The Day2Day Plus Account was launched by BOQ in February 2011. Identifying an opportunity to drive account sales and new to bank customer acquisition, this ‘everyday transaction account’ was not necessarily an Australian first, but rather an opportunity to push the category even further.
Through the launch of Day2Day Plus, BOQ sought to not only leverage category investment but to also reposition the “fee free” territory – and talk at a product level to bring the message together. Initially exploring the “getting more than you bargained for” territory, then transitioning to “it pays to be a little stingy” and overtly posed the challenging question “Why are you still paying a monthly account fee?” The launch of this everyday transaction account was supported by a significant through-the-line marketing campaign (with a strong retail approach).
Since then, additional campaigns (including targeted cross sell activity) have actively promoted this product, achieving strong results in terms of new account sales. Whilst a competitive battleground for all banks, this is a category where BOQ does have some leadership (or at least equal position) so can really live up to the brand positioning and adopt the challenger stance. This account also represents BOQ’s biggest opportunity to attract customers in the young adult (25-34 years) segment.
- Raise brand awareness amongst their target market.
- To build awareness and consideration of the Day2Day Plus Account.
- To make it as easy as possible to join BOQ and drive account sales.
- Drive web traffic.New account acquisition and new to bank customers.
Insights and Solution
To promote BOQ’s Day 2 Day account Nova went ‘OLD SKOOL’ by running a dedicated major promotion to encourage interaction between listeners and BOQ. Over two weeks between 9am-4pm Nova Brisbane broke with its regular music format and played only ‘Old Skool’ music requested on a BOQ Branded ‘WIN PAGE’ on the Nova website. Everyone who requested a song went into the draw to win a trip for 2 to V Fest in London with an Old Skool Line up of Artists.
Wc 30.04.12 – pre-promote.
Wc 07.05.12 – non-stop Old Skool music.
Supported with a 45” commercial schedule, commercials were integrated/themed around ‘Old Skool’.
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- Day2Day Plus Accounts grew by 11.35% over the campaign period.
- Due to the success of the Campaign BOQ and Nova are now in planning for the second installment of ‘Old Skool’.