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Finance and newsbrands
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Table of contents The market 3 The journey 8 The role of newsbrands 19
The proof The proof in action The gallery Summary
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The Market
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49% (15.2m) of credit card users make full payments
The average British person spends about £319 on their credit card every month 49% (15.2m) of credit card users make full payments 59% (30.8m) of adults own a credit card 57% (30m) of adults use contactless card or device to make payments The mean value of savings and investments in GB is £24,865 9% (4.5m) use a smart device for contactless payments Source: TGI Clickstream Mobile 2017 Q2
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£26,202 Newsbrand readers mean value of savings and investments is
That’s 5% higher than the national average Source: TGI Clickstream Mobile 2017 Q2
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Newsbrand readers on mobile are 41% more likely to regularly use their smart devices for contactless payments Source: TGI Clickstream Mobile 2017 Q2
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Newspaper readers are 10% more likely to take out a life insurance policy than the average person
Newsbrands reach 72% (25.7m) of adults who have not taken out life insurance policies Newsbrand readers on mobile devices are 22% more likely to insure their mobile phones compared to the average person Newsbrands reach 33m (72%) adults who do not have private health or medical insurance Source: TGI Clickstream Mobile 2017 Q2
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The Journey
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How people buy
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Finance journeys can be medium or long
(e.g. mobile phone insurance, credit card) Long (e.g. current account, pension, mortgage)
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Most journeys consist of an assumed front-runner
Brand preference through the journey Long 13% 31% 23% Only one brand in mind For bigger purchases/longer purchase journeys, two-thirds of people are choosing between 2 brands. Of those who have just 1 brand in mind, 7 in 10 of them do not even try another brand. Those ongoing seeding of brand ideas are so important. Byron Sharp calls it the mental availability of brands. This was quoted in a great FT article by Ian Leslie the weekend before last. For 2/3 the journey is about choosing between two brands Choice of two brands Shortlist 33% No preference to begin with Source: Newsworks, How People Buy, 2015
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Most people have a brand in mind right from the start
Brand preference through the journey Medium Over 4/10 were always intending to get the brand they bought 14% 45% 19% Only one brand in mind And the same is even truer for medium term purchases For 2/3 the journey is about choosing between two brands Choice of two brands Shortlist 22% No preference to begin with Source: Newsworks, How People Buy, 2015
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But there is still an opportunity for brands to be seen and heard
While most journeys consist of an assumed front-runner, there is still an opportunity for brands to be seen and heard.
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A lack of urgency opens the door for brands to seed ideas and help frame product considerations
I had to buy it right away I could have bought it at any time 23% 57% People are not it seems very quick at making decisions about what to buy – there was a great quote from one of our respondents – “well I wondered if I should just put it off for another year”. This opens the door for brands to seed ideas and help frame product considerations. Question B1a Below are some pairs of statements. For each, please tell us which side applies to your purchase … . Base = 2,000 A18-65; Usual grocery n = 1000, New grocery n=1000, Mobile phone n=1000, Car n = 1000. 28% 52% Source: Newsworks, How People Buy, 2015
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Finance journeys are not necessarily planned, opening the door to shortcuts and challenges
I had been thinking of buying it for a long time It was an impulse purchase 46% 32% And actually those purchases could happen at any time. There is not necessarily a strong correlation between size of purchase and the level of planning that goes into it. Even bigger purchases, where thousands of pounds change hands can be impulsive. Question B1a Below are some pairs of statements. For each, please tell us which side applies to your purchase … . Base = 2,000 A18-65; Usual grocery n = 1000, New grocery n=1000, Mobile phone n=1000, Car n = 1000. 57% 21% Source: Newsworks, How People Buy, 2015
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£ In the finance category there are two main journey types REGRETS NO
Being Background associations Build up Realisation Expand Identifying options Filter Excluding options Test Confirming conclusions Buy Best deal Assumed front-runner Need to validate Gather alternatives Not ‘missing out’ Cross-examine initial assumption Reassure not a bad decision Continue cross-examination in store/dealership Decision made Quick check if better deal elsewhere REGRETS NO There are two key types of medium/long journey No regrets Journey is about checking initial assumption was right so there are no regrets post-purchase. It is usually quicker, and definitely more stress-free. The stages might not follow in “logical” order, and some are easily missed out. Research options More like the classic “funnel” approach, in that more stages are followed in order to feel reasonably safe in the final choice – but can easily bounce to and fro between stages, especially for Expand and Filter Being: Absorbing brand, product and category information to FRAME perceptions through a variety of needs Build-up: Growing awareness of need to make decision – often due to a TEASE, Start ‘tuning’ into background – raising AWARENESS, SHARING opinions. Potential for a SHORTCUT to skip a stage Expand: Fleshing out consideration set to ensure all possible options are considered, AFFIRM opinions and get more AWARE of options Filter: get more INFORMED to whittle down final options, continue to be TEASED whilst you make up your mind. Test: First-hand experience of option/options to ISOLATE options for focus, Potential for new ideas to change consideration set through CHALLENGE or have opinions AFFIRMED Shop around: Exploring deals offered by different providers/dealers to identify best value for money Perceptions framed No front runner Assumed consideration set No front-runner Research options in & out of consideration set Systematically whittle down options Cross-examination conclusions in store/dealership Further research to find best purchase location RESEARCH OPTIONS Source: Newsworks, How People Buy, 2015
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The journey is about reducing your worry
Long Build up Realisation Expand Identifying options Filter Excluding options Test Confirming conclusions Buy Best deal Worried about making a mistake Very confident of making the right decision Particularly with longer journeys, the worry about making a mistake can be overwhelming at the start. Question C4. How worried or concerned were you that you may not end up getting the right [CATEGORY] for you in the end? Base = 2,000 A18-65; Short n = 2000, Medium n=1000, Long n = 1000. Source: Newsworks, How People Buy, 2015
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For medium journeys the worry is still present with confidence still the aim
Confidence often dips just before the final decision Medium Build up Realisation Expand Identifying options Filter Excluding options Test Confirming conclusions Buy Best deal Worried about making a mistake Very confident of making the right decision Worry is lower for medium length journeys, but is still present – and higher than confidence levels at the start. Question C4. How worried or concerned were you that you may not end up getting the right [CATEGORY] for you in the end? Base = 2,000 A18-65; Short n = 2000, Medium n=1000, Long n = 1000. Source: Newsworks, How people buy, 2015
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Role of media and newsbrands
So how can media help people? Media plays a key role in guiding people through the purchase journey and giving them confidence
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Newsbrands can trigger journey start
28% 12% Question B3 What was the trigger? Base = 1,000 A18-65 Long journey Medium journey Source: Newsworks, How people buy, 2015
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Here are 10 key roles for media in consumer purchase decision journeys…
Frame Short cut Awareness Tease Inform Frame shaping perceptions helping make decisions what’s out there and is important gentle but persistent reminders a ‘real world’ perspective Isolate Challenge Confirm Enjoy Share So we’ve talked about the importance of the ongoing seeding of brand associations – that’s a really important role for media and for newsbrands – one we’ve called FRAME During the journey itself, there are 7 roles that media brands can and do play in helping people making the decision as to which brand or product to buy. And the influence of media doesn’t stop at purchase, there are 2 further roles that media play post purchase, SHARE and ENJOY. Given the fact that a significant number of people are still worried once they have made the purchase, the role of media in generating satisfaction and confidence is vital. a moment of clarity stress testing assumptions corroborating assumptions review satisfactions comments and advocacy
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How do these roles fit in the path to purchase?
So we’ve talked about the importance of the ongoing seeding of brand associations – that’s a really important role for media and for newsbrands – one we’ve called FRAME During the journey itself, there are 7 roles that media brands can and do play in helping people making the decision as to which brand or product to buy. And the influence of media doesn’t stop at purchase, there are 2 further roles that media play post purchase, SHARE and ENJOY. Given the fact that a significant number of people are still worried once they have made the purchase, the role of media in generating satisfaction and confidence is vital.
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£ Key roles for media in consumer purchase decision journeys Being
Background associations Build up Realisation Expand Identify options Filter Excluding options Test Confirming conclusions Buy Best deal Frame shaping perceptions Tease gentle but persistent reminders Confirm corroborating assumptions Inform a ‘real world’ perspective Isolate a moment of clarity Enjoy review satisfactions Awareness what’s out there + is important Awareness what’s out there + is important Tease gentle but persistent reminders Challenge Stress testing assumptions Share Comments and advocacy Share Comments and advocacy Confirm corroborating assumptions Being: Absorbing brand, product and category information to FRAME perceptions through a variety of needs Build-up: Growing awareness of need to make decision – often due to a TEASE, Start ‘tuning’ into background – raising AWARENESS, SHARING opinions. Potential for a SHORTCUT to skip a stage Expand: Fleshing out consideration set to ensure all possible options are considered, AFFIRM opinions and get more AWARE of options Filter: get more INFORMED to whittle down final options, continue to be TEASED whilst you make up your mind. Test: First-hand experience of option/options to ISOLATE options for focus, Potential for new ideas to change consideration set through CHALLENGE or have opinions AFFIRMED Shop around: Exploring deals offered by different providers/dealers to identify best value for money Short cut Helping make decisions
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Frame Shaping perceptions
Semi-consciously absorbing information on the products, brands and retailers out there and worth paying attention to Creating a strong sense of excitement and anticipation about a product or retailer that is within someone’s consideration set Shorter Journey: Priming people to notice products, brands and retailers when out and about Longer Journey: Defines the assumed category consideration set before people have even decided that they need to make a purchase decision ROLE OF NEWSBRAND: Provides a moment of inspiration in the journey that helps isolate and hone in on a specific product or area TYPE OF JOURNEY: Typically long journeys WHERE IN JOURNEY: Tend to be most influential when consumers naturally need to focus on making a choice PLATFORM: Print and to a lesser degree tablet. Influence is usually encountered as a full bleed or large advert. People are usually in a more open-minded / relaxed frame of mind when reading newsbrand content in print / on tablet vs. on their computer where they tend to be more critical
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87% 87% Newsbrands act as a lens on the world
On what to spend time thinking about, and the choices that matter The features and stories tend to suit people like me Gives me ideas to share with other people 87% 87% Newsbrands act as a lens on the world, reinforcing values and helping people determine what matters and what to spend time thinking about. This is as true of purchase decisions as it is of politics and culture; they provide a lens on the choices that matter and are worth considered. Question N6 And how much do you agree or disagree with what’s being said below about <Newsbrands>? Base = 2,000 A18-65 Source: Newsworks, How People Buy, 2015
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Newsbrands set the stage across different journeys within the finance category
% of consumers who say newsbrands provide helpful or useful information about 84% a credit card 84% car/home insurance Question N3. When it comes to providing content or information about products or brands, how well do (your Newsbrands) provide helpful or useful information about these other products/categories? .… . Base = 2,000 A18-65 Source: Newsworks, How people buy, 2015
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84% Newsbrands infer relevance and a sense of ‘rightness’ onto brands…
If they recommend something, then I know there’s a good chance I’ll like it 84% Question N6 And how much do you agree or disagree with what’s being said below about <Newsbrands>? Base = 2,000 A18-65 Source: Newsworks, How People Buy, 2015
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Providing a ‘real world’ perspective
Inform Providing a ‘real world’ perspective Providing additional detail and information about products to fill in gaps in knowledge and help make a ‘better’ decision Providing additional detail and information about products to fill in gaps in knowledge and help make a ‘better’ decision Shorter Journeys: Later in journey when looking for information to fill in the gaps from other media messages, such as TV, to build a more detailed picture of something Longer Journeys: Earlier in journey when looking for information to expand knowledge of products and brands in consideration sets Newsbrands are trusted to provide more grounded insight into the ‘real life’ experience of a product or brand – sifting through the category jargon to inform consumers of what matters and what doesn’t about a potential product Source: Newsworks, How People Buy, 2015
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Inform Long journey Medium journey
Providing a ‘real world’ perspective The news brand has given me more information I wouldn’t have found myself and more depths in the decision process – it has given me the ability to know more rather than hoping Lucy, 29, Mirror reader Long journey Medium journey Question M3. We’re going to show you a number of different ‘tasks”... For each task we’d like to know what could be helpful for each. Base = 2,000 A18-65. Source: Newsworks, How people buy, 2015
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Stress testing assumptions
Challenge Stress testing assumptions Searching for information or ideas that tests assumptions to ensure you are not missing out on anything and won’t regret the decision Primarily looking for reassurance that a front runner is the best choice; however in some instance new ideas are stumbled upon that completely re-draw the parameters of a consideration set Searching for information or ideas that tests assumptions to ensure you are not missing out on anything and won’t regret the decision Primarily looking for reassurance that a front runner is the best choice; however in some instance new ideas are stumbled upon that completely re-draw the parameters of a consideration set Longer Journeys: Especially during later stages when looking for final reassurance around decision Newsbrands are one of the key means through which assumed consideration sets are thrown up in the air because their trusted status gives consumers confidence to re-think consideration sets
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Challenge Long journey Medium journey Stress testing assumptions
I think this quote really sums up the role of newsbrands in challenging assumptions. Now I know that there will be many other factors that influence the final decision, but newsbrands got the Lexus on to the consideration set. From my memory of working on car brands, it is about 1 in 3 test drives that result in a sale. I know for me I rejected a car because it didn’t have a proper key to start the ignition, and that just felt too strange Question M3. We’re going to show you a number of different ‘tasks”... For each task we’d like to know what could be helpful for each. Base = 2,000 A18-65. Source: Newsworks, How People Buy, 2015
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Helping make decisions
Short cut Helping make decisions Presenting the right option at precisely the moment of need to completely bypass the effort of deliberating or cross-examining decisions Short Journeys: Makes a decision for consumers that answers an immediate need, often prompting immediate action before any thought goes into journey Longer Journey: Helps cut through the noise later in the process Newsbrands ability to fit within habits and routines throughout the day mean they are well placed to respond to needs as and when they arise
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Short cut Long journey Medium journey Helping make decisions
Question M3. We’re going to show you a number of different ‘tasks”... For each task we’d like to know what could be helpful for each. Base = 2,000 A18-65. Source: Newsworks, How People Buy, 2015
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Showing what’s out there and is important
Awareness Showing what’s out there and is important Raising awareness of relevant new products and offers, often at earlier stages of the journey Newsbrands are adept at turning something that people are aware of in the background to more immediate attention, they are able to cut through the noise and raise salience by leveraging the perceived trust and assumed relevance of the things they present Shorter Journeys: Can kick-start a journey, reminding consumers of needs and brands that have slipped into the background, increasing salience and the sense that ‘now is the time’ to make the decision Longer Journeys: Introduces new options into emerging consideration sets as the need to make a decision grows
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Awareness Showing what’s out there and is important Long journey
Medium journey Question M3. We’re going to show you a number of different ‘tasks”... For each task we’d like to know what could be helpful for each. Base = 2,000 A18-65. Source: Newsworks, How people buy, 2015
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Newsworks.org.uk/planningtool
A planning tool was developed using the insights and data from this research. With it you will be able to determine: Which channels are best at influencing different types of purchase Which channels have the greatest influence at the different stages of the purchase journey How different media channels help consumers decide which brand/product to buy Newsworks.org.uk/planningtool
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The Proof
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In the finance category, campaigns that use print newsbrands are more effective than those that do not
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Print newsbrand % of total campaign spend No print newsbrand spend
Automotive Finance Print newsbrands boost overall campaign ROI by up to 5.7 times but advertisers are missing out on large additional revenues by not including newsbrands in the mix £1.49 £8.47 £6.76 £3.91 Total campaign revenue ROI Low 2-5% Medium 7-22% High 22-37% Print newsbrand % of total campaign spend No print newsbrand spend 2015 spend levels 7.9% Financial Services campaigns boost overall campaign ROI by up to 5.7 times when print newsbrand spend is between 7% and 22% Financial services – total comms revenue ROI vs. print newsbrand % of spend Source: Benchmarketing/Brand Science Results Vaults 2011 to 2015
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Print newsbrands go on working for much longer than online in the finance category
391% higher impact at day 7 Source: Benchmarketing/Brand Science Results Vaults 2011 to 2015
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Print newsbrands should form at least 11% of the budget for finance brands
What proportion of the budget should be spent on print newsbrands to deliver optimum total campaign ROI?
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Print newsbrands should form a significant proportion of the mix for finance brands
Recommended % spend on print newsbrands to optimise total campaign ROI 11% 62% 51% 34% 26% 21% 17% 15% 13% 12% 5 10 15 20 25 30 35 40 45 50 In finance the average spend is around £25m and larger spenders are at around £50m. The range from our tertile analysis was 7-22%. Here we can see that the sweet spot for the average spender is at 21%. Average spend in 2015 was much lower at 7.7%. Total annual campaign budget £m Source: BrandScience channel planning sales analysis 2015
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effectiveness.newsworks.org.uk/roi-calculator/
We have created a tool to help media planners find the optimum level of investment in print newsbrands as a proportion of the total budget for a range of different budget levels. Instructions: Select category Select annual budget Calculate effectiveness.newsworks.org.uk/roi-calculator/
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Print newsbrands make other media more effective
So we know then from our results that it is always best to have print newsbrands in the mix, and we know the average levels to deliver optimum return. This is not about comparing individual channels but rather acknowledging that most if not all campaigns are multimedia and that we need to know the role of print newsbrands in the mix
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Combined Services: Print newsbrands make TV spend work twice as hard
£6.49 £12.22 £5.72 £10.82 TV revenue ROI Low 2-10% Medium 10-12% High 12-18% Print newsbrand % of total campaign spend in combined services No print newsbrand spend Using the same format, comparing groups by level of spend in print newsbrands we looked at the impact on the average TV revenue ROI. For this analysis we looked at the wider combined services category to get a bigger sample of models. The results showed that including print newsbrands in the mix make TV spend work twice as hard, doubling the average revenue per £1 spent on TV. Source: Benchmarketing/Brand Science Results Vaults 2011 to 2015 – excludes outliers and incomplete models. Combined services includes: Finance, Retail, Telecoms, Travel & Leisure, Media, Government/Social/Political, Other Services(Online & Offline) * combined services used to ensure robust base size
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Automotive Finance Finance: Print newsbrands also boost online RROIs by an average of 2.3 times in finance £4.84 £12.10 £13.33 £8.28 Online display revenue ROI Low 2-10% Medium 10-12% High 12-18% Print newsbrand % of total campaign spend in finance No print newsbrand spend And even in the finance category print newsbrands boost online display ROIs by an average of 2.3 times Finance – online total revenue ROI vs. print newsbrand % of spend Source: Benchmarketing/Brand Science Results Vaults 2011 to 2015
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Finance Finance: Print newsbrands boost radio revenue by up to 1.9 times in finance £1.70 £3.21 £0.45 £3.15 Radio revenue ROI Low 2-7% Medium 7-22% High 22-37% Print newsbrand % of total campaign spend in finance No print newsbrand spend In finance there is also a positive story the effect of print newsbrands on radio revenue, where they boost the radio revenue ROI by almost two times Finance – radio total revenue ROI vs. print newsbrand % of total campaign spend Source: Benchmarketing/Brand Science Results Vaults 2011 to 2015
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Newsbrand effectiveness doesn’t stop at ROI..
So we know then from our results that it is always best to have print newsbrands in the mix, and we know the average levels to deliver optimum return. This is not about comparing individual channels but rather acknowledging that most if not all campaigns are multimedia and that we need to know the role of print newsbrands in the mix
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Ad exposure strongly correlates with brand advocacy
More likely to See the ad Recommend the brand 86% Banking In this study, ad exposure was strongly correlated with advocacy for brands likely to be recommended in the future. This can work in 2 ways, creating a virtuous circle. At the end of the study, people were asked to indicate which brand (if any) they would recommend in a particular category. For all those who indicated a brand, a high proportion had been exposed to an ad for that brand in The Times edition over that month Chicken or egg? Source: News UK, Project Footprint, 2015
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+36% 11% Ad exposure drives higher conversation levels
Ad exposure drives higher offline action (+10% vs. non exposed) 11% took action +36% There is a correlation between those exposed to the advertising and their subsequent offline activity, whether making a brand choice or a purchase Source: News UK, Project Footprint, 2015 Note: Uplifts based on % taking offline action (purchasing or making brand choice), comparing ad exposed vs. non ad exposed groups
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The holy grail… advertising that generates multiple effects
Over just one month, the proportion of total exposed respondents both having a conversation and visiting/searching online in a variety of categories were: 13% Banking Theory: If people talk about a brand, they have an even stronger level of commitment to it Comparative figures for those exposed to ads that either had a conversation about/visited/searched for the brand they were exposed to within a particular category were: Banking – 53% Source: News UK, Project Footprint, 2015
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The Proof in Action
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MoneySupermarket.com Case study
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Objectives What they did
Drive visits to the MoneySupermarket.com website Increase consideration of the brand Effectively communicate the breadth of the offering Differentiate MoneySupermarket.com from competitors What they did MoneySuperMarket.com undertook two large-scale regional tests in order to isolate the effects of adding newsbrands to its media plan across print, online and tablet formats for the first time. The campaign ran in 2013 from March to June. MoneySuperMarket.com tracked and modelled results.
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Results A brand tracker showed that exposure to newspaper advertising improved MoneySuperMarket.com's brand perceptions; delivered strong improvements in preference and differentiation; and had a halo effect on a wider range of products The campaign also prompted an immediate impact on overall website visits; saw a large increase in claimed recent web visits among 18-34s; and converted visits into enquiries Tablets performed particularly well - for each £1 spent on tablet advertising, almost two incremental visits were generated “Newsbrands increased consideration and helped differentiate us from our competitors. They weren't considered in our media mix before but we think differently now.” Gareth Helm, brand director MoneySuperMarket.com
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Hiscox – ESI Media: Where product meets passion
Case study
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Objectives What they did
Grow consideration for the specialist Hiscox home insurance in a highly competitive and commoditised sector Make a specific set of high net worth individuals feel like Hiscox is “a brand for them” What they did Partnering with The Evening Standard, Hiscox became the first ever Official Arts Partner of the newsbrand. For print Hiscox combined high impact advertorials, daily signposting and logo accreditation. At the heart of the partnership was a purpose built ‘Online Arts Channel’ – hosting weekly bespoke native articles
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Results Average time per visit on the Arts Channel was 215 seconds, beating the ESI benchmark of 50 seconds An average of 2.43minutes has been spent with the native articles, again beating the ESI benchmark by 21.5% 68% rated the brand fit 'good or excellent' “The Evening Standard Arts partnership not only represents a brilliant distillation of our passions-based strategy, but the content that it has created has been between widely and enthusiastically consumed by their readers, and had a strong effect on our brand in a small amount of time.” Hiscox
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Lloyds Bank – Reimagining personal finance
Case study
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Objectives What they did
To make customers feel confident that Lloyds Bank understands their needs and can help them make the right financial decisions What they did Created an editorial series with the Guardian money desk including handy advice, real life stories and fact-filled listicles – answering some pf the toughest questions on retirement and wealth management Infographics explored the topics of tax laws around the world and where pensioners’ cash comes from Utlising the Guardian’s own networks, targeted s were sent to C-suite audiences
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Results 18% increase in awareness of Lloyds Bank wealth management and private banking products 21% of readers claimed they’d book an appointment with a Lloyds private banking advisor and nearly 5% had booked 26% of readers claimed they’d had it or would have conversations about Lloyds 8k comment, shares, and engagements on social platforms of campaign content
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Aviva - Save Smarter Aviva collaborated with MailOnline and Metro to demonstrate its new emotive style and communicate to its audience the need to ‘Save Smarter’. View full case study
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Halifax's print advertising campaigns demonstrate how innovation can be used to stand out from competitors in the banking sector and reconnect with consumers during a financial crisis. View full case study Halifax – innovating via print
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This case study shows Scottish Widows, a UK financial services and pension band, encouraged younger people to think about retirement planning through a behaviourally inspired ad campaign. View full case study Scottish Widows: Life feels better with planning
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The trust transaction: How content can transform the way banks connect with people Using examples from RBS and Santander, this report shows how the two banking brands used content marketing to help build trust in the UK, delivering useful, high quality and easy to understand content. View full case study
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The Gallery
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The consumer journey is about reducing worry
The consumer journey is about reducing worry. Even with medium journeys such as credit cards, confidence in the decision is not a given from the outset Newsbrands have a key role to play in the consumer journey framing the landscape, informing, challenging, raising awareness and providing shortcuts Newsbrand readers are a valuable audience, with savings 5% higher than the average person. Campaigns that use print newsbrands are more effective than those that do not, boosting ROI by 5.7 times for finance Print newsbrands should form at least 11% of the budget for finance brands Brands using newsbrands see higher conversation levels and offline action
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