Lower advertising reach and more sensitivity towards social issues.
Paid Experience Reach in the category continues to be lower at 31% vs. benchmark level 44% (13 Feb – 11 March 2020) and is considerably lower vs. last year (Paid Experience Reach September 2019: 54%).
However, Halifax has increased its advertising reach this week, resulting in a higher Total Experience Reach. Its supportive ‘Wherever’ campaign created positivity, leading to higher Engaged Paid Reach this week. Across the past 4 weeks, Lloyds has created the most positive advertising experiences, with a combination of the iconic Black Horses ad and the Internet Banking ad with Giles and Maureen.
The current time frame comes with a sensitivity for social issues. We have seen negative reactions towards news on job losses for Lloyds and TSB’s services not being accessible for everyone. On the other hand, banks showing they care about inclusion and equality evoked positive reactions. We have seen this for Barclays and its #AllToPlayFor messages, Co-operative Bank’s sponsorship for Manchester Pride and NatWest’s supporting of diverse businesses.