28 Feb Pivoting to Digital in 2021
Creating authentic digital engagement is no easy feat. Since COVID-19, it has made the digital experience you provide customers more important than ever. It has changed consumer behavior and has increased consumers’ reliance on digital engagement. This has created a need for companies to pivot in order to keep up with the demand. The right digital engagement focuses on creating remarkable experiences that make the audience want to listen, care and engage because of the authenticity, and trustworthiness your strategy presents them with.
Look at how wedü helped a client create a strategic campaign that did just that.
This campaign’s goals focused on helping the credit union connect with a younger audience. It utilized a current trend among this audience. The use of short form content in a quiz format was deemed a key for engagement. Focusing the content around improving their financial literacy combined the gamification piece with authentic personal assistance. The focus of increasing financial literacy for this younger demographic was filling a void that the community had identified. To tackle this, wedü came up with CashIQ for Merrimack Valley Credit Union (MVCU). wedü created an online financial trivia platform where young adults, really people of all ages, were encouraged to take quizzes in categories such as life happens, student loans, auto loans, credit score, budgeting and savings, credit cards, etc. Each quiz was worth 10 points and the goal was to take quizzes to earn points that then drove the audience to redeem certain products and services at MVCU branches with prizes. Points equated to prizes through discounts or credits which aligned with traditional banking offers, such as $25 credit toward a new checking account, $510 appraisal credit for a mortgage, etc.
What was the outcome of the campaign?
The goal of this campaign was to drive repeat engagement while getting at least 700 unique test takers. Prior to kick off, the campaign was picked up by some major publications such as the Union Leader, The Boston Globe, Credit Union Times, and the Eagle-Tribune whom all gave credit to MVCU for their work as leaders in financial education This campaign resulted in 8.527 million impressions and a total of 10,299 quizzes taken. It also provided MVCU with a large list of email addresses to remarket to which allows them to continue communicating with this audience to convert them further down their lifecycle as a customer, making this campaign an overall colossal success.
Why was it so successful?
The quiz was created in part to utilize a form of entertainment to educate. By using gamification in the approach, it allowed the audience a way to self-reward and incentivize themselves to learn more, based on an activity that was fun for them. The biggest win came from the quiz identifying financial areas they lacked knowledge in and presenting them with a product or service to improve that specific part of “Adulting” they weren’t as well-versed in. It showed a clear message that MVCU was driven to improve community knowledge and understanding. The campaign stayed true to MVCU’s identity of being more than a credit union, but a leader in financial education, especially with the millennial demographic. 90% of this demographic says authenticity is the most important factor for them when choosing between which brands to consume from and the trust built between the audience, and through the quiz, MVCU, identified that while adulting is difficult and there is no manual, MVCU is a resource for them. Lastly, it met this demographic where they are comfortable. Not many people in this audience are walking into branches to learn more about financial topics. Providing the experience to them digitally, provided a space for them to engage in a manner that they are comfortable and familiar with.
COVID-19 has introduced unprecedented challenges for many of us. As consumers respond and change due to Covid-19, it’s important for businesses to create a forward-thinking digital engagement strategy. Businesses must understand how their consumers behave and how their needs have evolved during this time. Shifts in consumption habits are happening and it’s up to you to elevate the experience your consumers need in order to continue the meaningful relationships we as companies need from our customers. One strong digital engagement campaign that allows you to spot patterns, provide insight, and create lasting relationships with your desired demographic is what will set you apart from the rest. When done right, these digital campaigns can be perpetual, as well.
Need help with your next digital campaign? We can help, contact us now!