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December 2, 2005Blogging Increases Costs From Bank of America Boston Merger
When Bank of America purchased Fleet Financial in Boston a few years ago, the Boston Business Journal reported an analyst from RBC, Gerard Cassidy, estimated, “that Bank of America would have to cut 9,000 to 11,000 jobs to create half the desired savings. The remainder would come from other areas, such as marketing, real estate, supplies and services.� The Bank wanted to make $1.6 billion in savings from the merger.
Bank of America would make savings by cutting staff especially in marketing from regional centers. Marketing might be centralized at corporate in Charlotte, N.C.
With corporate blogging becoming more important in the next few years some of those savings might have to be reduced. Here’s why, corporate blogging works best when its coordinated with a search engine optimization strategy, and if a Bank is targeting a regional center, say Boston, it would only be appropriate that a local based Boston Banker would blog about Boston Banking issues. If local customers want to have a dialogue with Bank of America, they would not want to talk with someone based in North Carolina, customers would most want to read blog articles from a local corporate blogger.
Blogging is on the way and for certain industries, it does not matter where the content is written, however, I can foresee a time when companies will have to encourage business blogging amongst their regional centers. Costs might rise, but so does the potential for additional exposure in a local market. Much of the development in search engines and websites has been towards locally based websites. Blogs will be no different. Profits will rise as search engine rankings rise on local search terms, if a national company can demonstrate its local connection through the use of corporate blogs.
The title of this post was never printed in a newspaper, but this might be a headline you will see in the future.
Posted by johncass at December 2, 2005 6:29 PM
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