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The Bank of Montreal has launched the SmartSteps program with a national ad campaign that helps Canadians make sense of their money and improve money management skills.
The program, designed to help Canadians save money in difficult times, stems from consumer research that the bank conducted last winter, said Alan Hurst, BMO’s director, advertising and merchandising.
The research revealed there are basic money saving tips that Canadians are unaware of, or are too afraid to ask about, said Hurst.
BMO then developed the SmartSteps program, which provides customers with five banking guidelines:
• generate automatic monthly savings
• minimize banking fees
• take years off mortgage payments and become debt-free quicker
• start saving tax-free
• automate money transfers to avoid extra fees.
“It’s a great message to have in the marketplace right now because it doesn’t take a lot of time or effort,” said Sandy Bourne, vice-president of advertising, merchandising, sponsorships and events for BMO Financial Group.
“It’s a matter of sitting down with someone in the bank, and walking through easy steps you can do in a few minutes [that] will help get you on the way to better managing your money and feeling smarter about your money,” she said. BMO is supporting the new service with TV, out-of-home, transit, online and print from Cossette.
The 30-second TV spot starts with an average Joe leaving an ATM, money in hand. Five people, each meant to represent day-to-day expenses like hydro, cable and groceries, stop him and start taking money from his hand.
“We’ll take that,” says an elderly woman.
“My money?” the man asks, while the group continues to tap him dry. “That’s all I have,” he says.
“That’s okay,” says the cable guy. “We’ll be back next month.”
“Want to keep more of your money?” asks the female voiceover. “Start with a new way to save. BMO SmartSteps, visit a branch to start saving today.”
Hurst calls the ad a visual articulation of what Canadians are feeling, and uses basic examples of what they may go through on a monthly basis. “You feel you don’t have control, but we’re saying you can get some control back,” he said.
“If there was a way for him to do something different… he could have some extra money after he pays all these bills,” added Bourne. “It’s a humorous way of getting across, the situation people are in as it relates to dealing with their money on a monthly basis.”
Full-page ads running in publications such as The Globe and Mail, National Post and the Toronto Star — as well as out-of-home — ask questions like “Can I be debt-free sooner?” while others read, “How can I keep more of my money?” and “Could I be doing better with my money?”
The print buy also includes ads in Punjabi, Korean and Chinese publications.
Some of the advertising vehicles drive consumers to a SmartSteps page on BMO.com.
The page lists five questions, and provides brief answers but encourages users to visit their local branch for more information.
The Bank is also supporting the campaign with a PR push that includes a Harris/Decima survey showing Canadians are stressed about the economy and are looking for ways to save more money:
• 79% of respondents need immediate help with their day-to-day money management
• 20% believe their bank has been effective in helping them manage their day-to-day money
2% of respondents learned the most about managing their daily finances from their bank; the majority gets their information from someone else.
The campaign launched earlier this month and is running for eight weeks. Cossette also handled the media buy.
