To the Editor:
An Aug. 25 article ["At the Movies: Popcorn, Flick, Internet CEO," page 1] quoted Internet Financial Network's CEO, Clifford T. Boro, as stating, "If Moses came down from the mountain he would have to spend $1 million in marketing to get noticed."
He said this regarding the plight of Web companies in their fight for attention and to explain his recent appearance dressed in a robe and slippers while promoting his company from a display window of a New York City movie theater.
I would like to express to Mr. Boro that while I think his quote contained one of the best comparisons I have ever heard regarding the gymnastics involved in getting one's company noticed in this new, technology-driven economy, it is a comparison that most definitely is not just applicable to Web companies. In fact I think they have it a little bit easier than some.
As the CEO and founder of a teller software company, I find that many times financial industry publications and others would much rather write about anything having to do with the Web than other facets of the industry. While I don't doubt the competition is still fierce, even with this in Web companies' favor, I would like Mr. Boro to know that there are some companies that are even more stymied by the huge name-building task at hand.
Some of my marketing efforts for this year have included dressing in a gunslinger costume, guns and all, for trade shows and company appearances to promote my company's Teller System Shoot Out, which dares financial institutions to compare our teller system to any other system on the market.
This was followed by a sponsorship of the first annual "Teller of the Year" competition, which called for banks and credit unions to nominate their best tellers for a chance to win $1,000. And that's just the beginning.
These types of promotional campaigns have become a crucial part of our marketing mix, for without them I fear my company would go unnoticed. Unlike Mr. Boro, however, my position doesn't seem to be induced by my competition; it's from the media's fascination with anything Web-related.
I know it's challenging for everyone, and I certainly don't deny that the Internet is an enticing and interesting phenomenon. It's just that I wish sometimes the media would realize there are still other parts of the industry that are doing interesting things with technology that readers may want and need to know about.
So to Mr. Boro I say "good luck"; I'm right there with you.
Whether robe and slippers, or boots and Stetsons, we're all vying for attention.
Founder and CEO More Inc.
|Note to Readers|
"Viewpoints" is a regular feature in American Banker, appearing every Friday. It serves as a forum for discussion and debate on a wide range of issues in the financial services industry, including management approaches and strategies, legislative and regulatory matters, and public policy in general.
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