Reacting to changes in sentiment as a result of lockdown within banking and finance
Throughout this pandemic, we have used various tools and systems to monitor sentiment across different markets. One example of this is YouGov, which provides opinion research across two platforms: BrandIndex and Profiles.
By tracking consideration or purchase intent for a sector within BrandIndex, and then combining this with attitudinal statements from Profiles, we’re given an idea of how likely a market will convert, and a basis for how we should react through a media proposition.
A sector that we’ve been monitoring closely is banking and finance. Below is a timeline tracking consideration for banking and finance products, as seen on BrandIndex. We have marked on the chart significant points during the pandemic to give perspective on the effect on sentiment.
Whilst tracking sentiment within this market, we have overlaid different audiences to provide an additional level of analysis. Above we have the purple line representing adults with children, the blue line representing adults without children and the green line representing those that are over 50.
Judging by the key events labelled on the chart we can see that the pandemic has affected sentiment across all audiences. However, it shows that the greatest effect has been on parents, with sentiment amongst this audience recovering the quickest. It also shows that consideration for this audience is now in a stronger position than pre-COVID.
Versus a national representation of all adults (“Nat Rep”) the index shows that the level of concern for COVID-19 amongst parents was much higher. Relating this to banking and finance, this concern translates to one of economic worries. However, as COVID-19 measures relax, and with cases on the decline, this audience has clearly prioritised banking and finance as a market they wish to invest in to secure their economic anxiety. This therefore positions them as a good target for banking and finance products vs. all adults and over 50s.
We can then use Profiles to establish which channels would be the most effective in reaching them (below).
When looking at advertising that grabs this audience’s attention, we can see that several offline and online channels over index vs. the Nat Rep. From this we can then create a recommendation that is reactionary to the fluctuation in sentiment.
Keeping your finger on the consumer pulse has never been so important for businesses that are looking to bounce back from a period of great uncertainty and concern. Our approach combines a data-first approach with agile buying muscle that allows us to take advantage of changes in behaviour and perception as they happen.
When coupled with the granular performance insights we gain through ARMalytics®, and the means through which we have negotiated late deals, it has allowed us to build out strategies that are reactionary to changes in sentiment.
Using this to our advantage, we have been able to scale spends up and down where appropriate, alter a given media mix and or refresh audience targeting. Subsequently ensuring we are capitalising on changes across different markets during such a turbulent period.
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