Objectives

Absa wanted to attract the youth market, as statistics proved that once they have settled into a bank account they remain loyal for life. Due to Absa also having a holistic approach, they used TLC’s strategy in which one of the main objectives was to change behavior by showing value. The value for consumers would be derived from the Value Added service they would receive for being part of the product offering.
TLC Marketing had to come up with a way to enhance the Absa Student Silver account in order to build an emotional connection between the consumer and the brand by adding value to an already very attractive banking account. The other objective of this brief was to recruit or influence students to make a switch from their current bank to Absa.
The Mega U campaign’s objective was to empower new and existing MegaU account holders to learn how to save and manage their own money and to “Live free. Prosper” as Absa’s tagline promises. All transactions are free and unlimited with no management fees so TLC had the objective of offering free rewards in order to allow these consumers financial independence.
These Value Added Services rewards needed to be relevant to the South African youth.

The following entry is really great case study for how to create a campaign for a notoriously fickle demographic in a category known for charging for everything; financial services. As we know with banking once someone signs on with a bank, they will be reluctant to move to another, so it’s often a case of ‘catch ’em young and keep ’em’.
TLC Marketing World Wide in South Africa managed to help Absa Retail Banking (VAS –Value Added Service) a Barclays Group Company to achieve double digit growth for the Absa Student and Mega U account. This piece of communication promotes a low-cost transactional savings account aimed at Mega U (people younger than 19 years of age) and the Student Account (18 to 27 years).
Millennials; as we’ve all heard the clichés about them— they’re entitled; they are impatient; and as consumers they exhibit zero loyalty, dismissing brands quickly…so we had a real marketing challenge on our hands.

The 360 degree advertising used a powerful combination of three meanings of the word: FREE as in free of charge, and free as in freedom; this was a poignant use of copy, as this generation in SA is also known as “born free” because they were born after the first democratic elections. (Credit to the ATL agency). The third use of the word FREE is where TLC Marketing comes in - an unprecedented first to market offer for the youth consumer. Once the consumer goes instore and sees the Point of Sale all the details

How were the objectives met?

The Student Silver campaign was communicated via posters that were strategically placed near campuses and in student bureaus and had a big presence on student open days. Absa also sent out personal emails and MMSes and received online support. The communication and rewards offered on the Student Silver campaign tied in with Absa’s pay offline “Work. Play. Prosper.”. TLC came up with rewards that could help students travel home during the holidays with a 50% discount on a single bus ticket, give them access to the internet for their studies with 75MB of data, feed them with offering a R20 Hungry Lion voucher, or Mc Donald’s discount voucher, or a R25 Vida e Caffe discount voucher, and even Let them watch a movie on their day off. The account holder could access all the rewards every month for 12 months. The Student campaign was a huge success as In the first 3 months of the campaign Absa recorded 10 000 new student accounts and the last reported figures that number grew to 45 000 over a base of 100 000. Students enjoyed the benefits of the offer and Absa received numerous customer complements.
The advertising also used a powerful combination of three meanings of the word: FREE as in free of charge, and free as in freedom; this was a poignant use of copy, as this generation in SA is also known as “born free” because they were born after the first democratic elections.

The third use of the word FREE is where TLC Marketing comes in - an unprecedented first to market offer for the youth consumer. Once the consumer searches online or goes instore and sees the Point of Sale outlining all the details meaning to FREE. With the Student Silver Account, you get a 50% discount on a one-way ticket with Greyhound, a free movie ticket at Ster-Kinekor or Nu Metro, 75MB of data on Cell C, Vodacom, MTN or Telkom and a R20 KFC voucher – every month.
Absa’s research into the current young generation, known as ‘Generation Z’, identified certain characteristics which this account aims to satisfy. Members of this generation, according to the research, are more frugal and want to learn how to manage their money better. They are more realistic than their Millennial forerunners (Generation Y), now young adults.
Since the MegaU account is targeted at under 19s most of these young consumers had the freedom to manage their own money, gain financial independence and have anytime access through their cellphone and internet by redeeming their single movie ticket and 75MB data for themselves without adult supervision. Absa produced an above the line campaign featured on TV and outdoor. This was supported with Point of Sale and a multipurpose brochure in branches and schools. The MegaU campaign has been successful in reaching and acquiring new customers, and received great sentiments around the offer. Month on month we have seen a significant increase in sales and a year on year growth of 10%.