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N26 - Marketing Communications Manager IT - Case Study/Alessandra Izzo

N26 - Marketing Communications Manager IT - Case Study/Alessandra Izzo

The Italian market is one of the most growing markets in N26, we want to achieve an even higher impact in the country. We have recently announced 100k customers in Italy and we
are now eager to double this number over the next 6 month.
Please develop one campaign idea which you would implement in order to boost growth and retention within your first 3 months at N26.

The Italian market is one of the most growing markets in N26, we want to achieve an even higher impact in the country. We have recently announced 100k customers in Italy and we
are now eager to double this number over the next 6 month.
Please develop one campaign idea which you would implement in order to boost growth and retention within your first 3 months at N26.

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N26 - Marketing Communications Manager IT - Case Study/Alessandra Izzo

  1. 1. Marketing Communications Manager IT - Case for N26 -
  2. 2. Summary • Business Brief • N26 to the next level • Answers a & b • Marketing Strategy
  3. 3. BUSINESS BRIEF
  4. 4. “Build a bank the world loves to use” VISION
  5. 5. How? • Putting people at the heart of the product. • Making N26 as human as possible and creating an emotional connection with its users. • Digitalizing all the traditional banking processes and introducing new ones. • Building trust through transparency.
  6. 6. N26 focuses on digital natives. The CEO Valentin Stalf explains: “Maybe we don’t have to get the non-digital natives. Maybe we start with the digital natives — there are around 60 million in Europe. If we win 6 million out of that, 10%, I think it’s going to be pretty successful.”
 What is the specific niche N26 is tapping into?
  7. 7. What value N26 can add? N26 promotes itself as the first mobile bank in Europe, building a global bank the world loves to use. N26 wants to improve people life offering them everything they can do with a traditional bank, but making banking easier, and from anywhere. In order to do so, technology and design empower everything it does.
  8. 8. N26 wants to revolutionize the way banking services were delivered in the digital generation.
 
 Its goal is to become a full replacement for any other bank account in the markets it operates in and reach 5 million customers by 2020. What is the business goal of N26?
  9. 9. Highlights 24 markets across Europe 2 million Customers 1.5 billion Monthly transactions 5 thousand Daily new customers Germany, Austria, France, Spain, UK, Italy Core markets 100 thousand Customers in Italy (Jul 2017)
  10. 10. TO THE NEXT LEVEL
  11. 11. In order to take N26 to the next level in the Italian market, I’d need to understand the scenario: 1. Analyzing the market 2. Understanding who are N26 competitors and which are their marketing activities. and where N26 is now: 1. Which marketing channels is N26 focusing on? 2. What is the purpose of the N26 in those channels? Which are N26 goals and objectives? 3. What are the current performances? How would you take N26 to next level?
  12. 12. Digital-only challenger banks are consolidating their presence in Italy and in particular player such as Revolut, Hype from Banca Sella, Tinaba from Banca Profilo, Atom from BBVA, BuddyBank  from Unicredit want to play a role into the Italian market. Their focus is on digital delivery channels that are dedicated to improving on incumbent retail banks’ weakest point — customer experience — both through their products and their online presence. Different financial businesses as well, such as Oval Money and Satispay, are having their moment in Italy too. Scenario
  13. 13. Competitors Revolut Hype Atom BuddyBank Tinaba Oval Money Satispay Facebook RevolutItalia Hype.MoneyIsJust aTool AtomBankOf fial n.a TinabaOfficial OvalMoney Satispay n.a. 67K 10K n.a 22K 7K 65k Twitter n.a. @Hype_tw n.a. @mybuddyb an @TinabaOffi cial @OvalMoney @satispay n.a. 9.4K n.a. 3K 1.2K 1.6K 3.6K Instagram hypeapp n.a. n.a. n.a. ovalmoney satispay 5K n.a. n.a. n.a. 13K 8K Youtube n.a. n.a n.a. n.a. Tinaba Oval Money Satispay n.a. n.a. n.a. n.a. 300 4K 2.6K
  14. 14. Competitors All those player have one thing in common, they are not shying away from social like the traditional banks did. Hype and Satispay are doing a great communication on Social Media, overseeing different channels such as Facebook, Instagram and Twitter. All the players are very focused in delivery educational content and this makes very sense in Italy where there is a huge lack in trust in banks and a sceptical behavior in general for financial institutions.
  15. 15. Competitors Their activities on social media are meant to increase:
 
 Brand awareness. - through a personalized social presence ( recognizable style, unique voice and format) - creating own hashtags - mentioning other business to amplify the content - through animated short clips to explain products - through engaging Facebook stories
  16. 16. Community Engagement - through polls - through teasers of the products - celebrating milestones - through educational videos about the product and finance in general (ex. Satispay Vlog). asking questions to the community to engage users 
 Customer satisfaction - offering customer support
  17. 17. Increase web traffic and content distribution - sharing blog articles - sharing website landing pages Increase brand advocacy from customers - sharing ambassador programs Lead acquisition - through contests (see Oval Money) and giveaways ( ex. Revolut).
  18. 18. - Social Media Marketing ✓Facebook
 From my previous case study, I’ve noticed that N26 has a “glocal strategy” with localized accounts for its core market. For the Italian audience it has only a dedicated Facebook Page (@N26IT) with more than 42K likes. - Content Marketing ✓Blog & ✓Magazine Localization of the global communication. - Influencer Marketing ✓Youtuber & ✓Blogger
 Paid sponsorship with tech and lifestyle influencers. - Adv
 
 - Offline marketing ✓ printed campaign Which marketing channels is N26 focusing on?
  19. 19. Facebook is used to: • brand awareness, through the promotion of new product launches, of news about N26, of new milestones and the sharing of blog articles and posts from the magazine. • website traffic, through the sharing of product related contents. ✓Blog & ✓Magazine • brand awareness, though the localization of the global communication.
 - Influencer Marketing ✓Youtuber & ✓Blogger • brand awareness, through paid sponsorship with tech and lifestyle influencers. ✓printed campaign brand awareness, through a massive diffusion. What is the purpose of the N26 in those channels?
  20. 20. Facebook is scoring very low performances in terms of engagement. (0.51% Average Weekly Growth, 0.024 Engagement*). 
 N26 has a dedicated page for its Italian audience but no presence since the communication is slow and the interaction with its users is lacking. N26 has on average 1 new blog post a month on its Italian blog and less than 1 new article a month on the magazine. They are mainly translations from the global content and not tailored on the Italian audience. 
 At the same time, N26 articles are designed to add value to attract its prospects and to help current customers get more from its products. Influencer marketing though Tech Youtubers is registering high engagement and views. Lifestyle influencers instead, have worse performances. What are the current performances? *Source: FanpageKarma
  21. 21. ANSWERS a. & b.
  22. 22. Having the N26’s growth as main goal from day 1 and, in order to expand its reach, I would take the following actions: 1. N26 social media accounts optimization and go multi-channels. The key demographics that N26 appeals to is Italian millennials. They are on multiple platforms and mainly on Facebook, Youtube, Instagram and Twitter* so I’d expand N26’s presence on the 3 latter platforms with dedicated Italian accounts. In order to educate the market and establish trust, I’d post tailored content regularly, experimenting with video. 2. Increase the blog posting frequency Blog is a crucial tool for the content strategy as it helps retention and acquisition. I would keep on using the N26 blog to generate buzz around products and attract new customers as well as retain the existing ones. *data: Digital Report 2018
  23. 23. 3. Join the conversation on social media to improve customers satisfaction.
 Acquiring new users is an important goal for N26 as well as retaining the current ones. Happy users are more likely to stay loyal to a brand and recommend it to its friends circle. 
 For this reason, N26 should empower its relationship with its Italian users and establish a human conversation with them.
 
 Following the example of Oval Money, N26 could integrate existing community, such as the Facebook group N26 Italia, and empower its brand advocates .
  24. 24. 
 Having brand advocates regularly pushing N26 will provide extra referrals and brand reputation benefits. N26 needs to cultivate its advocates giving them more exposure, social proof and benefits. In order to do so, N26 could: - organize exclusive events for its Ambassadors. - create a community on Facebook (through a private Facebook group) to facilitate their mutual interaction. - reward the best Ambassadors with prizes - giving them exposure on N26 blog - organize bi-monthly meet ups with them 4. Empower the Ambassador program.
  25. 25. 
 N26 loves to tell stories and podcasting is gaining the interest of Italians thanks to the boost Spotify is giving to this communication channel. 
 Brands are slowly approaching to the podcasting world including podcasts in their marketing communication strategy.
 
 N26 could deliver stories from its community or follow the educational approach and share financial content for becoming a trusted source of information as Paypal did. 5. Start a podcast
  26. 26. 
 I would host simple giveaways and contest on Facebook, to increase N26 brand awareness and social engagement. A creative way to deliver contests could be leveraging the HQ trivia format + Facebook Live. 5. Promote giveaways and contests N26 could create 10 min live shows where to asks its follower to answer correctly to 3 questions.
 
 The first 5 users who answer correctly to the questions win 1 metal card for 1 year.
  27. 27. MARKETING STRATEGY
  28. 28. Marketing Strategy Process 1. Marketing Goal 2. Target 
 Customers and Market 3. Strategic Plan 4.Plan Implementation 5. Evaluation
  29. 29. 1. MARKETING GOALS
  30. 30. Marketing Goal The Italian market is one of the most growing markets in N26, we want to achieve an even higher impact in the country. We have recently announced 100k customers in Italy and we are now eager to double this number over the next 6 month. - LONG TERM GOAL Though a marketing campaign, boost growth and retention within the first 3 months. - SHORT TERM GOAL
  31. 31. KPIs Goal #1: - Customer Acquisition 100k new customers in 6 months Goal #2: - Retention
  32. 32. 2. TARGET CUSTOMERS
  33. 33. N26 focuses on the younger generations (Millennials and Post-Millennials) who are digital natives and heavy users of their mobile phone. 

  34. 34. DEMOGRAPHICS IDENTIFIERS • Male • Single • Recently graduated • Part-time Dj • 24 years old • 400€/month • Turin • Smart • Confident / Knows what he wants • Communication via social app GOALS CHALLENGES WHAT CAN N26 DO • Lorenzo wants to find a job and save money for recreational activities (gym, travels, etc) • Lorenzo wants to use is mobile phone to do everything, from listening to music to contactless payments in shops, to sharing money with his friends. • Helps organize money in order to make saving very easy through its Spaces. • Makes it possible to pay with the mobile phone thanks to the Google Pay integration. • Makes it possible to send money to friends or start collecting money MARKETING MESSAGING • Fresh , young, jargon - free W H A T T Y P E O F L A N G U A G E W I L L T H E Y R E S P O N D T O ? W H A T I N F O R M A T I O N W I L L G E T T H E I R A T T E N T I O N ? • Lifestyle, Technology BEHAVIOR • Hobbies: running, clubbing with friends • Habits: Technologically savvy (runs his life through apps) • Recently opened apps: Instagram, Facebook, Netflix, Youtube, Spotify Tinder L O R E N Z O
  35. 35. DEMOGRAPHICS IDENTIFIERS • Female • Engaged • Marketing Manager • 28 years old • 2000€/month • Milan • Ambitious • Good planner • Money saver GOALS CHALLENGES • Gessica is saving money to buy an house with his boyfriend. • Gessica loves to do online shopping to access the best offers and at the same time she is obsessed with security and reluctant to use her credit card to do transactions. She needs to track her monthly expenses to be sure not to exceed her budget. • Offers purchases automatically categorized and an instant creation of Spaces sub-accounts to easily set financial goals. • Instant push notifications on all account activity & card lock via app • Informative, Trust-building communication W H A T T Y P E O F L A N G U A G E W I L L T H E Y R E S P O N D T O ? W H A T I N F O R M A T I O N W I L L G E T T H E I R A T T E N T I O N ? • Banking, technology BEHAVIOR • Hobbies: yoga, reading, online shopping • Habits: Familiar with the new technologies • Recently opened apps: Instagram, Twitter, Pinterest, Amazon, Google Maps G E S S I C A WHAT CAN N26 DO MARKETING MESSAGING
  36. 36. DEMOGRAPHICS IDENTIFIERS • Male • Single • Law Student • 19 years old • No income • Parma • Goal Oriented • Heavy computer user • Willing to attend the Erasmus Program and study abroad GOALS CHALLENGES • Alessandro wants to keep himself focused on his education. • Wants to use the latest technologies to improve his life. • Wants to be recognized as a trendsetter in his circle of friends • Alessandro leaves in a small city and often he needs to withdraw money because the most of the shops doesn’t accept credit cards • Offers no fees to open the N26 free bank account and reward when friends open an account through the referral program. • Offers free cash withdrawal from any ATM (in Italy). • Fresh and Engaging W H A T T Y P E O F L A N G U A G E W I L L T H E Y R E S P O N D T O ? W H A T I N F O R M A T I O N W I L L G E T T H E I R A T T E N T I O N ? • Informative BEHAVIOR • Hobbies: travels, Tv series, concerts • Habits: Early adopter • Recently opened apps: Instagram, Whatsapp, Google Flights and Mobike A L E S S A N D R O WHAT CAN N26 DO MARKETING MESSAGING
  37. 37. DEMOGRAPHICS IDENTIFIERS • Female • Single • Sales Director • 32 years old • 2800€ month • Rome • Goal oriented and hard working • Trendy young professional GOALS CHALLENGES • Federica wants to be an entrepreneur and start her own startup in the near future • Federica has a fast pace life and she depends on Siri notifications. She needs more effective ways to organize her recurring payment and monitor her transactions. • She does 1-5 business travels a month and she finds herself working from different locations after her meetings. • Allows to set recurring payments and easily schedule payments. • Offers a premium banking product that gives access to the best services in a few taps within the N26 app. • Informative, Trust-building communication W H A T T Y P E O F L A N G U A G E W I L L T H E Y R E S P O N D T O ? W H A T I N F O R M A T I O N W I L L G E T T H E I R A T T E N T I O N ? • Banking, technology BEHAVIOR • Hobbies: networking at events, vegan cooking, monthly massages • Habits: Familiar with the new technologies • Recently opened apps: Instagram, Meetup, LinkedIn, Telegram, Uber F E D E R I C A WHAT CAN N26 DO MARKETING MESSAGING
  38. 38. DEMOGRAPHICS IDENTIFIERS • Male • In a relationship • Android Engineer • 35 years old • 4000€ month • Bologna • Nerd and geek • Enthusiastic about every newly released high-tech products GOALS CHALLENGES • Mattia wants to have an international work experience • Mattia travels a lot and hates to manage money abroad • He wants to control his finances entirely from his smartphone and pay through GPay • Offers a better exchange rate & no transaction fees • Lets to quickly and easily pay with phones thanks to the GPay support • Informative, Professional W H A T T Y P E O F L A N G U A G E W I L L T H E Y R E S P O N D T O ? W H A T I N F O R M A T I O N W I L L G E T T H E I R A T T E N T I O N ? • Banking, Update on new products BEHAVIOR • Hobbies: football, video games, travels • Habits: knowledgeable in popular staffs • Recently opened apps: Feedly, Twitter, LikedIn, N26 M A T T I A WHAT CAN N26 DO MARKETING MESSAGING
  39. 39. Customer journey Search the web for banks offering free or low fees accounts Read online reviews on those banks Chat online with friends to seek their feedback on different banks Go to website of selected bank and click button to start A/C opening Submit info online, do live video call to verify ID with bank clerk A/c opened in 8 minuted AWARENESS EVALUATION PURCHASE POST PURCHASE
  40. 40. 3. TARGET MARKET
  41. 41. Italian Market The impact of last financial crisis (2007-08) and subsequent global recession (2008-09), is affecting Millennials from different perspectives: 1. in Italy, 66% young adults aged 18 to 34 were still living with their parents in 2016.* * Eurostat
  42. 42. Data: Financial Services 2017 2. In Italy, parents direction on financial choices have an highly relevance on young people between the ages of 18 and 35
  43. 43. 3. Millennials shows that incomes of young adults have fallen so far when compared with the rest of society. 
 
 This is particularly true in Italy were under-30s are now poorer than retired people. * Source: Guardian “Millennials interviewed by the Guardian said they felt their generation was facing far greater hurdles to establish themselves as independent adults than previous generations did.”
  44. 44. 4. in Italy, unemployment for those aged 15-24 remains high at around 40% according to data from Eurostat .
  45. 45. The consequences of this situation reflect on the way Millennials spend, save and manage their money. 
 ✓ They are risk averse and self reliant.
 ✓ They don’t trust banks and show high resistance to becoming a loyal customer. 
 ✓ They tent to save money as the see the future unstable.
  46. 46. ! Digital in Italy in 2018 - almost 3/4 of the population is online, that is to say more than 43 million people, with more than half who regularly use social media
 - Italians spend about 6 hours a day online (almost double the time they spend watching TV). Of these hours, 2 have passed using a social media platform. - the social networks in which the users are most active are YouTube (62%), Facebook (60%) and Instagram (33%) while, for messaging apps, WhatsApp (59%) and Facebook Messenger (39%) Data: Report Global Digital 2018
  47. 47. 4. STRATEGIC PLAN
  48. 48. Nuova Banca. 
 Nuova Generazione. 
 Nuove Storie 
 #GenerazioneN
Campaign
  49. 49. N26 is inventing the new banking experience. Always combining the latest technologies and customer centric approach, N26 constantly and rapidly changes to shape itself on digital natives needs. But it’s 2018 and the early 2000s born generation, the #GenerazioneN, is here with its unique traits. Digital technology has shaped their identities and their social and cultural attitudes. 
 They are growing up connected to the world. They go fast. They adapt themselves. They say that technology makes life easier. They say that technology brings people closer together. They say that technology let people use their time more efficiently. And N26 is their bank. You can join them. Campaign Concept
  50. 50. #GenerazioneN. You can join them. The generation N is the next generation, but you can join them because the #GenerazioneN embraces “N” concepts. The entity “N” itself doesn’t have limits and evolves. N can stand for: N of Noi: Noi siamo la nuova generazione We are the next generation. N of Nuovo Nuove abitudini, nuove opportunità, nuove storie New habits, opportunities/stories. N of Niente più Niente più limiti, confini. No more limits, constraints. N of Next Next generation Next generation
  51. 51. Real Bank Real People Real Stories Nuova Banca Nuova Generazione Nuove Storie 

  52. 52. Io faccio spazio hai miei sogni. #GenerazioneN #GenerazioneN Il mio portafoglio è nello smartphone.
  53. 53. The campaign will have #GenerazioneN as hashtag to promote on social media. Every slogan will state one trait at time of the Generation N creating a direct connection with N26 products (for example, here 👇 we refer to N26 Spaces)
  54. 54. Io faccio spazio ai miei sogni #GenerazioneN
  55. 55. Every statement will identify people from the Generation N but not exclusively. Everyone can feel to be part of the Generation if share the same characteristics and habits.
  56. 56. Content Marketing Display remarketing YouTube 'pre-rolls' and True View Facebook advertising Offline advertising (billboards) Blog Facebook page Twitter account Instagram account Youtube channel Influencer outreach Pay per click Search engine optimization Program sponsorship Email Press releases Marketing Channels Content Advertising Social Search Mktg PR Email TV
  57. 57. During the 3 months campaign, the social media editorial calendar will focus on sharing stories from the #GenerazioneN and on collecting new ones from N26 followers in order to leverage users generated content. “Stories from #GenerazioneN” will be delivered as images, videos and through blog posts.
 Social
  58. 58. The heart of the campaign will be a contest hosted on Facebook that will aim to boost customers acquisition. It will start from the already mentioned assumption that #GenerazioneN is not a matter of age but habits, and everyone can be part of it. Rules:
 Having said that, users will be asked to bring his/her friends in N26 and to mention them below our posts in order to enter the competition.
 The more friends invites, more chances he/her will have to be extract as winner ( for every friends we will consider one more entries for the user).
 The competition will last 2 weeks and the reward is a 2 years of Metal card for the winner. Social
  59. 59. Apart from the competition, social media will be used to promote N26 products and to explain them to users in order to increase brand awareness and retention. - the tone of the voice will be young and engaging. - custom hashtags will be used for each post - questions will be frequently in order to boost the engagement.
  60. 60. Brand awareness KPIs • Social media reach: number of shares the social content is getting on Facebook, Twitter, Instagram. • Brand mentions: number of times  N26 is mentioned by customers, influencers and other brands. • Media mentions: number of mentions from press. • Branded Search: number of people who are searching for N26 on search engines Content KPIs • Unique visits: number of people who have viewed the N26 content • Time on page: time spent on the blog article page.
  61. 61. PR For the launch of the #GenerazioneN, a PR activity will be needed in order to increase the campaign reach. Active coverage: amount of coverage Potential reach. Sum of viewership for publications and websites in which N26 coverage is featured Facebook Advertising Different Facebook Campaigns will run in order to:
 
 - boost some content and increase its reach - promote contests on Facebook
 - manage user acquisition.
  62. 62. Digitalizing all the traditional banking processes and introducing new ones. Time Plan
  63. 63. As far as I know, N26 as an internal design team dedicated to the communication. The #nobullshit campaign was an in-house campaign but I guess that, now that N26 has established its presence in many European countries and it’s leading the communication in different languages, shared resources need to be coordinated in the most efficient way to not cause delays. Also, in a fast growing company as N26, things change continuously and I guess that the main challenge could be keep myself on the same page and assure the Italian communication is aligned to the global one. Being flexible and stay focused on the goals would be my motto in order to face changes and assure the deliverability of my tasks.
  64. 64. END

  65. 65. Sources • Mastering Digital Transformation • N26 says it now has more than 2M customers • Building the bank of the future with Monzo, N26, and Revolut • Interview with Christian Hertlein — Head of Design at N26 • "Designing for Emotional Impact" • 5 Years Ago Nobody Took Their Bank Seriously. Today This Fintech Attracts 2,000 Customers a Day • Mobile-first banking takes off in Ireland with 10,000 customers for N26 • Mastering Digital Transformation – Part 3 | Thinkergy • N26: A bank suiting the needs of a digital native • Build a Bank: N26 with Pat Kua • Number26 Launches Its Bank Of The Future In 6 New Countries • Well-Funded N26 Mobile First Banking App Headed From Europe To US • N26: interview with Matteo Concas, General Manager Italy • Tencent-backed mobile bank N26 launches in the UK and plans US expansion by early 2019 • How Top Finance Brands Use Content Marketing to Win in a Customer- Centric World •

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