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01 May 2017

Apps, Ads & Context - Newly Released Data for UK Retail Banking

On Thursday, April 27th, MESH Experience released new data on the rapidly changing and challenging brand landscape of UK retail banking.  In a webinar hosted by Julian Green, Fiona Blades, founder of MESH, presented findings from a recent Real-time Experience Tracking Study, whilst Professor Hugh Wilson, Cranfield School of Management, provided commentary and fielded thought-provoking questions from the audience.

Presentation Highlights:

  • Banking TV experiences reached 50% of people in March whereas combined Online and digital touchpoints reached 65%, demonstrating the importance of marketing through these two channels. While the majority of TV consisted of Paid communications, Online experiences were split evenly between Paid, Owned and Earned, illustrating the complexity of marketing online.

  • 3 out of the top 7 most reached channels were Owned, Branches (21%), Online Banking/App (20%) and ATMs (13%), proving Owned channels are increasingly important and cost effective media.

  • Overall Banking TV experiences this month were high quality (due to strong campaigns) with only Face to Face Conversations and Cinema experiences recording higher positivity (“Fairly” and “Very” Positive). However, Online Banking/Apps elicit the most “Very Positive” experiences, providing an early indication of trust in technology.

  • Barclays and Santander dominate the market, reaching over a third of people per week each.  They generate 11% and 12% Share of Experience respectively – an important metric to monitor in relation to brand growth.  However, challengers reached a combined 22% of people, showing how important it is to understand the dynamics across the market with new entrants and business models.

  • When it comes to quality, Nationwide and TSB were the star performers in March, with a highly engaging and persuasive campaign driving TSB’s overall performance.  However, Nationwide’s TV experiences were less positive than TSB and Halifax.  

  • Short video executions worked well on TV, but longer ones less well on TV than in the Cinema, where people can pay more attention.  This illustrates the importance of context and the challenge of traditional advertising pre-testing techniques that rely on unrealistic conditions of forced concentration, as real life communication isn’t consumed in this way.

  • Whilst HSBC and the Co-operative Bank TV executions were working well, overall quality of experiences for these brands was eroded through negative Earned experiences.  NatWest and Barclays also suffered from negative PR showing how vital it is to ensure marketing reacts appropriately and responds swiftly in these circumstances.

The Debate it created:

The stories emerging from the data generated engaging debate as the Q&A panel addressed a wide range of questions from the audience around the following themes:

  • How accurate are peoples’ recalled emotional reactions to brand communications, particularly in categories with a lengthy path to purchase?  And can this dataset improve the quality and accuracy of knowledge?

  • Professor Wilson observed that the data was particularly valuable as a source for econometric modelling, expounding on the breadth and depth of the Paid, Owned and Earned experiences drawing together data which usually sits isolated in departmental silos.

  • Fiona referenced work MESH has undertaken for clients where it has created a new metric for marketing teams – the Marketing Impact Score – which is replacing traditional metrics, like Consideration, to provide a quicker and more accurate picture of how marketing activity is working.  Hugh added that Cranfield is helping to take this work further through the creation of the Experience Impact Score for CEO’s, which breaks down into one number scores for each team – marketing, customer experience, retail, etc.

  • With the reality of programmatic and its contextual limitations, how can Real-time Experience Tracking help on sequencing, platform mix and time of day/week optimisation?  Topics for future investigation.

To see more about what this webinar unearthed, click here.  
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