beenz.com, creator of beenz, the web’s currency, announced it has appointed FCB Worldwide to launch the company’s first-ever global advertising campaign. Banks Hoggins O’Shea/FCB (BHO/FCB), in London, will be FCB Worldwide’s lead office on the account, setting the strategy for the campaign.
The account will focus on building awareness of the beenz brand and increase the rapidly growing number of beenz consumer accounts, which currently stands at more than three million worldwide.
FCB will handle beenz.com’s worldwide creative and advertising strategy. The start of the new campaign is scheduled for late fall of 2000. Leading up to the launch, beenz and FCB will be working on a program of strategic alliances. To set the example for the viability of beenz as a currency, the agency will receive part of its fee from beenz.com in the form of beenz.
Key to the global advertising campaign is maximizing the return on investment per advertising dollar spent by using the Internet as a key communications medium with consumers. An integral part of beenz.com’s global advertising campaign will be to use “network effect technology,” sophisticated viral marketing techniques which will increase consumer acquisition rates and word of mouth.
Nicolas de Santis, senior vice president and chief marketing officer for beenz.com, said: “Research has shown that traditional advertising by dot coms has failed because they have not been strategic. They have simply `thrown money’ at the media. beenz.com has grown its consumer base to date by working with its participating merchants, and through public relations, guerrilla tactics and smart marketing. We are now embarking on the mission to make beenz the definitive global digital currency brand.”
“We have appointed FCB because they have demonstrated a commitment to show return on investment, as well as devising an innovative ad/media strategy that maximizes the potential of the Internet. Their work for us will not stop there. They will be facilitating and brokering new business relationships for beenz.com.”
A recent survey conducted by market research group Greenfield Online showed that Internet companies spending up to 70 percent of revenue on advertising might still not be creating brand awareness. The survey asked consumers to list five names that came to mind when thinking about e-commerce and the Internet. The results showed many Internet companies were not “top of mind,” or easily recognizable, despite large advertising budgets. The survey concluded that for companies on the Internet, the winning brands would be those that allocate their resources in the most effective ways.
Steve Hastings, managing partner for planning, BHO/FCB, said: “The ambition and energy of beenz to become the first global digital currency was a very powerful magnet for BHO/FCB. We are delighted to be working on what we believe is a great business and consumer proposition, and we have in fact decided as an agency to take part of our payment in beenz. We really foresee that beenz has the potential to become an icon brand of the new economy.”
Launched just 16 months ago, the universal nature of the web’s currency is reflected in its rapid expansion across the globe, with offices established in 10 countries. More than 25 million beenz transactions have taken place to date and beenz can be earned and/or spent at over 300 web sites around the world, including US-based BarnesandNoble.com, CD Now, and MP3.com. In addition, EddieBauer.com, Garden.com and more than 100 web merchants are participating in the successful beenzBack Shopping program.
Consumers earn beenz by simply visiting, interacting with, or shopping at participating web sites, and they can then spend their beenz with participating traders on DVDs, sporting goods, vacations, books, downloadable music, clothing and thousands of other products and services. Consumers can also convert their beenz directly into cash stored on a “rewardzcard”, a beenz-branded MasterCard debit card that is accepted by 18 million merchants.
beenz.com, creator of beenz, the web’s currency(TM), is headquartered in New York with offices across North America, Europe and the Asia Pacific region. beenz is a powerful e-currency designed to attract and maintain the attention of consumers. beenz technology partners are Oracle Corporation (NASDAQ: ORCL), Sun Microsystems (NASDAQ: SUNW) and Exodus (NASDAQ: EXDS). For more information, please visit www.beenz.com.
About FCB Worldwide
BHO/FCB is one of the top 20 UK advertising agencies with annual billings of (pound)150 million, and part of the FCB global network with current worldwide billings of US$8.3 billion. FCB Worldwide is owned by True North Communications (NASDAQ: TNO).Details