While recessionary brand strategies commonly include projecting confidence, communicating value or offering allegiance, these may fall flat with the younger consumer, who (through lack of experience) is unfamiliar with what a recession is.
AustraliaScan reports that—unlike older generations—the economic crisis has so far given young Australians little cause for angst or alarm. They grew up in a time of robust economic growth with plentiful work, and they tend to be less financially committed (having taken fewer risks and accumulated less debt than older generations). Research indicates many are shrugging off economy-related concerns and retaining an optimistic attitude.
One approach is to engage and educate this younger consumer. UBank, a direct channel service launched last fall by National Australia Bank, is adopting a “Recession 101” strategy, producing a series of “Money Box” Webisodes on topics such as “Credit Crunch Explained” and “Recession Explained.” It seems unlikely, however, that such overt discussion of the recession can overcome the absence of “care factor” among young Australians. This disengaged audience is likely to maintain their current ambivalent mind-set—at least until their own jobs are in jeopardy or they are affected in other direct, personal ways.
I think this is one of the better examples yet that I’ve seen of a brand explaining the global economic crisis in laymen’s terms. Bonus: it was entertaining.
Well I understood it mostly and I enjoyed the light-hearted touch with great parodies. I’d be interested to see what the target audience takes out of it.
The bits that stuck in my mind are the graphic of the upside-down house (down arrow), the footballer shouting and the BBQ comment about kissing your sister-in-law on the mouth.
As I read this post my prevailing thought was to do with response: what, ultimately, does this aim to make the younger consumer do, think, and feel?
Then I watched it and laughed. A lot.
To a group that has not yet seen its life change, there’s a certain appeal in laughing at a world that is losing its economic marbles. A well-executed recognition of how the economic crisis is a different experience for different audiences, in my opinion.
But what was my question? Uh, response. “This disengaged audience is likely to maintain their current ambivalent mind-set—at least until their own jobs are in jeopardy or they are affected in other direct, personal ways.”
I can’t say I disagree. But perhaps when they are affected directly, they may rate a particular bank as ‘likeable’, or recall it first, if a market researcher asked them in the street.
Can we assume this communication is cleverly aimed at the very top of the funnel?
Rick I share your thoughts that the ultimate question is what will be the response to this.
Because of the nature of this audience, this response can really only be measured once the recession affects this group on a personal level, as you say. To your point about this campaign shifting recall/creating favorable perceptions of UBank etc. - isn’t it also a question of how well branded (or not) this content is? As a relatively new offering (NAB introduced UBank to the market in 2008) I’m not sure this is achieved here.
Consumer understanding of the recession is definitely an interesting topic. Although independently produced and not tied with a brand, another great example of content in this education space is ‘The Credit Crisis Visualized’, produced by Jonathan Jarvis:
http://crisisofcredit.com/
Jarvis’ video is worth checking out. It’s well executed with the same laymen’s terms but at a entry level above Money Box. This video forms part of Jonathan’s thesis exploring the use of new media to make sense of an increasingly complex world.
(Finally, Money Box has just posted its third Webisode ‘Currency Exchange Explained’: http://www.youtube.com/watch?v=reZm0UR69uU)
Hello there - we’ve posted two more episodes now: The Recession and Foreign Exchange
http://www.youtube.com/user/UBankMoneyBox
I consider myself half Malaysian-Australian and find this easier to understand that in my mother tongue, Malay!