Why is this work relevant for Media?

Krungsri First Choice aims to ignite cultural change and social phenomenon on financial behaviors of Thais with new breakthrough campaign. This crucial campaign needs strong media strategy & execution to effectively drive cultural conversation, behavioral change, and create impactful brand image at the same time.

Background

Krungsri First Choice is challenging brand along with personal loan & credit card market in Thailand. While all key players in this market drive userbase and revenue growth by stimulating the spending demand which caused the big debt of overspending among Thai people, Krungsri First Choice brand’s role was becoming the best financial friend to lift quality of life and financial security for the Thais. So, they decided to launch corporate campaign in April-June 2019 which is a period of summer vacation and the peak spending season for the Thais, to disrupt market norm and persuade the Thais for sensible spending. In terms of brand communication objective, Krungsri First Choice aimed to strengthen brand preference and create top-of-mind brand awareness using this campaign.

Describe the creative idea/insights (30% of vote)

Market and consumers currently define ‘good’ personal loan/ credit card as long credit term, low interest, easy to subscribe. Furthermore, all competitors indifferently ride along lifestyle of impulsive spending and trigger the transaction with lots of promotion scheme. Turn the Credit (money) Card to Credit = Trust Card Krungsri First Choice would like to challenge the market’s norm and redefine the meaning of ‘good’ personal loan/ credit card in the culture from “good credit for lifestyle spending” to “trusted financial friends cultivating sensible spending that matters for living”

Describe the strategy (20% of vote)

Krungsri First Choice wanted to provoke the most critical target: Thai millennials who are in the social trap of image driven and lifestyle obsession. They make them full of debt from overspending. Accompanied by the growth of e-commerce and s-commerce, making impulsive shopping is very easy and fast for them. These lead to the behavior of overspending among millennials shoppers which are 80% higher than other age range, and 48% of them cannot handle the debt. Krungsri First Choice would like to help millennials to be more cautious on spending by being their best financial friend to disrupt their poor habits of overspending. Key media strategy is making precision intercept at key lifestyle shopping moments/ journey with light-hearted warning content tailored for each lifestyle keyword and context to alert millennials have more sensible spending for only necessary things in need.

Describe the execution (20% of vote)

We launched the campaign with USD 623K from April – mid June’19 by provoking millennials with cultural issue using impactful media and thought-provoking conversation to stir their minds on overspending. We raised overspending problem to be the national agenda through a popular TV news program then used influencer to stir and create the conversation on social media. After the buzz, we nudged the consumers with the spending warning using mobile first intercept media during GenY purchasing journey and micro shopping moment of strategic spending type; dining, entertainment, gadget, fashion, travel to warn and trigger them to consider what they would like to buy was necessary or not. The mobile first intercept media included TV Sync with Facebook, keyword targeting on YouTube i.e. Gadget reviews, travel vlog, and beauty unbox. At the end of the campaign we cultivated new GenY’s sensible spending on unnecessary items and amplified it among the mass.

List the results (30% of vote)

Only in 2.5-month period, there were overexpected great results from this campaign confirming the good success that Krungsri First Choice started to become “Trusted financial partner for millennials cultivating better sensible spending that matters for their living”. • #SensibleSpending becomes popular among social chatters by hitting no.1 Thailand’s Top Twitter trends within 2 hours. Furthermore, it could maintain momentum in top 5 twitter hashtag for 14 days. • Krungsri First Choice’s millennials user spent less on key focusing lifestyle categories comparing to the same period of 2018 (Travel spending -12%, Dining & Entertainment -12%, Gadget -15%) • Krungsri First Choice got new subscriber growth by 25%, 2.5 times comparing with previous campaign new subscriber growth. • Krungsri First Choice’s brand preference increased by 2% (above average APAC Financial campaign, Facebook Brand Lift study). • Krungsri First Choice’s brand awareness increased by 6% (best in class, YouTube Brand Lift study).