its “Think Global, Act Local” philosophy, but found that it became increasingly disconnected from its local bottling partners and customers.  In the beginning of the last decade, Coca-Cola began to evolve its go-to-market strategy with a “Think Local, Act Local philosophy.  Coca-Cola continues today with its local community through its “Live Positively” campaign and Virtual Community Center . Today, ‘buy local’ campaigns have emerged in cities ranging from Santa Clarita, California to Boston, Massachusetts – localized efforts to tap into consumers’ sense of place and home. The "Move Your Money" campaign, while emanating from a populist dissatisfaction with mega-banks’ influence, also taps into this sense of local community.  Interestingly, among "Move Your Money" targets is Bank of America, a company that has attempted its own localized community focus, with community message boards and support of community arts. But walk into a Bank of America branch and finding a banker that can actually do something for you is another story.  Instead of a real community focus, Bank of America’s sophisticated technology infrastructure supports a network of faceless banking professionals interacting with customers, cutting off their credit while charging extraordinary services fees. Its no wonder the Bank of America Community Message Board in this blogger’s local branch is nearly empty. Bank of America Community Board "Move Your Money," we will follow with interest your effort to use consumer choice to spark a redistribution of power from big banks to community institutions. But let’s not forget that while local presence is important, what matters to consumers above all else is that the products, businesses and financial institutions that they choose deliver what they promise.
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