How a Credit Union Increased Ad Spend by +260% for a Brand Refresh

Advertising
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October 21, 2021
Financial Services

Key Takeaways

In August 2021, Coast Capital launched a brand refresh under the “We’re Real” campaign where they highlighted real financial goals that Canadians are concerned about. In total, the brand spent $222K, and this campaign was advertised on social media channels such as Facebook and YouTube as well as email. As part of this campaign, Coast Capital implemented the following tactics to increase customer acquisition: 

  • Community focused messaging: The brand reinforced the idea that all Coast Capital members are owners, and how “your success is our success” making new members feel as if they are a part of a community. Coast Capital also advertised that they reinvest 10% of their profits to build thriving communities, showcasing their social initiatives.
  • Promotional offers: As part of the “We’re Real” campaign, Coast Capital offered up to $350 for new members and $300 for new business members. Existing Coast Capital members also received a referral code for a chance to earn up to $300 for referring 3 friends.
  • Recognizing problems & offering a solution: Coast Capital differentiated their campaign from the Big Five Canadian banks by finding a whitespace opportunity. The bank noticed that the Big Five were focused on luxurious financial goals such as a dream home or a lavish vacation when in reality, many Canadians have financial goals that shouldn’t be a dream such as repairing a car or getting out of debt. Coast Capital recognized this problem and set out to offer a solution with the “We’re Real” campaign.
  • Nail the outro: In Coast Capital’s video advertisement, they reinforce their main messaging by ending the video with their campaign slogan “We’re Real” along with the logo to increase brand recognition. It is also best practice to keep video ads under 15 seconds to increase the likelihood that viewers will watch your video until the end. 

In August 2021, Coast Capital refreshed their brand by launching their “We’re Real” campaign where they highlighted real financial goals Canadians are concerned about. 

The aim of the campaign was to shed light on how Canadians have dreams that “shouldn’t be dreams at all”. While the Big Five banks focused on big financial “dreams” such as a lavish vacation or an expensive car, Coast Capital’s campaign highlighted the fact that many Canadians are struggling to make mortgage payments or get out of debt. The “We’re Real” campaign was only advertised regionally in British Columbia. 

The “We’re Real” campaign received its own page on coastcapitalsavings.com, where the main CTA was “become a member”. 

Were For Real

In September 2021, Coast Capital ramped up ad spend by +260% as they launched the “We’re Real” campaign on Facebook.

Spend is a directional approximation and does not include retargeting, or behavioural targeting.
YouTube ad spend data for Coast Capital Savings is currently unavailable as of October 2021.

The “We’re Real” ad campaign on Facebook was made up of four different creative buckets:

  • Community Messaging
  • Promotions
  • Real Goals
  • Video

The community messaging content bucket received the highest ad spend with a budget of $159K.

The “Community Messaging” content bucket was made up of text based ads that highlighted how members are owners, building a sense of community.

As part of the “We’re Real” campaign, Coast Capital ran a $350 promotion for new members and a $300 promotion for new business members.

Coast Capital aims to turn dreams into reality by highlighting the fact that goals such as getting out of debt and owning a home shouldn’t be a dream. 

On Facebook, the brand ran one 15 second video ad which emphasized how Coast Capital can help members plan ahead to achieve their financial goals. 

Coast Capital Facebook Post

Tactics:

  • Captions: Add captions to your video ads as 85% of Facebook users watch videos with sound off
  • Short & Sweet: It is a best practice to keep video ads under 15 seconds so that people are more likely to watch your ad until the end
  • Nail the Outro: Coast Capital reinforces their main messaging by ending the video with their campaign slogan “We’re Real” along with the logo to increase brand recognition

Coast Capital ran a YouTube ad in August for the “We’re Real” campaign which generated over 1 million views* as of September 2021. 

*YouTube ad spend data for Coast Capital Savings is currently unavailable as of October 2021.

On YouTube, Coast capital implemented an A/B test with two different video lengths. The brand allocated the majority of their budget towards the 30 second short-form video ad. 

A/B Test:

Long-Form Video (Length: 1:03 | Video Views: 314K)

Short-Form Video (Length: 0:30 | Video Views: 734K)

Video Concept & Tactics. The YouTube ad* shows various examples of financial goals that the everyday person has such as affording a house, fixing a car, or having a savings account. Coast Capital ends the ad with “real advice for real people from real people, so you can live the real life you want” showing that they can provide a solution to those who are wanting to achieve their real financial goals. 

The “We’re Real” campaign was also executed on email where Coast Capital offered current members a referral code for a chance to earn up to $300 for referring 3 friends. The email signed off with “We’re for real” messaging reinforcing the main mission of the campaign.

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