We aim to help marketers offer the best customer experience they can and continue to build their brand equity during this time of crisis.This week's themes are: Savvy Saving – Regain Presence – Diversify Channels
Savvy Saving - help customers to make their money go further
This week we are noticing a greater concern about low interest rates and the difficulty in saving money for the longer term. With other pressing priorities during the pandemic, savers haven’t been spoken to by banks for a while. Now that those concerned about the pandemic has fallen to 67%, this is a good time for banks to help everybody, savers and others, by providing smart ideas to save money.
Opportunity for challengers and fintechs to regain presence
The advertising space has been dominated by the big 7 banks during lockdown, gaining up to 86% share of paid experiences this week versus 63% for benchmark (11th Feb-16th March). Although challengers and fintechs have been hit by the pandemic, our data shows this could be a good time to promote helpful solutions. This participant noticed Monzo’s interest rates, “interest rates looked good” Monzo | Poster/billboard | Very Positive | Much more likely to choose | Very relevant. Another was searching online for a credit card, “Have been looking at changing credit cards as we do a lot of travelling abroad and our current credit card makes charges for foreign exchange etc. Looking at several banks and came across The Post Office Travel credit card, which has no foreign exchange fees, is widely accepted Mastercard, and has rate of 19 to 24%, not too high interest rate. Just thought this was worth looking into in more detail.” Post Office | Online | Fairly positive | Slightly more likely to choose | Very relevant
Diversify Channels
In a week where The Effectiveness Code by James Hurman and Peter Field was published, showing that regardless of spend, a diversified media mix makes campaigns more effective, we see that Barclays, NatWest and Halifax have the best quality of paid experiences as well as having the most diverse paid media channel mix, reinforcing this finding. Having a variety of messages through different channels has allowed these banks to appeal to a broad audience.
In summary
- Provide smart ways to save
- Now is a good time for fintechs and challengers to promote helpful solutions
- Diversify channels for maximum impact
Contributor:
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive