For Scotiabank, a picture is worth nearly a thousand potential new customers.
The company’s Instagram account, scotia_gram, has emerged as a key channel for engaging younger consumers, garnering 897 followers since its 2013 debut. Key to its success is the ability to tailor content to any kind of youth-oriented theme, said Scotiabank’s senior vice-president of Canadian marketing, Clinton Braganza.
“It has to be relevant to this particular market, but from a platform perspective it really gives us a lot of opportunity in terms of what messages [we present], how unique they are,” said Braganza. “One of the things we really strive for is to be authentic, so you’ll see that thread woven through all the work we do from a market-facing perspective.”
Braganza said as a relatively new and emerging channel, Instagram enjoys the same cache with younger Canadians that Facebook enjoyed several years ago.
“If we think about students’ frame of reference, they’re digital natives,” he said. “I think it’s really important for our bank to be at the forefront of providing content for them.”
Scotiabank partnered with Much’s annual MMVA’s earlier this year, and in August introduced a series of “life hacks” for students headed back to school. They included tips such as storing necklaces in straws to avoid tangling, and using an old cardboard box to create a shirt folder.
“Likes” for Scotia_gram’s posts have increased just over 99%, and comments have jumped 22.3% since the “life hacks” were first introduced. The account has also gained just under 300 net new followers (a figure that also takes unfollows into account) in the same period.
“What’s wonderful about Instagram is its ability to hit our bullseye target, [university-age students 18-24]” said Braganza. “We’re really excited about the results we have to date, but also the potential.”
Later this month, Scotiabank will introduce a new program coinciding with Financial Literacy Month in November that is designed to educate its users on key aspects of smart money management. Using the hashtag #MoneyFail, the posts use a blend of humour and practical advice to underscore the importance of making smart financial decisions.
One image features two French breads that have been cut to resemble a pair of shoes, accompanied by the message: “You can’t eat new #shoes. Put money aside for #expenses each month.” Scotiabank is working with its agency of record Bensimon Byrne to develop the Instagram posts.
Engaging with younger consumers has been a notable area of success for Scotiabank. According to Braganza, more than 70% of the six million members of its Scene card loyalty program are under 40.
Scotiabank created awareness of the scotia_gram feed through a combination of on-campus and out-of-home advertising, including distributing more than 60,000 branded popcorn bags on university campuses.
In addition, more than 40% of its 520 placements on 50 campuses – about 208 ads – were used to promote the “life hacks” series. These initiatives were complemented by digital ads and a call to follow scotia_gram on its various web pages.
