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Most people who tune into the Super Bowl fall into one of three buckets – Those who watch for the love of the game Those who want to check out the halftime show entertainment And those of us, typically advertising and pop-culture geeks like myself, who tune in just for the commercials. But let’s not kid ourselves, you don’t have to be in advertising to love the commercials. After all, whether these ads make us laugh, cry or tweet, they often have a way of weaving themselves into the Monday morning water cooler talk and even our cultural fabric. As a marketer myself who is responsible for maximizing an advertising budget, I watch these $5 million dollar, 30-second spots and have a tendency to ask myself: How effective are Super Bowl campaign ads? Given that the automotive industry is a staple within the Super Bowl advertising universe, we recently leveraged our Social Media Analysis to dig a bit deeper into a handful of auto brands (Audi, Buick, Hyundai, Jeep and Toyota), all of whom had a social media component to their Super Bowl 50 campaigns. We wanted to answer the question, “Did these TV ads actually drive social media following and engagement?” Our latest findings showed all five of these brands gained more “high influencer” and active followers on their social media channels within the month after the “Big Game.” On average, the percentage of influential followers (consumers with more than 1,000 followers) increased 14.8 percent during the month after the Super Bowl, while the average number of posts for each follower increased by 35.4 percent. Successful brand marketers create campaigns that work harmoniously together across different channels to reach their intended audience. These automotive brands were able to deliver messages across television that extended into social media channels ultimately driving the benefit of the “word-of-mouth” effect. Our data and analytics capabilities help marketers identify and connectd with audiences who will spread their messages to fans and potential customers. The result: these Super Bowl advertisers saw higher engagement and increased brand awareness. The automotive Super Bowl commerical enthusiast is … Developing a cross-channel campaign is only half the battle. Marketers still need to understand who is engaging with their brand after they’ve clicked the ‘Follow’ button. Our anlaysis revealed consumers who interacted with these automotive campaigns were 1.3 times more likely to be male, and nearly 60 percent fell between the ages of 26 and 50. Moreover, 13.3 percent had children between the ages of 16 and 18. Not surprisingly, these consumers were more likely to follow particular brand categories than the general population. 60 times more likely to follow Auto Brands 04 times more likely to follow Auto Service Providers 56 times more likely to follow Consumer Electronics Stores This tech-saavy, car enthusiast audience was also more likely to follow these types of social media handles than the average user. 10 times more likely to follow Sports Organizations 64 times more likely to follow Sports Media Companies 52 times more likely to follow Magazine Brands Other findings that popped in our recent analysis included: Consumers who engaged with these automotive brands on social media the month after the Super Bowl were 1.56 times more likely to reside in Michigan. More than 37 percent of these consumers had an average income between $50,000 and $99,999. The social media handles for the television shows these consumers were more likely to follow, included Top Gear, 60 Minutes and Baseball Tonight. Perhaps these programs would be great places for the auto brands to continue the conversation with current fans and potential customers. Marketers plan for the future Just as each consumer is unique, so is the trail of social media data they leave behind. Social media provides many consumers the venue to freely express their opinions and preferences. We help marketers tap into this data, and gain a remarkable view into who their customers are, the things they care about and how they behave. It’s that level of insight that enables marketers to optimize their content, plan better targeted campaigns in the future, and reach customers in a meaningful way. Much like any marketing effort, the current blue print to a successful Super Bowl campaign has been set. Create and deliver highly personalized messaging that resonates with consumers across a number of channels and encourages them to take an action, whether it’s purchase a product or share on social media. And finally, measure the results. It’s a lot easier to make that multi-million dollar advertising investment when you know the ROI is there. The brand marketers who follow the “game plan” can position themselves for their own Super Bowl win. To view the full press release, visit https://www.experianplc.com/media/news/2017/super-bowl-social-media/.
I’m an Experian Health Training Manager. I get to meet with healthcare organizations and teach them how to use our Financial Assistance Screening tool, which helps them easily and cost-effectively determine which patients qualify for financial assistance. I didn’t expect to interact directly with patients as part of my job, but I did – and the experience moved me. Recently, a client started using our automated tool, so I went to Colorado to train their financial counselors on how the product worked and help them understand the data so they could begin to use the tool with their patients. But then I was asked if I wanted to see the tool in action. Nothing could have prepared me for the experience of interacting directly with a patient who benefited from this tool – a woman who seemed visibly shaken when the financial counselor and I first met her in one of our client’s medical centers. After the financial counselor explained why we were there, she began to work her way down a list of questions prompted by Experian’s tool, asking about the patient’s annual income, household size and disabilities. After two minutes of questioning, the counselor hit “save” on the responses, and immediately the results came up on the screen. “Good news – you qualify for a 100 percent discount through our Medical Financial Assistance program,” the counselor said. “Your medications, stay and follow-up visits will all be covered.” The patient had trouble processing this information at first. “Are you telling me that now I can focus on getting better, and I don’t have to think about my medical bills?” This realization brought her to tears of relief. Her time in the waiting room had been plagued with thoughts of how she couldn’t afford her hospital stay, despite how much she needed medical attention. With our help, those thoughts were put to rest. With Experian’s tool, patients like this woman no longer need documents to prove their annual income. And healthcare providers don’t need to manually calculate whether and how they can provide financial support. After our meeting with this patient, the financial counselor told me she was so moved she was shaking. “It is inspiring to so tangibly be able to help our patients,” she said. I agree. I’m glad that through data, I’m helping healthcare organizations give patients financial peace of mind when they need it most. Read more #ExperianStories from our colleagues around the world.
I lead Experian’s EMEA Procurement team, where I work with Experian’s offices around the world when they begin implementing new projects or product ideas. I was recently asked to work alongside Experian’s Consumer Business in the United Kingdom as they prepared to launch Experian’s CreditExpert companion app. They wanted to enable consumers to access their credit reports on a mobile device, while also being able to access personalized tips on how to improve credit scores. The part of this project that I found most critical, however, was the app’s built-in web monitoring tool that proactively protects consumers’ online identities from fraud. Protection of personal data is a hot topic in the big data industry. As my team and I worked through the challenges associated with protecting our customers from identity theft and fraud, we brought in experts from other Experian functions — like our security team — to assess the tools we were using and help us put proper measures and protocols in place that would enable us to protect consumers using the app. With the launch of this new app, we can catch cases of fraud the moment they occur. So, if someone steals an individual’s information to take out a loan or a mortgage in their name, we send out an alert right away to the affected individual, encouraging them to log on to the application to review their account activities. If fraud has occurred, the app takes the hassle out of the equation for consumers. Our team will investigate the incident on their behalf. I am proud to work for a company that continuously develops new products and services to help consumers better understand their credit and to keep their financial futures and identities safe. Read more #ExperianStories from our colleagues around the world.
Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
We believe that financial literacy leads to empowerment. That is why Experian supports initiatives and partners with community organizations to deliver financial education. We also develop products and services that give more control to consumers over their credit profile and financial health. As part of advancing our mission of Financial Power to All®, we are proud to announce we are helping more than 5,000 Hispanic individuals nationwide by relieving $10 million dollars of consumer debt. To provide families with this boost, we joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected recipients. Beneficiaries will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanish[i], FICO® Score[ii], bilingual educational content, and other financial resources. We hope this effort helps raise awareness of the importance of financial literacy for everyone, and that Experian has resources to help individuals reach their financial dreams. To amplify the message, we collaborated with multi-platinum, award-winning singer and songwriter Prince Royce and you can see his video here. In fact, we have been making a concerted effort the last several years to evolve our educational resources and products to better support all underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE. For resources in Spanish, Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here. [i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. [ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals. While significant progress has been made, there is still more work to do. However, some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will accelerate progress by building trust between the financial services community and consumers. Person withdrawing money from ATM contactless Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.” The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships with a relatively untapped market. A show of good faith to communities who have largely been ignored by the financial system could lead to customer loyalty that may extend to their family and friends. That’s why participants across the financial ecosystem have been proponents of including expanded data sources—such as on-time telecom, utility and video streaming service payments—on to consumer credit reports, as well as exploring other Fair Credit Reporting Act (FCRA)-regulated data sources, including payment data on short-term small dollar loans and expanded public records data. Making this data more accessible to lenders provides a more comprehensive view of a consumer’s ability and willingness to repay outstanding debt—an actionable solution to extending credit to consumers without lenders taking on additional risk. Myth #2: “There is a lack of trustworthy financial education resources.” The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources. For example, Experian’s B.A.L.L. for Life (Be A Legacy Leader) program, launched in partnership with the National Urban League, serves as a catalyst for engaging with Black communities and low-income youth through live events and digital financial education. Subject matter experts, professional athletes, celebrities, and other influencers share their experiences and expertise, covering topics such as banking, credit, financial management and investing. In addition, to help people improve their financial management, Experian partners with the National Foundation for Credit Counseling (NFCC). The NFCC connects consumers with certified financial counselors to help them address various pain points, including debt management, homeownership, student loans or small business cash flow issues. Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.” People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit. Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems. In addition, by incorporating expanded data sources, such as telecom, utility and residential rental payments onto credit reports, lenders have more visibility into consumers who may have been excluded by traditional credit scoring methods.These programs help individuals and families from underserved communities establish and build a credit history that could enable loans, or the ability to rent an apartment or open their dream business. An example is Experian Boost®, a free feature that allows Experian members to contribute their history of making utility, cellphone, insurance, residential rent and video streaming service payments directly into their Experian credit profile. By incorporating nontraditional credit data like paying utility bills on time, online banking transactions, rental payments and verified income data, more people can establish a credit profile that can potentially qualify them for a loan. More Inclusion, Fewer Myths It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation. Then, we can declare the myths to be history.