We aim to help marketers offer the best customer experience they can and continue to build their brand equity during this time of crisis. Key trends this week: New product-led advertising is landing well
Our UK Retail Banking Dashboard provides a weekly snapshot of trends that you can interrogate. We invite you to click on the link below and take a look around the data. The link will give you direct access to the dashboard, no log-ins are required but please use Google Chrome and access via a laptop. One feature to highlight is the ability to click on data points to view the underlying comments for the experiences, so if response to advertising is positive, you can click to see what people are saying about it.
New product-led advertising is landing well
The percentage of people being reached by retail banking brands is down this week, with Lloyds, NatWest and Santander showing a reduction in reach. On the other hand, more people have been reached by Halifax (which has the highest Brand Experience Reach, tied with Barclays) and this is driven by advertising. Concern for COVID-19 remains high at 69% very or fairly concerned, but this week we are seeing 25% feeling better off financially due to the pandemic.
At a category level, we are seeing an increase in the share of positive paid experiences (around 10% points above benchmark in Feb/March). Several banks have come out with product-led advertising, which is landing well. “Great interest rates on long term savings. Superb offer.” Atom | Social Media | Very Positive | Much more likely to choose | Very Relevant. “Swap reward accounts to them and get £100.” Halifax | Online | Fairly Positive | Slightly more likely to choose | Fairly Relevant. This marks a change from early in the pandemic when banks moved into service-related messaging as selling product and offers seemed out of tune. We also see that advertising which is more informative creates stronger customer engagement. “I saw a great advert for Nationwide detailing the services it offers to people in financial need.” Nationwide | Online | Very Positive | Much more likely to choose | Very Relevant.
At a total brand experience level, we still see those banks that create engaging owned experiences perform the best overall – with Nationwide, First Direct and Post Office delivering the best brand experience quality over the month.
- Brand Experience Reach is down this week.
- More product-led and offer-led advertising is landing well.
- Owned experiences are the key reason for Nationwide, First Direct and Post Office having high quality brand experience over the last month.
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive