Commercial Bank of Africa (CBA) has
launched a new consumer banking application called Loop at a time when
many in the banking sector are rolling out comprehensive apps.
But
what is setting Loop apart is the creativity of its advertising, so
unusual and resonant in inviting consumers to “unbank” themselves, that
it is creating its own competitive advantage for the new app.
“In
today’s highly competitive market, consumers are faced with vast arrays
of products and choices. As the concept of brand loyalty diminishes,
marketers need to devise creative and innovative ways of attracting and
retaining customers,” reports the International Review of Management and
Marketing from Girne American University.
“The
abundance of choice in products and prices means that consumers are ever
willing to try out new things, thus for a brand to survive in the
market, creative and innovative advertising strategies serve as major
tools.”
Indeed, as customers’ trends keep evolving,
businesses run the risk of their strategies becoming obsolete, unless
they embrace unique tactics.
CBA, whose primary target
market is Kenyan millennials, has invested in making its latest product
visually attractive through television advertisements and on its
website, as research has found that this customer segment prefer visual
content when making purchase decisions, rather than text.
“Millennials
are an online generation; this was the main inspiration behind our
marketing strategy and communication. We developed hard-hitting and
action-packed advertisements that appeal to their lifestyle,” said Eric
Muriuki, General Manager- New Business Ventures, at CBA.
“The advertisement is fast, energetic, conceptual and
it gives an insight into millennials. It essentially tells a story of
passion by the millennial market and yet the same story is true for a
much broader market section of the working population in Kenya.”
“In
a consumer survey we conducted, we found out that 72 per cent of
consumers say they regularly or always seek out visual content while
making a purchase. However, 81 per cent of millennial consumers are even
more likely to search for photos and videos prior to purchase,”
according to a 2017 study conducted by PowerReviews, a consumer
engagement technology company.
“Brands and retailers
aiming to effectively reach younger consumers need to embrace
user-generated visual content in their marketing initiatives. This
content can be leveraged in their websites, including homepage, category
pages, and campaign-specific landing pages.”
But for the visual content to succeed, creativity in touching consumers’ real concerns is also key.
An
example of such success was the strategy adopted by Japanese car
manufacturer Nissan, when, in 2015, after an 18 year absence from
participating in Superbowl advertising, it made a comeback with a unique
promotion that focused on its consumers’ rather than football.
“The
interesting thing about the Nissan advertisement was that that it did
not build its campaign around football: instead it built it around the
related interests of football fans.
CBA’s Loop
campaign, bring home: channels matter, and so does content, but at the
heart of every transformative marketing campaign lies exceptional
creativity.
- African Laughter
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