Although research showed that customers did not perceive big banks as being attuned to the needs of small businesses, FleetBoston Financial was hopeful that its small business
customers wouldn't fall prey to "big bank" fears after it acquired Summit Bank Corp in August 2000 - a merger that made Fleet the seventh largest U.S. bank.
Internally, Fleet had to prove that it was still attuned to its employees. The Summit deal came on the heels of a March 2000 merger between Fleet Bank and Bank of Boston.
Layoffs had followed. Now the bank needed a program to unite the distinct cultures that were converging to form a newly hatched company brand, Fleet Small Business Services.
In September of 2000, Fleet hired the Boston-based PR firm Cone, Inc. to help create the "Fleet Small Business Leadership Awards," a program that Fleet employees - particularly
sales staff - could rally behind to prove the bank's commitment to small business needs across New England. "We wanted everyone to embrace the mantra that we are committed to
helping small businesses prosper," says Ralph Valente, VP, strategic marketing manager, Fleet Small Business Services.
Awards entrants would be judged in five categories: technological innovation, community involvement, innovative business practices, employee relations and revenue growth. Only
Fleet Small Business customers were eligible, nominated either by Fleet employees (read sales reps), colleagues, or themselves. Ten finalists would each receive a $10,000 check,
plus an additional $10,000 for the charity of their choice. Plus, winners would be invited to an official awards extravaganza in Bermuda. (As incentive, Fleet sales reps would
accompany a customer they had nominated.)
Getting the Word Out
Nomination forms were mailed along with December and January financial statements to Fleet's 370,000 small business customers. The forms also were available through local
chamber organizations and through Fleet's sales team. To build enthusiasm internally, Fleet hyped the awards in its internal newsletter, Intranet site and sales meetings.
Externally, the Cone team issued a "call for entries," securing plugs in regional business publications, chamber newsletters and Web sites such as Individual.com and
HispanicBusiness.com.
More than 1,500 nominations hit the bank's benchmark goal of a one-half percent return rate. Notably, 51% of nominations originated with Fleet staff, offering early proof that
sales reps were on board. As a next step, nominators received "award entry kits" asking for more comprehensive information about the mission, growth, leadership qualities and
financial stability of the small business they'd nominated. In the end, more than 750 comprehensive awards entries were received.
Judgment Day
Judging took place in Boston. The competition's nine third-party jurors included Sheila Murphy, COO of the Center for Women and Enterprise in Boston, and Joe Gonzalez,
president of the New Jersey Business and Industry Association. With jurors assembled together, Cone seized the opportunity to poll them about issues facing small businesses.
Insights garnered from these informal polls were used as a news hook to score coverage in regional business pubs such as Providence Business News, and on Yahoo! Finance and
CNNfn.com.
Since most small businesses operate locally, Cone's media strategy followed suit. Each award-winning business was honored at a check presentation event in its hometown.
Pitches were heavily weighted toward local TV news stations and papers. (For complete details on the winners and jurors, visit http://www.smallbiz.fleet.com. Locate "Helping You Work Smarter" and click on "committed." Scroll down to the awards link.)
Preliminary Results
To date, the awards program has garnered more than two million print impressions and 11 million online impressions, and reached more than 300,000 TV viewers. Anecdotally,
Valente says the focus on local media paid off for the small business winners - many of whom have seen an increase in referrals as a result of the publicity they've received.
Fleet execs Norm DeLuca and Teresa Cavanaugh were recently lauded for their small business advocacy and leadership efforts in Massachusetts at an event sponsored by the U.S.
Small Business Administration.
Fleet plans to repeat the program next year with hopes of seeing an increase in nominations (i.e., proof that the bank's small biz commitment is becoming more widely apparent
across its geographic "footprint"). The bank also plans to survey winners a few months down the road to determine the extent to which winning the awards helped them grow their
businesses. (Contacts: Ralph Valente, Fleet, 781/788-7521; Julie Gladu, Cone, 617/227-2111)
Campaign Stats
Time frame: Sept. 2000 - May 2001 (will be repeated again this year)
Budget: $200,000 (Agency fees only, without costs of awards kit production,
mailing, travel, etc.)
Fleet team: Ralph Valente, VP/strategic marketing manager; Lynn Clark,
VP/brand manager; Wendy Sonsire, SVP/small business marketing manager; Norm
DeLuca, managing director.
Cone team: Julie Gladu, VP; Scott Beaudoin, director, media services;
Amy Moore, account director; Jennifer Hawkins, account executive.
Other partners: Planet (a market research firm), and Hill Holliday (Fleet's
ad agency)
Unforeseen Challenges
Budget snafu: Mid-campaign, Fleet issued a company-wide mandate to cut
vendor costs. Cone's budget was reduced and the client absorbed some of the
media pitching responsibilities originally on Cone's plate.
Timesaving tip: Cone made the nomination process two-tiered as a means
of weeding out non-serious contenders. This saved the planning team from having
to slog through numerous entries before paring down a short list for judges.
Never used: Cone had a crisis plan ready in case its media strategy
backfired. Cone VP Julie Gladu. "We were prepared for the possibility that our
program could raise awareness of Fleet as a big bank, and that we might experience
backlash against our attempts to position it as a friend to small businesses."
Fortunately, the crisis plan was never deployed.