Germany: Hypo Vereinsbank auctions order for customer magazine
On September 20, the Italian-Bavarian Hypo- und Vereinsbank sells the contract for a new magazine called "Wealth Management" at auction. Naturally, it is not the highest price offered that wins, but the lowest.
On September 20, the Italian-Bavarian Hypo- und Vereinsbank sells the contract for a new magazine called "Wealth Management" at auction. Naturally, it is not the highest price offered that wins, but the lowest.
The bank's unconventional way of awarding communication contracts is not met with enthusiasm. The CP-Knowledge editorial team writes: "Questionable terms and conditions, empty phrases and language clauses accompany the procedure". Apart from the strange nature of the price dumping, there are also doubts about the approval process. According to CP-Knowledge, it has been leaked that some communication companies have been courted. They have received private invitations to a preview on September 5 with some insider information about the auction. Whether it will be of any use is questionable, as the product and its objectives or anchoring in corporate communications are still a mystery. Industry insiders are not exactly impressed: "If communication services are sold off in this way, quality will inevitably fall by the wayside in the long run," says Michael Höflich, Managing Director of Forum Corporate Publishing.
The bank's unconventional way of awarding communication contracts is not met with enthusiasm. The CP-Knowledge editorial team writes: "Questionable terms and conditions, empty phrases and language clauses accompany the procedure". Apart from the strange nature of the price dumping, there are also doubts about the approval process. According to CP-Knowledge, it has been leaked that some communication companies have been courted. They have received private invitations to a preview on September 5 with some insider information about the auction. Whether it will be of any use is questionable, as the product and its objectives or anchoring in corporate communications are still a mystery. Industry insiders are not exactly impressed: "If communication services are sold off in this way, quality will inevitably fall by the wayside in the long run," says Michael Höflich, Managing Director of Forum Corporate Publishing.
