While listening to CNN’s Headline News on my way back to Orlando from a wedding this weekend, a news story piqued my interest. According to the report, the city of Baltimore is suing Wells Fargo for targeting African-Americans in the metropolitan area and surrounding communities, promoting what turned out to be costly sub-prime loans during the housing boom.
As a communications professional, a feeling of discontent stirred within me, and it didn’t take long for me to realize why. A municipality is suing a corporation over targeted marketing! How many other companies—local, national, or global—have targeted marketing messages and materials in order to sell a product or service? Is this simple act of strategic communication illegal or immoral?
Wells Fargo spokesman Chris Hammond said, “This lawsuit absolutely lacks merit. Wells Fargo’s lending practices did not cause foreclosures or any of the many broad problems the city claims are impacting its housing market.”
In my line of work, strategic and targeted communication is a way of life… a means of ensuring that the right messages are aimed specifically at the right audience, at the right time.
During this period of economic tumult, are people and companies simply grasping at anything and anyone to place blame and seek remuneration?
Tags: African-Americans, Baltimore, CNN Headline News, Foreclosures, Housing Market, Lawsuit, Subprime Loans, Targeted Communication, Wells Fargo