RaboDirect’s cross-media campaign, relying on a combination of TV, newspaper media, and online, delivered impressive outcomes.
- Achieved the targeted $1.5 billion increase in deposits in just four months
- Added another $800 million by the year’s end
In 2010 RaboDirect held a 0.2% market share, with a 1% share of voice in the finance category.
Adding to the difficulty of growing the business, consumers were increasing their preference for large banks, with the “Big Five” (CBA, NAB, Westpac, ANZ, St George) dominating the market. And customers looking for challenger brands were well-served by brands such as ING Direct, BankWest and Ubank.
The campaign’s core objective was to raise $1.5bn in incremental deposits.
In addition to this they aimed to double monthly deposits, and set ambitious targets for
- increased spontaneous brand awareness (+50%)
- online applications (+200%), and
- customer registrations (target: +120%)
Customer data revealed two key insights:
- Customers under 35 rarely had over $1000 in savings, so RaboDirect targeted savers 40+ with at least $30,000 in savings with other banks.
- Rival banks offered lower long-term rates. Research by TNS concluded that Australian bank customers with the Big Five banks missed out on $4.7 billion in interest.
These insights prompted RaboDirect to create a three-month campaign informing consumers they were losing money, and would get better returns with RaboDirect.
The campaign used newspapers as part of an integrated cross-media strategy. The mainstream media launch included a wrap-around of The Australian newspaper, with the creative featuring a series of mock headlines such as “somebody wins huge games” and the tagline “You wouldn’t accept laziness here, so don’t accept it from your savings.”
This was followed additional ads in newspaper media, including print ads in Early General News and on newsmedia websites.
The results exceeded expectations. The campaign delivered on the the target of $1.5 billion in savings in four months, three months earlier than planned.
- Monthly deposits tripled (+ 208%)
- Weekly customer registrations increased by 340%
- Online applications increased more than five-fold (+453%)
- Cost per acquisition went down by 268%
On key advertising metrics:
- Spontaneous brand awareness tripled from 6% to 19%
- Total brand awareness increased almost 50% (from 22% to 32%).
Newspapers play a highly effective role as part of a cross-media campaign. They are particularly useful for major launches when using high-impact creative to maximise cut-through, and play a critical role in categories like finance where information plays a key role in consumer decisions.