Cannes Young Lions 2015 Marketing Category Proudly Sponsored by Commonwealth Bank - School Banking

Cannes Young Lions 2015
Marketing Category Proudly Sponsored by

 Commonwealth Bank – School Banking

Background
Commonwealth Bank Australia (CommBank) has long been committed to the
financial education of Australian Youth (0-24 years of age). This has been
embodied by its over 80 year commitment to School Banking (key target 5-12
year olds), a program that is participated in by over 3.5k schools and over 250k
Australian children.

Whilst a key contributor to CommBank’s leading market share within the youth
segment, the success of School Banking creates a problem unique to CommBank,
“what’s next?”. The supporting market data identifies a clear gap in CommBank’s
engagement with 16-18 year olds, spotlighting both a dwindling brand affiliation
and satisfaction level (14-17yo ranked 3rd of the major banks) combined with a
decline in market share (-0.30% yoy).

As they transition through their late teens (16-18yo) experiencing a series of
firsts (first job, first date, first trip with friends etc), we know that teens financial
needs start to increase as they begin to understand more astutely the
importance of money and the importance of managing it correctly. However with
a perception that ‘all banks are the same’ and offer largely vanilla product
offerings, the communication challenge for you is to determine how CommBank
can:

            Help these customers understand the role a bank can play in their lives
             (drive the need)?
            Ensure that when they are selecting an Everyday product that
             CommBank is at the top of their consideration list?
            Deliver ‘CAN’ in a way that’s meaningful to them and creates a point
             of differentiation?

Commercial objective
    1.    Stem Market Share decline in 16- 18yo’s (or segment of)
    2.    Drive the sale of Transaction Products (the cornerstone of a relationship
          to become the main financial institution)

Target market
16-18 yo’s

Consumer insight
16-18 yo’s – can be complicated, they are:
     Seeking greater financial independence
     See all the majors as the same (and not in a positive light)
     Don’t place great importance/focus on their banking (too many other things to do)
     Experiencing a world of firsts, starting to make their first big life decisions (driving license,
        job, year 10 school, graduation, first real ‘relationship’)
     “Want to be different like everyone else”
     Social rules their life – concept of “social currency”
     Starting to shape their identity “what’s my brand?”
     Savings goals = Schoolies, car, travel, clothes, technology
     They don’t go in branch - online banking is critical to them (and can be a driver of Customer
        Satisfaction)
     Wary of banks, and in a way intimidated by them
     Starting to experience the ‘real world’ but still have limited exposure (expenses, mobile
        phone bill, ‘travel’ is there biggest expense)
     Not 100% sure of the role the bank can play in their lives

Don’t forget parents can still play a crucial role:
         Parents continue to pay a pivotal in 16-18yo’s lives, and are often a
          source of guidance, ‘approval’ and support for them
         Whilst their presumed financial knowledge is held in high esteem by
          their children, parents are often confused/worried about their own level
          of financial literacy
         Universally not all parents are the same. Their views on spending,
          pocket money, right age to get a job, saving etc all differ, however they
          are open to guidance and support (just don’t ‘tell them’ what to do)
         Parents often hold a healthy skepticism of banks and can be hyper
          cautious of anything a bank says to their child

Why is it believable?
     1.   No Monthly Account Fee for customers

Mandatories / Considerations
Mandatories:
     Explicitly or implicitly drive transaction account sales / market share as main financial
        institution
Considerations:
     Keep in mind we are not just competing against other banks for mindshare, but all brands
        that are appealing to them
     Relevant partnerships could be part of the brief

Region and markets
National.

Budget
The budget is open and unrestricted, but entrants should recommend a budget as part of their
response depending on their idea.

Timings
We’d like you to tell us the best time to launch this campaign in market, based on
the seasonality that impacts a youth audience.

What we want from you
Entrants into the Young Marketer category are required to come up with a marketing idea or strategy
that solves the commercial challenge for CommBank and articulated in a 1000 word communications
brief to a mock creative agency. In this competition, a select jury of creatives and strategists will
represent the agency, which will judge how well your brief is written for them to be able to effectively
build the campaign creative.

Entrants must submit as individuals and your written entry will be judged on the following criteria

   Strength of your strategic idea and thinking
   Clarity of what you’re asking the “agency” to create
   Quality of information and level of knowledge provided about the audience/target market
    demographic
   Quality of information provided about the product offering and the overall aim of this specific
    campaign
   Realism of the proposed budget and timings

What you need to submit
Entries must be submitted online. No hard copies will be accepted.

        Provide a title / theme for your idea
    •    Create a client brief for a Creative agency – maximum 1000 words. Appendices are inclusive
         of the 1000 word limit excluding graphs and creative work
    •    Measurement of success
    •    Your entry may be accompanied by relevant supporting material
    •    Supply your brief as a Word or PDF document and upload as an attachment. Maximum file
         size is 15MB.
    •    Additional supporting material may be supplied as Word doc, PDF or JPG files. A maximum of
         5 attachments may be submitted. Please include your name in the file name and number
         them e.g 1 of 3
    •    Entries are to be submitted by an individual, not a team. Submissions must be original work
         created by the entrant

When we need it:
Please submit your entries online at www.ozcannes.com.au by 5pm AEST Thursday 9th April 2015.
Late entries will not be accepted.

What happens next?
If your entry is judged to be one of the best, you will be shortlisted and progressed to the second
round of competition.
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In the second round you will receive a new Marketing brief on 27 May to respond to within 24hours.
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This second round response will involve a 5-minute presentation to the judging panel on 28 May.

More information and get connected
        Visit ozcannes.com.au for more information on the competition
        To be part of the Young Lions community, ‘like’ the News Corp Australia Facebook for updates on
         the competition and finalist’s announcements.
        Speak to your News Corp Australia representative for more information