Tesco Bank Current Account Launch - Marketing Society

winwinTesco Bank Current Account Launch

Our AmbitionTesco Bank is the bank for Tesco customers, championing them through the products and the preferential advantage only we can offer.

In 2014 we undertook our most ambitious launch yet, challenging the dominance of the established banks with a current account that exemplified the Tesco philosophy of putting customers first.

In a category that is still very poor at being customer centric, predominantly disinterested in rewarding customer loyalty and steeped in small print and conditions, our ambition was to deliver a current account that gives a great experience and great rewards every time it’s used.

With ambitious targets, we set out to create a fully integrated marketing strategy that would be able to cut through the weight of noise generated by a competitive spend of £154 million per annum.

winwinScotland / 4.2 Financial and Professional ServicesMarketing Society Star Awards 2015

Objectives• 100% increase in spontaneous awareness and consideration within year one

• Hit agreed sales target with 66% of sales coming from Tesco Clubcard customers over campaign period

• Control and manage demand to ensure 100% customer journey satisfaction

• Promote Clubcard points and credit interest simply and clearly to customers



Strategy Here’s an interesting fact; more people in the UK get divorced each year than change their bank. So to get Tesco customers to switch their current account to a bank that sells them their 5-a-day and frozen pizza would require a strategy – product and marketing – that puts them at the heart of it.

At Tesco Bank we know the best way to find out what customers want from a product is to ask them. It has been the Tesco ethos from day one. From product design to campaign execution we researched with 20K customers in 20+ projects using conjoint, qualitative and quantitative methodologies. This focus on insight allowed us to understand what Tesco customers’ value from a current account and what they would value from a Tesco Bank current account. Ultimately, we wanted to understand how we could make a difference to their lives.

The answer was simple, a great rate of interest and Clubcard points whenever they used their debit card – a ‘Win Win’.


Our Idea


Our Idea Most banks tend to talk about themselves, ‘Honest Banking’, ‘Fairer Banking’. We wanted to be different, we wanted to avoid ‘Me too’ creative and trading off incentives. We wanted to shake things up, cut through the monotony and bring to life the product in a simple way, the way Tesco would.

We needed a creative route that gave stand out but most importantly, quickly and succinctly communicated the key product benefits - the interest rate and Clubcard points. We had a product that was different, that was built for Tesco customers and we wanted them to know - ‘Win Win’ was born.

‘Win when you spend and win when you don’t’ became our lead message, summing up our product proposition in nine words. Win when you spend through collecting Clubcard points and win when you don’t through the great rate of credit interest – simple yet effective.

Add bold colours and stand out imagery, and we had a creative route that was different to any of our competitors and industry.

But it didn’t stop there; “Win Win’ was flexible enough to work across all channels. Whether it was a 30 sec primetime TV spot of a family buying a goldfish or a Mail online page grabber which immediately caught customers attention with a dog chewing their screen.

If Tesco was going to launch a current account, it would be a ‘Win Win’.

winwin

Scotland / 4.2 Financial and Professional ServicesMarketing Society Star Awards 2015

when you spend when you don’t


Pre-launch | March – June

It’s coming...

• Staff live testing• SEO and lead

generation• PR, Webpages, email,

PPC, Display

Launch | June

Managed launch focuses on Tesco Customers...

• Proactive PR/ Press/OOH

• Bank lead in-store• Targeted direct activity• Tesco online estate

and social• Aggs, SEO, PPC, display

Multi-media | Sept – Oct

Full throttle once demand better understood...

• In-store ‘wipe out’• TV, outdoor• Disruptive initatives• Online partnerships• Increased direct and

online activity

Media Our media strategy was insight led from the start. A strategy that allowed us to take a laser-like approach to the deployment of marketing investment across owned and paid for media. Development of a sophisticated segmentation and targeting tool that combined Tesco engagement data, likelihood to switch and risk profiling, allowed us to define our audience and target the very best Tesco prospects.

Campaign activity built gradually over time, starting with pre-launch, moving to launch and concluding with a big push utilising broadcast channels. Managing demand allowed us to avoid any operational or customer service issues.


MediaPre-launch included web pages, email, Brand PPC and digital display and built a significant prospect pool for launch, whilst also driving us up the Google ranking for branded/generic search terms. Pre-launch was so successful that we were ranked on page 1 by Google at launch, key to a bank without a branch network. And because we were speaking to customers before the current account had launched, we did this without being able to tell them anything about the product.

For main launch a combination of our segmentation/targeting tool and insight from the pre-launch phase enabled us to prioritise the Tesco shoppers with higher consideration sets, higher likelihood to switch and be accepted.

Digital played a leading role in our communications strategy from start to finish. A mixture of PPC, SEO, aggregators and affiliates running throughout the campaign meant that digital was our trade-driving engine. We spoke to Tesco and Tesco Bank customers through owned online media space, refining our targeting strategy as/when we had a better understanding of the profiles of new customers. Prospects who had shown an interest in the product but hadn’t gone on to complete the application were actively retargeted through display advertising. We also undertook our biggest online awareness initiative to date, utilising social, in-banner video advertisements, homepage takeovers and a content partnership with Yahoo.

We used PR and press to announce that the Tesco Bank Current Account was here, with CEO interviews on national TV and coverage across multiple national press titles, as well as within the Tesco Magazine. A manifesto style advert allowed us to communicate our point of view, what we stood for and why we had entered the banking market.

Direct activity allowed us to target the prospects effectively and efficiently. We were able to prioritise our very best prospects and speak to them in their homes and in their inboxes. Unprecedented levels of personalisation allowed us to have one million unique conversations with no two DM packs being the same.


MediaIn store was a key channel and used a consistent approach to that of our overall strategy. We combined more traditional media – leaflets and petrol pump shrouds – with more innovative and disruptive 3D hanging boards, lenticulars and giant Hudls, all of which were fully integrated. Customers told us that they value the reassurance of being able to speak to someone when switching banks and so we trialled manned pop-ups in 20 stores with staff showing a bespoke advert on Hudls. We then rolled this out to over 250 stores as our campaign activity reached its peak.

TV was introduced strategically during the launch period once we had a better understanding of the demand and were confident there were no operational or customer service issues. We ran two creative executions that brought emotion to our offering and helped prospective customers understand the breadth of our proposition.

Out of home supported TV in building credibility for our new product, through a combination of digital and traditional outdoor media. Our segmentation allowed us to target key locations and informed our decision

to up-weight our presence in London, South East and North West sites, areas with a high volume of the switcher population. Sites with a higher dwell time were used to deliver messages with an increased level of complexity, allowing the audience time to fully understand our proposition.

Tesco colleagues were as important to the success of our strategy as Tesco customers. They were given the VIP treatment, being invited to road test the product before it launched, offered preferential product terms and a high-perceived value incentive. We wrapped buildings, held launch parties and even gave away Current Account scratch cards – if you could brand it, or we owned it, then it got the PCA treatment.


Direct Mail

current account Introducing our new

Variable 2,3,4Variable 5Variable 6Variable 7Variable 8Variable 9Variable 10

Welcome to the new Tesco Bank Current Account

Hello <Firstname>,

Did you know you earned <xxx> Clubcard points last year? If you stick to the same shopping habits at <Tesco Bournemouth Extra> and other Tesco stores but pay with our new debit card, you could collect up to <519> extra points over the next year.

Once your extra points have been turned into vouchers, you can exchange them with Clubcard Boost and they could be worth <£79 at Café Rouge>, not bad eh? You’ll also collect extra points out of Tesco, both online and offline, when you use your new debit card to pay. So you were on to a good thing when you registered to be among the first to hear about our new current account.

But it’s not all about spending – you’ll earn 3% AER variable credit interest on balances up to £3,000, even when you’re at home with your feet up. Win. Win.

You can manage your money on the go with our Mobile Banking App. You can also make deposits and withdraw up to £500 cash at <Tesco Orpington Extra> and other selected Tesco stores.

There’s a £5 monthly account fee which you don’t pay if you deposit £750 per month.

It’s simple and hassle-free to switch to our new current account. As a Tesco Bank customer, we think you’ll love a current account that can reward you every day.

Best wishes, The Tesco Bank Current Account Team

<Tesco Extra Stevenage>

<xxxxxxxx> extra points

FIELD1/FIELD11/FIELD12

3%AER/2.96% Gross variable credit interest on balances up to £3,000. Interest paid monthly. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Gross is the interest rate paid before tax is deducted. Subject to status. For England, Wales, and Scotland residents, aged 18+. 1 point for every £4 spent in Tesco and 1 point for every £8 spent out of Tesco in each card purchase transaction. Exclusions apply. Last year’s total Clubcard points earned are calculated from your last four Clubcard statements. The extra points are calculated on your total spend in Tesco stores (when you used your Clubcard) from 06/05/2013 to 04/05/2014. We have assumed 1 point for every £4 of the total spend would be earned and have not allowed for different purchase transactions. The Clubcard scheme is administered by Tesco Stores who are responsible for fulfilling points.

Interest on credit balances up to £3,000

pay if you deposit £750 per month £5 monthly fee which you don’t

Return address: Tesco Returns, PO Box 1365, Bradford BD5 5EH.

Collect extra Clubcard points with your debit card

in and out of Tesco

winwhen you don’t

winwhen you spend

See insidefor full details

TBS00198 PCA Dye Cut_Wk20 DM.indd 1 18/06/2014 11:31

winwhen you spend

winwhen you don’t

Introducing our new current accountCustomers

preferred store

Extra points customer could have earned

1 million unique conversations. No two packs were the same

8 levels of personalisation


EmailMultiple variants in line with DM

Fully responsive to all device types


3% AER/2.96% Gross variable credit interest on balances up to £3,000. Interest paid monthly. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Gross is the interest rate paid before tax is deducted. Subject to status. For England, Wales and Scotland residents, aged 18+. 1 point for every £4 spent in Tesco and 1 point for every £8 spent out of Tesco in each card purchase transaction. Exclusions apply. Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No SC173199. Registered office: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Minicom 0845 366 6971.

Telephone: 0845 030 3151tescobank.com/currentaccount

£5 monthly account fee which youdon’t pay if you deposit £750 per month.

Collect Clubcard points pretty much whenever you use your debit card

and 3% AER interest on balances up to £3,000 when you don’t.

Current Account

winwhen you spend

winwhen you don’t

Press

3% AER/2.96% Gross variable credit interest on balances up to £3,000. Interest paid monthly. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Gross is the interest rate paid before tax is deducted. Subject to status. For England, Wales, and Scotland residents, aged 18+. 1 point for every £4 spent in Tesco and 1 point for every £8 spent out of Tesco in each card purchase transaction. Exclusions apply. Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No SC173199. Registered office: Interpoint Building, 22 Haymarket Yards, Edinburgh EH12 5BH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Every little helps.

Not a bad idea for a bank.

Sweating the small stuff matters -

especially when it comes to money.

We know that a few pennies here and there

really make all the difference.

Same goes for how we look after it too,

working hard in lots of different ways

to make those pennies and pounds go further.

That’s why our 6 million customers

can call our UK call centres, day or night.

Why our staff are trained to help you,

rather than sell you stuff.

And it’s why we’ve launched a current account,

complete with a nifty new mobile app.

An account that rewards you when you spend

as well as when you don’t.

Giving you Clubcard points

pretty much whenever you use your debit card,

and credit interest on balances up to £3,000.

A classic ‘win win’.

After all,

every little helps.

To switch go to tescobank.com/currentaccount

£5 monthly account fee which you don’t pay if you deposit £750 per month.


Outdoor


Digital Display


Yahoo Takeover


In store


TV

https://www.youtube.com/watch?v=EVEvjjI8Neo

https://www.youtube.com/watch?v=kqOB2F5tmAU

https://www.youtube.com/watch?v=EVEvjjI8Neo

https://www.youtube.com/watch?v=kqOB2F5tmAU


Internal Comms


Results• Spontaneous awareness increased by 144% and consideration by 100% between launch and the end of the campaign period

• Applications were 104% of target with pre-launch customers accounting for a third of all applicants

• We succeeded in our goal of acquiring Tesco customers with 78% of all current account sales being from Clubcard customers

• Customers scored us higher pre vs. post campaign on the following key perception measures which clearly align to our Win Win proposition and credibility objective:

• Rewarding – 44% increase

• Offer good prices – 111% increase

• Experts – 558% increase

• Ahead of competition – 74% increase

• The managed and controlled nature of our launch plan allowed for continual refining and optimisation - the second phase of store activity was rated more highly for nearly all measures vs. the first phase

• And, living up to our promise of rewarding customers, in just 6 months we gave away 19 million Clubcard points and all customers earned interest on credit balances.

Documents

Tesco Bank Current Account Launch - Marketing Society