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Financial Services

Breaking Through to Boomerang Consumers

16 Aug, 2010 By: Jackie Jones Response

Financial services marketers should target the newest wave of consumers with education through effective DR channels.


 

Sound of Success

The financial services industry must also integrate DR-driven marketing with entertainment to successfully engage this generation, says Chris X. Moloney, chief marketing officer for the consumer division of Experian.

When launching www.freecreditscore.com, Experian was looking to balance a serious brand message with a humorous one as well, and did so through DR and music, Moloney says.

“We need a lot of direct response to make our business hum, and what we discovered about this generation is they really want to interact with brands,” Moloney says. “But they’re bombarded with messages every day. You have to be entertaining or they won’t pay attention to you.”

Experian’s campaign centered on finding a new band to represent its brand (an original band representing www.freecreditreport.com was retired in April). Four finalists, which were debuted at the Major League Baseball All-Star Game in July, are featured on www.freecreditscoreband.com, as well as a variety of social media sites and MTV commercials. A winner — determined by America’s vote in August — will be featured on www.freecreditscore.com commercials.

Utilizing direct response strategy to actively seek out consumers’ opinions has proven rewarding, Moloney says.

“By doing a search for a new band, we’ve been able to engage both the lovers and the haters. We’re letting that debate drive the discussion of our brand,” Moloney says.

The key to Experian’s success with Boomerangers is not being afraid to take your brand in new places, according to Moloney. “You have to protect your brand while letting the creatives drive the bus more than expected,” he says.

If financial services marketers utilize effective and fun DR channels, the outlook remains hopeful.

“This group wants to change the world, and that’s dictated by having enough money,” says State Farm’s Van Hoof. “It’s a point of passion, and it makes us feel really good about the next generation.” n

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