We’ve been on the corona-coaster and following a few weeks of major upheaval, it feels for many that we’re settling into a new way of life, the so-called ‘new normal’. The stresses and strains we experienced initially, have now waned for many and lockdown fatigue is setting in. We’ll be talking about how brand narratives have evolved through the Covid outbreak in the NNN mailer, but now we look at how the third biggest sector for OOH might want to reframe and reset their campaigns for 2020.
When the Coronavirus pandemic first took hold of our lives and daily news feeds, health was rightfully at the top of the list of concerns, however as time progresses, financial woes are taking hold. The Government’s Job Retention Scheme and assistance for self employed traders is easing some of the pressure, but with many businesses likely to remain closed the long-term financial impact is more and more worrying. Kantar’s Covid 19 Barometer noted ‘financial concerns are the number 1 worry’ for people in the UK, with 82% of respondents ‘hugely concerned’.
The economy is shrinking globally, with several countries declaring an official recession, and the UK is expected to be no different. During the 2008 recession the banks were largely blamed for their role in the crash, however now there is no single point of blame. With an increasing feeling of community, it’s an opportune time for financial services and insurance brands to step in and offer reassurance and solidarity to their customers, and OOH remains well placed to deliver on this.
How banks are responding
From loans to mortgage freezes, the big high street banks have stepped up to provide essential lifelines to their customers who are struggling. Swift adaptations to processes have allowed cocooning customers to delegate financial responsibility to a friend or neighbour, if that is required. Several banks are working with charity partners to help the most vulnerable people within their communities.
Banks also worked quickly to increase the contactless payment limit from £30 to £45 on 1st April 2020, reducing cash handling and contact with chip and pin pads in shops, and according to Paysafe just 28% of Britons are using cash to make purchases at the minute. Paysafe also found that over half of UK consumers have tried a new payment method since the covid-19 outbreak, and customers aged over 50 were the fastest growing segment of new paypal users.
Despite the lockdown, high street bank branches remain open, providing an essential service for many who can’t or don’t want to use online services. In addition, bank visits are often essential to prevent fraud, open new accounts or deposit cheques. Despite the clear evidence that branches are welcomed, there are huge numbers of customers using e-banking to manage their money, whether through an online only bank, or a traditional provider. If they’re to survive another financial crisis and fend off competition, it’s crucial that financial institutions maintain a presence but to do so they’ll need to adapt even more.
Insurance is still essential
Here’s a riddle: What do you buy and hope to never need? Insurance.
Car, home, life, pet, business, holiday, health… the list is endless. Granted, few people are brave enough to book holidays at the minute, but the other policies which are due for renewal will still be purchased. Money worries, more time to shop around, and possibly a more rigorous check of the T’s & C’s could sway customers away from brands they’ve been loyal to for many years. Striking the right tone with the message might seem difficult, and insurers know all about risks, but in times of crisis the brave often survive.
Hughes Insurance is here for the journey, wherever it may lead.
Four areas of focus
Kantar has developed four key areas of focus for banking providers to consider when it comes to dealing with the Coronavirus pandemic, and they’re applicable to insurers or any other brands operating in the wider financial industry.
- Invest in your brand.
Research has shown that brands with the strongest brand equity in the last recession recovered 9 times faster than competitors on average.
- Humanise digital interaction
Create seamless links between digital and human engagement by thinking ‘digital first’ not ‘digital only’
- Innovate for a changed world
Fewer cash payments, more demand for financial protection and better fraud awareness are only some of the requirements for customers to successfully navigate a changed world.
- Make a difference
We’ve seen this already to great effect, but it’s important to deliver an authentic insight into the brand values and beliefs, building trust with consumers and rebuilding communities.
OOH continues to deliver
Out of Home advertising has always heavily involved in the marketing strategies for the financial services sector. In 2019, it was the third largest sector and represented 8.5% of all OOH activity, with a combined rate card display value in excess of £4.6 million. The broadcast nature of formats appeals to a large audience, while our bespoke insights allow us to delve deeper into mindsets and ensure we deliver the right message at the right time, to the right people.