Recently stumbled upon the new micro site for Barclays: barclays spa.
I think it’s at least worth mentioning.
Many aspects to discuss here:
first, the message:
In a time, where individual deposits are increasingly important to banks’ survival, Barclays aims at democratizing its financial products, by simplifying to the largest public the comprehension of the contract stipulations and potential risks, but that is no real revolution.
The innovation, in my opinion, is the visual representation of the financial product, which, in my memory, has never been done before, not on mass media. Giving it a shape, one of a popular mainstream product in this occurrence, concretises the product, reducing the uncertainty and customer apprehension towards financial products, especially in the current context.
Second: How the message serves the media plan:
By the same logic relating to the current economic context and the reticence of a large number of consumers to expose themselves to new financial ventures or even to financiers’ messages, and added to the very poor banner ad click-rate we know advertisers are getting online (the average is around 2%, check my article on that), Barclays emerges by intriguing customers and generating curiosity, not only through the comparison they make, but in a very large manner through the tone of voice adopted (very daring and unusual for an investment bank).
Third: the micro site
The site is one of the simplest i’ve been on. a single, single-colored page with a very concise, exhaustive, and simple text.
I think (and this is a very highly speculative opinion), that, in the minds of consumers, once you’ve (proactively) clicked on a banner, you can really expect almost anything, and that the effort the marketer has made to limit the bullshit to a minimum is highly appreciable and leads the consumers to return the favor by making the effort of reading the few lines posted, which, in this case, seems rather interesting (financiers’ opinions welcome)…
just a few thoughts… beyond that, i have to say i’m not so confident about the conversion rate they might be getting from this. i’m not sure if using mass media and trying to recruit new customers is the right strategy right now (even if the choice of host websites for banners seems pretty consistent). It could be harshly argued that the time is for retaining existing customers rather than fishing for new ones.
Anyway, I’ll try and post some quantified results if they’re ever published and i get my hands on ’em
cheers