In an effort to gain market share in California, Bank of America, third largest bank in the US, aimed a major campaign at the Asian market. The attractive Asian consumer segment, comprised of such diverse groups a Chinese, Koreans, Japanese, Vietnamese, Cambodians, and Filipinos was large growing faster and had higher incomes than any other ethnic group. However, many Asian immigrants were unfamiliar with American financial institutions and avoided them. Bank of America ran translated ads in Asian language news papers in Los Angeles, San Francisco, and the Central valley because research showed that most Asians – particularly new arrivals speak their native language them. The bank first converted its English language ads into Chinese vernacular and aimed them at Chinese immigrants who had well established urban communities numerous media available, and high incomes. Messages were also tailored to the needs of various Asian segments. For recent refugees firm southeast Asia who are generally less sophisticated about financial institutions and distrusted banks ads simply urged readers to “Come See Us” and listed the bank’s retail services. Bank of America also used TV cautiously. It dubbed or added subtitles to English language spots and ran them on Asian language TV stations.
Bank of America also increased its involvement in Asian community activities – such as running a special promotion during the Chinese New year celebrations in its Chinatown branches and in civic groups such as the Chinese Newcomers Service Center or Asian women’s Resource Center.
The result of such specialized marketing activities was that Bank of America now holds nearly on third of Asian deposit dollars in California and is increasing its ratio.
This is an example of how marketer may achieve success by properly understanding sub cultural behavior patterns. The Asian American market may be