Welcome to another edition of “Know What Works,” a new feature on our blog in which we highlight TV ads that were highly successful in generating Search Engagement, EDO’s proprietary measure of the increase in search activity for a brand or product in the minutes immediately following a TV ad airing.
The financial services industry is one of the largest spending categories on national linear TV, with industry analysts anticipating double-digit growth in 2022 and 2023.
With their collective ad spend expected to rise, financial services advertisers new and old are fighting for mind share as they continue to identify the best ways to engage with their TV-viewing audiences. Among these advertisers, Capital One and Chase Bank are two incumbent banks currently using effective TV ad campaigns to engage consumers this holiday season.
Capital One and Chase Bank Cash In on TV Advertising
In the past couple of months, Capital One had 38% share of impressions and 43% of estimated spend within the Credit Card category across all national linear TV – the largest share among its competitors.
The brand invested over 80% of its airtime advertising products, such as its Auto Navigator, with the remaining 20% going to brand creatives. Additionally, Capital One has been able to generate a higher Search Engagement level on a per-person, per-second basis relative to most of its competitors from September 1. Since then, viewers have been over 60% more likely to search for Capital One (in the minutes immediately following a TV ad airing) in comparison to other Credit Card brands.
In the Banking category, Chase Bank has had an 18% share of impressions thus far this holiday season, the third-largest among its competitors, and held 11% of estimated spend share among its competitors. Chase Bank invested an estimated 30% of its impressions on more general brand airings and almost 70% of impressions on its products, of which the Chase Freedom Unlimited credit card made up 66%.
Chase Bank has had recent success in driving consumer engagement with its various products. For example, TV viewers were 9% more likely to engage online with Chase Bank in the minutes immediately following a TV ad airing from its latest Chase Freedom holiday campaign, in comparison to the average Chase Bank airing.
Creative Strategies from Capital One and Chase Bank
Taking a closer look at the creative strategy of these brands, we see two major themes: celebrities and holidays.
Capital One advertised its free Shopping Browser Extension with a G-rated creative featuring John Travolta and Samuel L. Jackson. A consumer who saw the 30-second variation of this campaign was over 67% more likely to search for Capital One, in comparison to the average Capital One airing in the past couple of months.
Meanwhile, Chase Bank aired a nostalgic throwback creative featuring Kevin Hart and Catherine O’Hara (who played Mrs. Mcallister in the original Home Alone movie). A TV viewer who saw a 15-second variation of this creative was over 23% more likely to engage online with Chase Bank this holiday season.
EDO’s research shows us that holiday creatives tend to outperform the average non-holiday campaign. Looking historically, holiday, or Christmas-themed creatives, outperform non-holiday creatives by approximately 27% in driving consumer online search for the brand or product advertised. The holidays, mixed with humor and likable celebrities, make for a winning combo that delivers holiday magic for advertisers.
For more information on how EDO can help improve the timeliness and placements of your creatives or optimize ads for higher consumer engagement, contact us today, and #knowwhatworks.