HSBC FESTIVE SPENDS CAMPAIGN

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BACKGROUND

The festive period in India typically spans from September and till the last week of December.

It marks as a significant cultural and religious celebration, from rituals to family gatherings, gifting, dining and extensive shopping, making it a season that sees a visible boost in consumers’ spending behaviour. The campaign encouraged customers to maximize their card usage during the festive season.

HSBC's Festive Spends Campaign, a pivotal part of HSBC’s broader "Get Set Celebrate" initiative, encouraged individuals to fully embrace the festive spirit through enticing offers and rewards.

The campaign, which extended from Diwali to Christmas, proved to be remarkably successful, surpassing expectations by driving heightened portfolio growth and customer engagement.

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BACKGROUND

• Situation: HSBC aimed to tap into the high-spending festive season to drive credit card portfolio growth.
• Brief: Create a breakthrough campaign to capture customer attention and increase credit card usage during the festive season—a first for HSBC India.
• Objectives:

1. Drive credit card portfolio growth during the festive period.

2. Capitalize on increased consumer spending.

3. Position HSBC as a trusted financial partner using credible endorsements and engaging digital content.

The campaign focused on leveraging luxurious giveaways and high visibility across channels, ensuring HSBC Credit Cards became the top choice for festive spending.

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CHALLENGES

1. The brand's challenge was to stand out in a crowded market where customers own multiple credit cards and switch based on offers.
2. HSBC needed to ensure its credit card became the first choice for festive spending.
3. The strategy focused on creating a reward system that appealed to customers' desire for more.
4. Top-tier prizes, such as an Audi Q3 and iPhone 15, were offered to boost customer engagement.
5. The campaign aimed to increase spending among existing cardholders and attract new customers.
6. By centering the campaign around rewards, HSBC created excitement and drove significant portfolio growth during the festive season.

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THE IDEA

• The #GetSetCelebrate campaign positioned HSBC Credit Cards at the heart of festive celebrations.
• A tiered reward system with prizes such as an Audi Q3, iPhone 15, and Amazon vouchers made festive spending exciting.
• The campaign used a mix of traditional and digital media to ensure wide reach and engagement.

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MOBILE MESSAGING EXECUTION

The campaign focused on using multiple channels to push the campaign communication and achieve the business objective. SMS has been a traditional channel and have been effective for post banking customer campaigns.

For the festive spends campaign, we used both SMS and WhatsApp along with other channels of communication.

For the first time HSBC used its WhatsApp channel to push the campaign messaging. WhatsApp is a highly effective Marketing tool for engaging target audience.

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MOBILE MESSAGING EXECUTION

 or both these channels, we segmented users into multiple cohorts under 2 main buckets. Also, a cut of registered base was created basis the spend analysis done while the campaign was still running.

1. Customer who haven’t registered

Objective – trigger them to register through creating FOMO

1. Customers who have registered

Objective - send the spend reminders for the below segments who have already registered but:

• No Spend: Message was to nudge customers to start spending
• Spend < 30K: Nudge customers to spend more
• Spend 30K to 1 Lakh: Keep spending to qualify
• Spend > 1 Lakh but < 2 Lakhs: You are close to qualifying for a chance to win an Apple Watch
• Spend > 2 Lakh but < 4 Lakhs: You are close to qualifying for a chance to win an iPhone

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OVERALL EXECUTION

In India, consumers favor credit cards offering the most rewards or discounts.

HSBC's breakthrough was creating a tiered reward system to drive spending.

The campaign had three main components: reward strategy, amplifying communication touchpoints, and innovative execution.

Top prizes like an Audi Q3 and iPhone 15 ignited a competitive spirit among customers.

HSBC leveraged digital content, influencer partnerships with Virat Kohli and Aparshakti Khurana, and creative CGI during Christmas.

The multi-channel approach included airport billboards, social media, WhatsApp pushes, and CGI videos.

The campaign effectively engaged customers and delivered measurable business results during the festive season.

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Overall Campaign Performance

Total Spends during campaign period

2023 vis-à-vis 2022 up by 22%

Card Spends During campaign period

2023 vis-à-vis 2022

64% ↑ in Mass affluent cardholder spends

42% ↑ in Affluent cardholder spends

35% ↑ in Emerging affluent cardholder spends

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All creatives: https://docs.google.com/presentation/d/1Of6RWobjz-H1QlE1rwUf9WD3HfeAFERfhVNcLURk9fA/edit?usp=sharing

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