April 5, 2024
Cutting-edge strategies, innovative creative, radical tactics – done well, these ingredients can be the key to campaign success. In fact, we find the subject so interesting we recently recorded an entire podcast episode about experimentation with Tierney Cowap, Growth Campaigns Manager at Monzo. From initial ideation to data-driven refinements, read on to discover how fintech leaders and marketers can embrace experimentation to elevate their campaign game and achieve impactful results.
As consumer preferences evolve and new platforms emerge, it’s important to remember what worked yesterday may not yield the same results tomorrow. The result? Experimentation isn’t an option, it’s essential. That doesn’t mean every idea has to be completely out-of-this-world and utterly unique, but it does mean adopting a mindset of continuous improvement and strategic innovation.
Our advice? Encourage everyone to contribute. Embrace future challenges and opportunities by inviting everyone to experiment every step of the way – that might mean coming at creative from a different angle, going after a different audience segment or trying out new marketing techniques – for example – by establishing influencer partnerships.
This can sometimes be a struggle – especially if stakeholders are being asked to get behind an unproven strategy. But holding onto an ‘if it ain’t broke, why fix it?’ mentality can be a huge barrier to campaign success.
Our advice? Reframe the conversation. Venturing into unchartered territory can feel like a gamble. But instead of worrying about what might go wrong, think of the experiment as a learning opportunity and, moving forward, seek to apply key learnings wherever you can. Like Starling Bank which – after a two-year hiatus – took the emotional storytelling of its B2C campaigns and applied it to the rational messaging of a new B2B campaign. The ‘Set Your Business Free’ strategy worked, with consideration among B2B customers jumping from 13% to 23%. By emphasising the potential for growth and innovation through experimentation, marketers can garner support for trying new approaches.
Keeping up to date with today’s dynamic social media landscape and identifying emerging trends presents a huge opportunity for experimentation – especially when it comes to capturing the attention of younger audiences. But balancing the demand for high-quality content with the need for agility and speed is tricky. Short-form videos reign supreme, user-generated moments are all-important and platforms like TikTok have revolutionised engagement metrics.
Our advice? Appoint a pop culture connoisseur. Today’s users want to see their interests reflected in the content they consume, something Cleo aced with its first out-of-home multi-faceted marketing campaign. Gamifiying the spending experience, posters and billboards across Brooklyn featured daily prompts inviting users to vote on what a TikTok-appointed Chief Spending Officer (CSO) should buy. This quirky and interactive campaign was rolled out almost in real time and is a testament to the marketing team’s ability to tap into the zeitgeist.
While established fintechs may have greater resources for experimentation, the campaign plays we’re discussing here are applicable across the board – whether you’re a start-up or scaling up. Set aside a percentage of your marketing spend each quarter to try something new and leverage a test-and-learn approach to optimise budget allocation and resource utilisation. By prioritising high-impact placements and keeping an eye on emerging trends, you can maximise your marketing budget.
Our advice? Achieve a big impact with minimum spend. Explore innovative ways to make a big, bold statement that doesn’t come with a big, bold price tag. That could mean tapping into audience interests and aligning your brand with a cause that’s close to their hearts. This is more of a PR play than a marketing play, but if it gets eyes on your fintech, then we’re a fan. Take challenger bank Atom, which gained accreditation from the 4 Day Week Campaign group and celebrated its involvement in the initiative across internal and external comms – because everyone loves a good news story, right?
Creating diverse and customised content for every platform shows you understand how to talk – and when to talk – to different audiences. And the same goes for experimental marketing campaigns.
Our advice? Don’t do everything, all at once. Pick when and where you want to experiment and keep the business-as-usual content coming. While some assets and activations might feature an unconventional approach or attention-grabbing idea, users still need to see content that drives consideration, acquisition and retention. We’re talking product explainer videos, online security advice and real-life success stories.
Communicate throughout the experimentation process by involving everyone in the journey and providing regular progress updates. This transparency not only builds trust among stakeholders but also allows creative teams to make corrections and adjustments along the way.
Our advice? Go beyond traditional metrics. Always seek to consider the broader impact of your experimental campaigns. That’s because the most significant impact is not always obviously apparent. For example, a campaign may not drive immediate conversions but could significantly boost brand awareness or influence consumer behaviour in the long run.
Talking of data-gathering, sometimes the best insights come from simply listening to your customers and thinking about how best to communicate with them. By analysing past campaign successes and leveraging insights from user interactions, marketers can establish a solid foundation for experimentation.
Our advice? Tap into users' interests. Understand their needs, invite feedback and create campaigns that speak to them. You could use the opportunity to highlight how customers interact with your product and the value it brings to their lives or simply sympathise with a situation they're facing before offering a solution. Like Cash App’s That’s Money campaign featuring Kendrick Lamar offers a unique take on financial volatility or First Direct’s Skint Stinks adverts featuring a pungent puppet who embodies people’s frustration with rising costs.
Successful experimentation strikes the right balance between maintaining a cohesive brand identity and achieving performance-driven objectives – especially in the digital realm where tangible products might not always be readily showcaseable.
Our advice? Be instantly recognisable, wherever you are. Leveraging visual and auditory cues such as colour, fonts, imagery and sound effects can help maintain consistency amid diverse creative executions. And this consistency helps reinforce brand recognition and identity. In addition, incorporating elements of your app’s user interface into your marketing campaigns can help bring the product to life and reinforce messaging across different channels. Revolut did just this when it rolled out its first out-of-home campaign in APAC featuring a giveaway of its renowned gold card. And remember, rather than simply inserting your brand into a new platform, marketing channel or territory, the focus should always be on adding value and maintaining authenticity.
Experimentation is the lifeblood of successful brand campaigns and those willing to take risks and explore new possibilities will be best positioned to succeed. Contact us to discover how we can help.
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