RaboDirect: Waking up people's lazy money
Author: Hristos Varouhas
Total Campaign Expenditure: $5-10 million
STRATEGIC COMMUNICATIONS CHALLENGE
In early 2010, with little equity in its name, RaboPlus (the savings-only only arm of Rabobank) set itself the audacious goal of raising $1.5 billion in savings through their High Interest Savings Account (HISA) whilst at the same time relaunching itself as RaboDirect. This was a very ambitious task considering...
1. RaboDirect was a small unknown fish in a very big pond.
RaboDirect had $7.2m in media for the whole year - just 1% of the Finance category.
There were 117 authorised deposit taking institutions in Australia.
The dominant brands being the ‘Big Five’ (CBA, nab, Westpac, ANZ, St George) plus ING Direct, BankWest and Ubank accounted for 78% of the Finance category's Share of Voice (SOV). Sources: Adquest/Initiative Media.