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With credit card growth stagnating, here’s how we went beyond the brief by creating and executing a marketing campaign to help our client win!
One of Thailand’s top banks was faced with a predicament: they were struggling with the performance of their premium credit card. The product was targeted at high-net-worth individuals who could maintain a minimum balance of THB 5mil in their accounts – a niche position in the market.
The bank knew what they needed – to get in the numbers – and looked to media agencies for help with a Key Performance Indicator (KPI) of 350 credit card registrations within 3 months. Registrations had always been by invitation only, but for this specific campaign, applications were opened up to all who met the criteria.
As a data-driven agency, ada already had an edge, but we looked beyond the brief. Although the product had been in the market since 2014, we took a fresh look at the entire communications strategy (not just the media plan). We covered: market and business overview; target audience insights; and creative and content direction. In essence, we revised our own job scope.
From our deep-dive into the client’s world, we understood exactly where the product sat in the market, and that gave us a more nuanced view of the challenge at hand. A potential problem area was uncovered: the client’s current customer base – unintentionally – largely consisted of Baby Boomers. This was understandable, given that the product targeted those of a specific socioeconomic status; but we decided that we should not be restricted to certain age groups. To address this, we repositioned our focus towards bringing sustainable results, by attracting a less homogeneous crowd.
At a macro level, ada worked with the client’s incumbent agency for creatives to ensure that the key messaging remained consistent across all communication efforts. To this end, we came up with a campaign anchor – “lighten the load, broaden the freedom”. This reflected our efforts in packaging the client’s product in a more relatable manner to the target audience – by addressing their lifestyle needs and aspirations.
Initially planned for 3 months, ADA achieved the KPI of 350 conversions within only one. In addition to that, our cost per conversion was also 29% lower than the client’s benchmark.
With the savings, we implemented a content marketing campaign at the client’s request. We engaged with key opinion leaders and placed advertorials on selected publications, covering the business, entrepreneur, and investor industries.
Overall, on top of hitting the KPI in a shorter amount of time, we delivered a brand new audience to the client; where their existing database was skewed towards older males, the new conversions were balanced in gender and younger in age.
Via XACT, we had a precise view of mobile behaviour. Combined with the pre-campaign research we conducted, we became experts of the client’s product – so much so that we also proposed benefits that matched the target audience’s lifestyle, which the client implemented into the credit card privileges.
At the end of the campaign, we delivered an in-depth report detailing what worked and didn’t work for the clients to use as a reference, so they can see what is required to drive immediately impactful campaigns in the future. Taken care of all the way, from start to finish.
Using the same targeting methods on Facebook, we achieved:
With ada, conversion rates were significantly higher compared to the client’s benchmarks:
The success of this campaign demonstrates the value of ADA’s data-first approach to deliver impactful business value for clients.