ASB Snap Scholarships is an innovative communications idea that harnesses student research insights to make a significant impact on ASB’s bottom line. Growth in the tertiary segment is key to building ASB’s long-term profitability pipeline. The campaign delivered a step-change in acquisition, setting up a strong ROI - all in a completely un-bank like way.
ASB needed to flip the conventional acquisition model:
Pre-campaign student research groups revealed paid communications weren’t cutting through with many taking pride in their ability to outsmart marketers, installing ad-blocking software to keep brands out.
Two valuable insights helped direct the strategy: 1) Research revealed students hadn’t interacted with their bank since their account was set up for them at primary school and considered banks unapproachable and 2) social has changed. Snapchat has emerged as the number one social platform (Facebook, Instagram now only for checking to make sure they’re not missing out on anything).
The opportunity was to rethink the category acquisition norms:
Category norm: Present product >> Persuade customer to open a bank account >> Build a relationship with customer
ASB Snap Scholarships: Build trust >> Capture data and get permission >> Persuade to open bank account
ASB bravely invested in building a community on Snapchat, rather than driving awareness of product – a risk for any retail campaign. Followers were engaged with quick content and prizes relevant to their life stage, and only after a relationship is established was the account acquisition message presented.
Snap Scholarships generated unprecedented response:
1. By employing a fresh direct response strategy on Snapchat, ASB built a base of 16,000 followers. These students represent an audience ASB hadn’t been able to reach before and provide an on-going channel for communication.
2. Thousands of competition entries were registered and visits to the campaign website, in the process giving ASB permission to contact them about a tertiary account.
3. Most importantly, the campaign markedly increased acquisition