Advertiser: Standard Chartered Malaysia Brand: Standard Chartered Malaysia Creative Agency: CARAT MEDIA SERVICES (M) SDN BHD Credits: -
Objective & Challenge
Chinese New Year is a key festive occasion when the biggest and most well-known brands from an array of categories, with budgets to match, weave their emotional brand stories to win over the consciousness of the nation. In the banking category Maybank, RHB and CIMB has been the classic festive darlings, consistently investing YOY. Standard Chartered is no stranger to this space, having released engaging festive videos consistently over the years. However, it lacked targeted reach and relied mostly on organic views with no integrated tactical campaigns, garnering no attributable business impact. Product campaigns were also delivered separately with no tie back to the video, mainly focusing on the middle to lower funnel driven consideration and acquisitions. In December 2022, the brand recalibrated its priorities towards a ‘Brand+Performance’ approach of balancing long-term brand building and short-term customer acquisitions. CNY 2023 was the perfect opportunity for the bank to rollout this approach. But first, we had to get creative with not just the content but the way we stretched the budgets to deliver the impact envisioned. As a global banking brand, we had to create a compelling CNY video story rooted in the local festive spirit, while ensuring we cut through the noise of the competition and win the hearts of the most relevant audience.
Insight & Strategy
The Curious Case of Uncle LoneLee’ was Standard Chartered’s emotionally supercharged answer to connect its brand ethos of ‘Here For Good’ to the goodness of CNY using a brand film. Meaningfully curated stills were adapted from the main film to contextually express the 4 pillars of wealth, transactions, living The Good Life featuring our credit card discounts as well as Priority Banking. Given the limited budget, we focused our media strategy on the highest impact targeting namely the affluent segment. We had to do the opposite of our competitors – when they went all out mass with their mega budgets, we had to go all in to win the most relevant audience with just a media budget of RM60,000. Our digital video buying strategy was focused on three segments: (i) Geotargeting only market centers Kuala Lumpur, Selangor, Penang, Johor, Melaka & Perak that had the highest affluent audience base. (ii) Specific competitor audience that were best performing in terms of both views and clicks. This insight gave us the opportunity to mobilize and ramp up our budgets to retarget this segment with our tactical ads (iii) First-time SC website visitors for retargeting Selection of media platforms, YouTube and Facebook, were based on two key principles: (i) Vide based platforms best suited for longform video (ii) Impactfully reach for the specific target audience that would give us the highest reach & effective ROI. Audiences that engaged with our video, were then retargeted with the relevant product carousel ads to further drive them down the consideration funnel maximizing the ROI even further.
Right from the get-go the intention was to deploy video marketing as the main driver for reach and building brand awareness and affinity, by pairing YouTube with Discovery for impact and mixing FB videos with carousels to drive traffic and single image ads for web visitor remarketing and conversions. Our ‘Brand+Performance’ through targeted audience approach was delivered through an optimized media mix: 52% Awareness through video via YouTube & FB 26% Consideration through remarketing to video viewers via Discovery & FB 21% Conversions through carousel ads and static ads via Discovery & FB Based on our focused targeting strategy, the full video was served to our three segments on YouTube and Facebook. The campaign was optimized on a Cost Per View (CPV) objective, targeting market center affluent, competitor interest and website visitors. With the low CPV achieved, we were able to effectively form a fertile base of audiences that we have warmed up to for further engagement down the funnel and beyond CNY. On top of that, we were able to spend less on the cost per click and landing page views for the middle funnel conversions. Once we hit a certain preset threshold for views, we retargeted the audience who had viewed the videos with a carousel and static adaptation of the video (Umbrella Creatives) to drive traffic to our SC CNY campaign landing page. This phase was optimized towards traffic (CPC) on Facebook via Traffic and Google via Discovery. Once we achieved our desired traffic to our CNY campaign page, we retargeted them with product ads focusing on the different product verticals, including Account Opening, Priority Banking, Credit Cards and Wealth across both Facebook Traffic and Google Discovery channels. Campaigns in both platforms were optimized towards Clicks (Cost Per Click). We strategically chose to drive clicks instead of optimizing towards conversions to encourage both usage and acquisition at the same time.
With this focused approach of targeting relevant audiences only, we became the only foreign bank with a CNY video that outperformed videos by local banks in terms of likes & shares and made it to SAYS.com’s list of most wholesome CNY video ads of 2023. It truly touched the hearts of audiences as is evident from the following results: Brand Awareness +4 among the affluent segment Video Views – 2Mil+ among affluent segment Organic Views – 60K YouTube – 950 Engagements including 897 Likes (Outperformed RHB’s CNY video engagement rate by 5X) Traffic +62% (vs CNY 2022) & 58% New to Bank visitors Average Page View Per Session – 4.6 (vs 1.7 CNY 2022) Average Time on Site – 6 Min (vs 1.7 CNY 2022) CPV 75% cheaper vs industry benchmark of RM0.04 CPC 68% cheaper vs industry benchmark of RM1.51 Marginal ROAS – 20 Other YOY business result uplifts: Credit Card Spend +19% New Priority Banking Customers +18.6%