Are banking ads effective?
Companies spend millions on advertising and banks are no exception.
From attracting new customers to maintaining a brand presence, advertising can be crucial in a firm’s strategy. There only remains one question: Does it actually work?
When one thinks of Nielsen ratings, the mind usually wanders to television shows and how said ratings hold their futures in the balance. However, it isn’t just the latest Channel 4 drama that the company tracks. Advertisements are also monitored to check their effectiveness.
A service entitled TV Brand Effect (TVBE) runs seven days a week between 6pm to midnight on Channels 4 and 5, ITV and Sky 1.
Christopher Cox, the UK TVBE lead at Nielsen, speaks to RBI about this service. He says: “Any advertising that airs in our coverage period is surveyed to our panel. So it’s pretty comprehensive. Since it launched in 2010, we’ve received about 10 and a half million completed surveys across about 45,000 ads and about 3,500 brands.”
Research carried out by the global information and measurement company focuses not on showing adverts to consumers, but seeing what consumers can recall about them.
Cox explains: “The interesting thing about what we do is that we never show a consumer an ad, we basically are testing on the basis of ‘Can they remember it the next day, based on watching it alongside normal TV?’
“So we ask a consumer what they watched. If they say they watched the Simpsons, we’ll know that a Lloyds ad was on in a break and we see whether they remember that. We define effectiveness as being able to remember the ad and the brand within the ad. If those two things don’t happen, nothing else will, it’s as simple as that.”
Nielsen gets around 4,000 to 4,500 responses a day split across approximately 100 pieces of advertising. Afterwards, a viewpoint can be reached in close to two weeks. This is then compared to spend data in order to ‘investigate how much these ads are cutting through in the real world environment’. Through this, a better understanding of how wisely banks are spending their advertising budget is reached.