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: Nearly a third worse off - Paid media is more polarizing - Harness owned and earned
In the last couple of weeks, some clients have reported a reduction in COVID crisis meetings and a focus on the longer-term economic recession. In response to this new phase we are excited to provide an online dashboard so that banks can view the trended data for themselves. 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.
The dashboard is a beta version, so we welcome feedback. One feature to point out 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.
Use all your touchpoints to stand out and engage
Nearly a third worse off
Worry about the ongoing pandemic remains high and 29% of people indicate that their personal household finances are slightly or a lot worse off due to the pandemic. Regardless, the majority think their own bank is doing enough to help and 69% of participants state they are happy with the response from banks.
Paid media is more polarizing
The percentage of people reporting advertising experiences has increased over the last three weeks. Barclays has the highest paid reach, followed by Lloyds and Halifax. These three banks have 54% of paid experience share this week versus 28% benchmark (mid-Feb to mid-March). However, whereas at the beginning of the pandemic we saw a more unilaterally positive response to advertising, as people reacted to the positive actions being taken by banks, we are now seeing more divergence. “Ad with horses and a voiceover saying how Lloyds are there for you. Reassured.” Lloyds, | TV | Fairly Positive | Slightly more likely to choose | Fairly Relevant. “TV brand message to customers during the COVID crisis. It annoys me that all banks think it is their social responsibility to put out nauseating messages of support.” Lloyds | TV | Fairly Negative | No Difference | Very Irrelevant. Or these different responses to Barclays current work, “Advert for Barclays telephone pay service, which sounds good.” Barclays | TV | Fairly Positive | Slightly more likely to choose | Neutral. “A man being taught how to use Skype or Zoom during the lockdown. Disgusted, it is a bank not an IT training company.” Barclays | TV | Fairly Negative | Slightly less likely to choose | Very Irrelevant.
Harness owned and earned
One size doesn’t fit all, making it important to engage across a variety of touchpoints with different messages. Paid media only makes up about a third of total experiences, whereas owned media represents over half. Nationwide is benefiting from positive owned experiences, whereas HSBC is losing out through owned and earned channels currently.
In summary
- Nearly a third of people indicate they are worse off financially due to the pandemic
- Barclays, Lloyds and Halifax dominate paid media but consumer response is more divergent than earlier in the pandemic
- Don’t over-rely on advertising, harness other owned and earned channels too
Contributor:
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive