Media strategy review: Tangerine increases display and paid Facebook spend by 76%
Canadian neobank Tangerine paired its new product offerings with an increase in digital marketing spend, along with a new partnership to sweeten its brand equity. Digital marketing spend increased 76% – from $199.5k in March to $351.7k in April – with a channel focus on display and paid Facebook. For display, Sportsnet.ca and NHL.com were the top publishers, pointing to the brand targeting a sports-minded audience.
While its 2020 focus was on checking and savings accounts, Tangerine expanded its 2021 campaigns to incorporate a more diverse offering:
- Options: The paid Facebook campaign lists many of its capabilities, including no fees, free transfers, and digital features, and challenges the viewer to compare their own bank to its fintech-friendly service.
- Visa debit card: While checking and savings is not a new feature for Tangerine, its partnership with Visa not only allows for a more product-focused campaign, but it ties the neobank to a very well-established financial brand.
- $200 bonus: The simple campaign stresses its no-fee checking account while inviting the viewer to think about how the $200 bonus could be spent.
Tangerine’s new Global ETFs launched in December 2020 – right before the surge in retail investing in Q1 2021. As a result, Tangerine launched a campaign promoting its new ETFs in March 2021 to capture audiences entering the investing world.
New partnership and what we think
Beyond its extended product suite, Tangerine entered a new partnership with the WBNA to reach women and express its value. On May 12, 2021, Tangerine announced it is the first foundational partner of the WBNA, and it subsequently sponsored the tip-off for all season opener games starting on May 14. This sponsorship not only makes the Tangerine brand more visible to women but also gives the neobank a platform to showcase its values. During the opening weekend, Tangerine donated to its Project Forward, which provides mental health services to young basketball players, every time the hashtag #CountIt was used on Twitter.
As support for women in sports and mental health services become a growing priority for consumers, Tangerine’s partnership ensures the brand is aligned to new and current consumers’ values. In the upcoming months, it’s likely that Tangerine will use these elements in paid campaigns, like featuring WNBA players in its ads or featuring its Project Forward program in boosted Facebook posts.
Image source: Comperemedia Omni [04/01/2021-04/30/2021] as of 05/20/2021