Here's the story as it was told to us.

One day, our friend Bobby Joe Jones was picking up his daughter at Brownies. He got there a little early, and was treated to a troop of little girls singing, "There was a farmer had a dog and Bingo was his name, oh, B-I-N-G-O, B-I-N-G-O, B-I-N-G-O, and Bingo was his name, oh!" Bobby Joe was an art director|producer at the time for J. Walter Thompson. And J. Walter had been given the assignment to differentiate Oscar Meyer Bologna. Bobby Joe morphed the two ideas and the result was this Clio Hall of Fame commercial: