Over the years I have tested many advertising campaigns for the financial sector. It is a difficult task to create impactful advertising in this category as people’s interest is very limited. Ads for the financial sector tend to be less Enjoyable, they have a weaker linkage to the brand, they are less persuasive and they create less brand appeal. Development of a great creative idea that makes a difference to a financial brand is a very demanding task. I am glad to be able to share examples of creative work that has made a huge difference for Bank of America.
“Life’s better when we’re Connected”
The financial crisis hit many banks very hard. Both financially and with massive negative PR that went on hitting them again and again. Consumers lost trust in banks and their perceptions have not yet recovered. Bank of America wanted to reconnect with people to regain their trust. Their econometric modeling showed that brand perceptions drive 20% of the new account opening decision. Consumers with a relationship beyond the more functional are 43% more likely to be retained. It made a lot of sense to try building a stronger emotional connection with the customers.
Featuring the tagline “Life’s better when we’re Connected”, Bank of America shows the bank’s role of supporting the lives of its customers. The bank is not the center of people’s lives but it does play a role in helping customers to connect better e.g. through the right financial solutions.
Bank of America wanted to show that it is working hard to make its customers’ lives better. It was a full blown campaign with TV, print, outdoor, digital and a massive social media presence. Millward Brown tested 28 creative executions to ensure that the communication was creating theright emotional connection with Bank of America.
Watch examples from the campaign here, going from the broad image ad “Portraits” to Corporate Social Responsibility spots to Mobile banking:
Bank of America wanted to take their commitment “to connect people to things that could make their financial lives better” to the next level. A large group of credit card holders (referred to as “Revolvers”) struggle to pay down debt and paying on time. That sparked development of a concept that rewards customers who pay more than the required minimum payment and pay on time. They receive $25-$30 per quarter when they meet those two requirements.
The campaign has achieved better sales, higher payment rate and a 25% lower loss rate. And in Millward Brown’s ad test it scored highest in “Emotional Impact” (4.21) among a set of competitor credit card ads and significantly higher than our norm for that attribute (2.27).
Watch the ad here:
The campaigns for Bank of America significantly outperformed other financial services ads and past advertising for Bank of America and the brand was ranked the #2 most improved overall brand in YouGov’s BrandIndex Buzz rankings for 2014 after being the #3 most improved overall brand in 2013. Bank of America won the ARF Ogilvy Gold Awards, Financial services, in both 2014 and 2015.
I hope this leaves you craving for more interesting and impactful creative work. I will share the next great creative idea with you in a month’s time.
Stay connected and have a great day.