Odea Bank - Financial Cards Campaign
Company: Odea Bank A.S., Istanbul, Turkey
Company Description: Being the 1st bank to obtain a license for a green field banking operation after a period of 15 years in the Turkish banking sector, Odeabank was granted an operating permission by the BRSA on 2 October 2012. Starting its operations as the 49th player in the Turkish banking sector, Odeabank became the 9th bank in terms of asset size among private deposit banks.
Nomination Category: Marketing Campaign Categories - Industry
Nomination Sub Category: Marketing Campaign of the Year - Financial Cards
Nomination Title: Bank'O Atlas (Miles Credit Card) Launch Campaign
Tell the story of this nominated marketing campaign for the judges (up to 650 words). Describe the genesis, planning, execution, and results to date of your campaign.
Turkish banking industry being a very competitive one, dominated by big and established brands, whereas relatively small banks are boosting their media investments to make themselves heard. Odeabank has entered this fierce competition in 2012. Although being a new brand in the market, Odeabank has been completing the product portfolio to be able to compete with the rest of the banks. The latest product was co-branded “the air miles credit card” that was going to be launched within the collaboration of AtlasGlobal Airlines, Bank’O Atlas card. However, it was already a challenging market for miles credit cards.
Miles credit cards market appeals to a very niche segment in Turkey. The established, big players have been dominating both the market and perceptions of this already small, niche segment with their co-branded miles credit cards.
On the other hand, for the banks, miles credit cards have become not that profitable anymore. Hence, they were cutting down the miles earnings and redeeming options within time. According to the qualitative research, consumers were not happy with the current advantages (Ipsos, Miles Cards Research, 2016) With this challenging market conditions and unsatisfied consumers, as Odeabank we had to overcome these barriers.
To make an effective campaign, we decided to turn the category barrier (not being able to earn miles and redeeming as in the old days) into an opportunity. Taking the qualitative research findings into consideration, we’ve decided to position Bank’O Atlas card as “the miles card that makes you fly easily” and designed the features of the product accordingly.
We built the communication strategy on a relevant consumer truth regarding miles card usage attitudes. People were using their miles cards at every possible shopping opportunity, just to earn mile points as much as they can. From their children’s school installments to snacks, they were exploiting every shopping opportunity. We decided to focus on this consumer tension (despite the fact that earning miles points are not easy, people still use their miles cards). We’d fulfil a consumer need with our product through our big idea “thanks to Bank’O Atlas, you don’t need to buy the whole world .”
For the creative execution, we dramatized the consumer tension as our target audience would almost find excuses to use their miles card just to earn miles. We created a character who cannot help himself but to buy anything, whether he needs or not, from a gorilla sculpture to a decorative pool. Then we presented our product that makes earning and redeeming mile points easy to this almost lunatic character by giving the message of “Bank’O Atlas Card for those who buy the whole world to earn ‘miles’ but cannot go even ‘a mile’”.
The performance of the product was measured under two main categories; first one is perception and the second one was the card application and sales figures.
We conducted a post-test with SOR, Marketing Research Company. According to the research, “Odeabank offers the easiest miles earning for its customers” attribute increased by 29%. The second perceptual objective was correct message delivery. The research proved that 59% of the consumers mentioned “no need for unnecessary spending to earn miles, Bank'O Atlas already enables to earn miles easily”.
In terms of sales results, following the launch in 23rd of November, the credit cards application numbers increased 85% by the end of year 2016, In last two months of 2016, while the market is growing two percent, Odeabank's credit card portfolio grew by eight percent, experiencing 4 times more growth than the market in general based on BKM (Interbank Card Center of Turkey) data. In six months, almost two hundred thousands of applications were received through wide range of channels and almost fifty thousands of those applications were approved.
In bullet-list form, briefly summarize up to ten (10) of the chief features and results of the nominated campaign (up to 150 words).
-Turned the category barrier into an opportunity.
-Positioned Bank’O Atlas being a miles credit card as the card that is ‘easy to earn and redeem mile points.’
-Focused on this consumer tension (despite the fact that earning miles points are not easy, people still use their miles cards) and solved this tension with our product.
-“Odeabank offers the easiest miles earning” attribute increased by 29%.
-59% of the consumers mentioned “no need for unnecessary spending to earn miles, Bank'O Atlas already enables to earn miles easily”.
-The credit cards application numbers increased 85%.
-While the market is growing 2%, Odeabank's credit card portfolio grew by 8&, experiencing 4 times more growth than the market in general based on BKM data.
-In six months, almost two hundred thousands of applications were received through wide range of channels, almost fifty thousands of those applications were approved.