Male Millennial, Gen-X Opps: U.S. Bank hires marketing chief (Score 50)

Sales lead: This hire will likely lead to spend shifts & possible agency reviews. 

• U.S. Bank (USB) hired Michael Lacorazza as CMO, effective September 2023.
• Lacorazza most recently served as CEO of Frontpoint.
• Prior to that, he was the CMO of Wells Fargo. 

Target demographic: Male Millennials & Gen-Xers

The company will likely:

• Implement new marketing strategies
• Review the current agency roster

Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)

• YTD spend: USB spent nearly $9m on national TV ads YTD, a 41% decrease from $15.2m spent in this channel during the same time period of 2022. 
• 2021-2022 spend: Full-year spend increased by 9% from $18.8m in 2021 to $20.4m in 2022. 
• Ad programming: It placed ads during programming such as NFL Football, PGA Tour Golf, 2023 U.S. Open Golf Championship, 149th Kentucky Derby, and The First 48. 

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

• YTD spend: USB spent approximately $15.5m on digital display ads YTD, a slight increase from $15.2m spent in this channel during the same time period of 2022. 
• YTD data: 2b impressions via Facebook (43%), Instagram (26%), YouTube (20%), desktop display (6%), desktop video (3%), and mobile display (1%). 
• 2021-2022 spend: Full-year spend increased by 31% from $14m in 2021 to $18.3m in 2022. 
• Ad location: It placed 94% of these ads directly onto sites such as facebook.com, instagram.com, youtube.com, bizjournals.com, and realtor.com. It placed 6% of these ads through multiple indirect channels onto sites such as tvline.com, deadline.com, health.com, yahoo.com, and si.com. 

Additional channel insights  

• Vivvix: USB also invests in OOH, print, radio, and local broadcast.

Agency analysis:

• Opportunity: CMO hires are the number one sign of possible agency reviews. 
• Current roster:
  • McCann Worldgroup: creative, digital, & social AOR
  • Crossmedia: media AOR
  • GMR Marketing: experiential