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Banks and other financial companies trying to reach young adults can pick up some ideas from rock promoters. That's what a Broadway show called "Spring Awakening" did when it provided an insert in the program instructing audience members to text message their phone numbers and e-mail addresses during intermission. Respondents received a ring tone and video wallpaper from the show, and a chance to go backstage after the show to meet the cast. Promoters got contact info and the chance to generate buzz. Why couldn't a savvy local bank do something similar with a local band?

Media magazine provokes thoughts

I just received the June issue of Media which had a few interesting articles that touch on the topic of financial marketing and web 2.0. Media

“Seeing Web 2.0 clearly” notes that Clear Channel is creating social networking sites for many of its local markets, which may present a good advertising opportunity to locally based FS companies, such as banks and RIAs. The article “Who’s in Charge Here?” points up a key issue that many FS companies have not yet taken account of—the growing importance of online user reviews. If consumers are checking Tripadvisor.com before they book a hotel, how long will it be before they check references on a financial advisor or mortgage lender? FS companies need to start thinking about what this is going to mean to their ability to control their brand image.

Credit card issuers are, not surprisingly, already jumping onboard the Web 2.0 bandwagon. According to “Will this card WOW them?” First National Bank of Omaha has created a Visa card that earns free play time on an online fantasy game. It’s a clever way to generate buzz, but as with most of Web 2.0, the buzz cuts both ways. Many players are outraged about the commercialization of the site.