2015 Bronze Best Customer Acquisition Campaign

Proximity London

Capital One

Credit Revelations

Campaign overview

70% of credit applications fail. It lowers your credit score, and most people don’t even realise. So the mission was to launch QuickCheck, a tool that shows your credit card eligibility before applying without affecting your credit score. Capital One acknowledged the very real fears and confusion shared by people with poor credit and set out to engage them with a credible, empathetic and innovative campaign that was hard to ignore. ‘Credit revelations’ delivered record levels of response and action from any single Capital One campaign – leading to tens of thousands of successful card applications from people who had previously feared rejection.

Strategy

Most financial brands sell lifestyle, sidestepping the reality that millions of people are declined for credit cards every year. This naturally puts people off re-applying and limits their financial options. Using QuickCheck, Capital One wanted to reinforce their mission to ‘Change Banking for Good’ and solve a problem for millions of people. The strategy balanced multiple objectives: to position Capital One as a transparent lender, acquire new customers and reduce the number of failed applications. From QuickCheck user testing the team noted the compelling moment of surprise when QuickCheck told users that they were eligible despite their fears and expectations. By capturing these ‘credit revelations’, Capital One could convey its message with no actors, no script, just genuine stories and reactions.

Creativity

The team scoured the country for charismatic real people who had been declined credit and were anxious about their credit score. These were interviewed wherever they felt comfortable – their home, work, allotment. Once at ease, they were asked to try QuickCheck live on camera – a vital moment. Genuine reactions were critical to avoid creating just another bland testimonial, so the shoots were kept warm, human and helpful. With the right people filmed in an engaging way, CapitalOne made a genuine connection to its audience. The ‘revelations’ fed an integrated digital and social campaign, with Facebook video and YouTube pre-rolls proving the perfect campaign channels. A consistent experience throughout the journey was important: if you clicked on Will’s video, he met you on the QuickCheck page. Such touches gave the campaign the human element behind its success.

Results

The campaign delivered exceptional results. In three months the videos gained 4.2 million views, with a total of two million minutes watched. Although viewers could skip videos after 5 seconds, 40% viewed the full video, proving they really struck a chord. The 0.3% click-through rate far outperformed the 0.07% industry average and drove 300,000 visits to the QuickCheck landing page. A target of 100,000 users was well beaten, with 50% going on to apply for a Capital One card. Total new customers rose 64% in 2014 with over 27,000 successful card applications from people who previously feared rejection. And by encouraging customers to use QuickCheck before applying for a credit card, many avoided rejection and a damaging footprint on their credit file. The number of failed credit card applications fell 13%, with a 55% acceptance rate.