Every once in a while I run across a small article, (in this instance, three short columns buried at the bottom of the page in yesterday’s New York Times) that truly speaks volumes. This one bore the headline: “Citi’s New Slogan Is Said to Be Second Choice.” And what I found so intriguing was not only what the article said, but what was so clearly written between the lines.
The article begins by noting that Citigroup is doing the old Lazarus act with its venerable “The Citi Never Sleeps” slogan. Then, it goes on to say: “But Citigroup’s marketing brain trust (one of my favorite terms) passed on that same idea a year ago, said people with direct knowledge of the branding initiative…” People, who the article goes on goes on to explain: “…spoke anonymously because of the confidentiality of the discussions.” (People, who in other words, are still employed on either the client or agency side but couldn’t resist the opportunity to leak the back story to this debacle redux.)
And it just keeps getting better. Apparently, “As themes were tossed around for a unified brand campaign, Citigroup executives raised the possibility of resurrecting the bank’s iconic catchphrase…But it was quickly swatted swatted down. Lisa Caputo, Citigroup’s chief marketing officer, who led the initiative, denied that such discussions had taken place with corporate decision makers.” (Emphasis mine because I believe this is what’s called a “plausible denial”, i.e. plenty of discussions took place, but never with anyone who mattered.) The “anyone” in this case no doubt being:
“Charles O. Prince III, Citigroup’s former chief executive, wanted something fresh and focused on the theme of financial partnership…” the article continues. So “After months of research, the group settled on “Let’s Get It Done…” (Yet another prime example of the power of consumer research to comb through the mundane and pinpoint the soporific.)
Not surprisingly, the article states next that: “Citigroup and Publicis, its newly hired agency, a division of the Publicis Group of Paris, strongly stood behind the phrase when they introduced it in April 2007.” (Well, what were they supposed to do? The client bought it and paid for it. Have I forgotten this is a service business?) “But the tagline fizzled,” the story goes on, “despite a $30 million budget for the first two months of advertising.” Because, as the article’s author, Eric Dash, is quick to point out, “Although Citigroup executives maintain it tested well with customers, many employees, from senior executives to security guards, were uninspired.” (The latter group representing what is, in my experience, often a company’s most precious source of candor, not to mention infinitely more marketing intelligence than is likely to be found wandering the halls of the department bearing that name.)
So, having connected the jumper cables to the bolts in the neck of “never sleeps”, Citigroup’s marketing communications posture de jour is characterized in the article as follows: “‘This is an extraordinary asset, and guess what, we own it,’ said Ms. Caputo, who is also leading the new campaign.” (At least until Spencer Stuart can find a new home for her resume, I suspect.)
Of course, as the article observes, “It also means hitting the refresh button. After spending more than $451 million on brand advertising in 2007, Citigroup executives plan to pump $20 million to $30 million more into this new brand introduction.” But hey, unlike many of Citigroup’s other investments of recent vintage, this one isn’t a total write-off since “To save money, the bank is recycling the film and music used in the “Let’s Get It Done” television commercials and slapping on the new slogan at the end.”
Which leads me to think if there’s anything to my theory that the quality of a company’s advertising is an excellent bellwether of its future stock prospects, current CEO Vikram S. Pandit better do something and he better do it quick: Wake up.
0 Responses to “Sleeper”