The Bankwatch

Tracking the consumer evolution of financial services

Brand managment will exclude social networks | Citi

Citi represent the apparent majority view, amongst Banks, and the antithesis of Wells Fargo, and RBC.

What intrigues me about this comment from the Citi CMO is that she must be unaware that the conversations she fears are already taking place online.  Here are a set of examples on Youtube

My take …. why not embrace the madness, and get out there and join in the conversations.  Find ways to dip toes into the water.

MediaPost Publications – Citi Cautious About Advertising On Social Networks – 10/01/2007

She added that allowing consumers access to Citi logos and other materials related to its brand for their own creations could backfire: “I am very loath to put it at risk and let some individual do what they want with it.”

Such a move may be a particular gamble in the banking realm, and apparently, the auto category. When Chevy permitted consumers last year to use clips it provided to develop their own commercials for an SUV, some took the opportunity to create spots that challenged whether the vehicle is environmentally friendly.

In the social-networking areas, Caputo cited Facebook as a venue that causes particular concern.

Finally this quote is most surprising of all, indicating that somehow branding does not include other aspects of internet than the current set of online advertising.

In addition to issues involving the downside of user-generated content,
Caputo said another hold-up to entering the space is the practical
matter of Citi having recently launched a new brand campaign that’s
occupying much of the focus of the marketing team.

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Written by Colin Henderson

October 1, 2007 at 09:51

Posted in Marketing

4 Responses

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  1. […] wrote an interesting post today on Brand managment will exclude social networks | CitiHere’s a quick […]

  2. I’m with you, Colin. Chase’s +1 Facebook approach should cause more concern to Citi than not being in social media.

    With the announcement today of Citigroup’s $3bn in Q3 losses though, I guess they do have bigger problems.

    Trey Reeme

    October 1, 2007 at 12:26

  3. […] Brand managment will exclude social networks | Citi « The Bankwatch […]

  4. Hello peoplee1d57337d1a65803afbb1aebef698cf7

    Thanks boys

    February 1, 2008 at 01:34

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