The Greens oppose the CPRS not because it is too weak, but because it will point Australia in the wrong direction with little prospect of turning it around in the timeframe within which emissions must peak, says Senator Christine Milne.
Which bank spent $50 million on crappy ads then raised rates?
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Australians with a Commonwealth Bank mortgage would be justifiably peeved — it’s raised rates 0.30 percentage points following Tuesday’s RBA decision to lift them 0.25. This follows its decision on 9 January to boost rates on variable mortgages by 0.1 per cent, which means it has now upped rates by “0.15 per cent above official RBA moves this year”, notes The Herald Sun. That doesn’t make the bank any better or worse than the other big three. After all, last time it was NAB that broke away from the pack with the first extra rate rise. But for a bank with the slogan “Determined to be Different”, it’s pretty good at behaving predictably. In January, the CBA press release cited the banking group’s exposure to additional funding costs of approximately $100 million since the beginning of the liquidity crisis as the reason for the rate boost. They’re being a bit more coy on figures this time, but Crikey can suggest where they could have saved at least $50 million. That’s how much Commonwealth Bank’s new — and much derided — ad campaign* apparently cost. Before ad spend. Beleaguered Commonwealth customers would be justified in asking whether they’re paying for the weird, and mostly unintelligible, concoction now. (Watch one of the ads here; for the campaign’s microsite, complete with a section on CB’s touchy, feely ”community involvement”, head here.)
It’s ”a mockumentary-style campaign based around the bank working with its cast of well-meaning, but culturally clueless American advertising executives and invariably polite, persistent and patient Australian clients”, says Campaign Brief. Neil Shoebridge is more direct, calling it “a clear contender” for the worst ad of 2008 in the AFR . The ad was commissioned in April last year from US agency Goodby Silverstein & Partners, a controversial move in itself. (There’s more than a little glee in Australian ad circles about the tangled mess it’s become). This was before the whole US sub-prime crisis really hit home, but at a time when inflation and interest rates were definitely on the rise in Australia. Asked Shoebridge before the latest rate rise: ”Why did CBA’s marketers think they could use a slogan such as ‘Determined to be different’ without providing any evidence that CBA is different to its rivals? Why did they think consumers would respond to such a self-indulgent, myopic concept?” The promise to be different came complete with a set of ”new truths of banking”:
Ten points for trying and all, but at some point they forgot they were a BANK. Well, until it came time to raise rates. *(Actually, sorry, it wasn’t an ad campaign, but an ”entertainment device through which we are delivering Commonwealth Bank messages,” as Commonwealth’s marketing director, Mark Buckman, told The SMH.) |
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14 Comments
it’s saddening that some are so quick to mount shrill criticism and to immediately resort to sarcasm and a sneering tone in an effort to stifle opposing views. I suppose it’s easier than mounting a credible, logical argument, though.
whether they meet their stated commitments is another matter altogether, and one that will be determined by their customers and clients, who will either laugh and dismiss the claims, or look forward to holding them to it
Do you (and Andrew Lewis) realise how breathtakingly arrogant you are to suppose that anyone who disagrees with you is biaised or conflicted? I’ve never worked for CBA (or their agency) and likely never will.
Thanks for your ‘hokey’ comment. I’ve actually taken time out from my busy schedule to comment on this ‘entertainment device’ (oh please!) Which department of the CBA do you work for?
…still waiting for your ad, Phil…
The ad is a smarmy and self-referential in-joke. The bank is egregiously wasting money while crying the blues about its costs, so the sneering is perfectly justified. With a bank spending millions on its public image, it’s interesting that some will defend its honour for free. How chivalrous.
booo hisss I’m gonna change banks
Now is the time to frighten the banks
Everyone take all business from Cw to next Bank in alphabetic order NAB for 3 mts
Dont do business with anyone who deals with Cw. i.e create a run
Tell NAB to reduc bank fees and mortg rates or they will be next
I run a small ad agency. I could produce a better TVC for the CBA for $1,000. In fact I challenge the marketing department at CBA to put their TVC in a focus group with my TVC and then broadcast the winner. I’ll even pay the $1,000.
The absolute worst part of this advertising campaign is that they are the real cars from Mad Max and they were destroyed afterwards by the CBA. So they destroyed a piece of Australian cinematic history to produce crap! I don’t think that is well known.
There’s nothing easier than sitting on your bum and criticising other’s work, so let’s see your $1000 ad on YouTube. Given the interest around this campaign, you’d get tons of free PR and it would pay for itself, easily. It’s time to put up, or shut up.
the naysayers are jaded hacks desperate for something to criticise and rival (losing) agencies. Shoebridge stuns us with his intellect again - the whole point, Neil, is that they’re running an ad their rivals wouldnt in order to tell us their new ethos
if the rate rise doesnt make CBA “better or worse than the other big three”, let’s just look at the ad, which is bloody funny and very entertaining and will be appreciated by the target audience.
There’s a sick undercurrent to this ad too. “Let’s all laugh at the thick Americans.” This is an appeal to bigotry.