Payments

Square and Navy Credit Union win September TV advertising

  • Banks and credit card companies spend millions of dollars a month on commercial spots.
  • Two smaller financial institutions stood out from the rest at the big kids table.
close

Email a Friend

Square and Navy Credit Union win September TV advertising

Television commercials will always have a special place in our hearts. From the Super Bowl to media awards ceremonies like the Oscars and Emmy’s, companies fight to get their ads in front of their target audience, paying a pretty penny along the way. Banks and credit card companies are no different, spending millions of dollars a month on commercial spots.

In the month of September, 33 bank and card brands spent $133.5 million on 132 spots that ran over 30 thousand times. Some of the biggest spenders included JP Morgan, Capital One, and Citi.

The theory goes that the more money you throw at advertising, the more people see your product and buy it. So it would make sense that those who spent the most money or had the most ads got the most impressions, while outliers should be noted.

Here is the list of September’s top 10 impressions for banks and credit card companies, gathered by Fabric Media:

banks___credit_cards_on_tv_in_september_impressions

Square and Navy Credit Union stand out in the list of incumbents as small players sitting at the big kids table. Smaller players like Square and Navy Credit Union need to come up with better strategies in order to gain impressions with competitors that can spend tens of millions of dollars a month on ad spending and not blink about it.

Square found itself in the top 10 with more impressions than MasterCard while spending a fifth of the cash. Square’s strategy seems to have been to use the debate to get the most bang for its buck. Around 40% of placements were during primetime, and most ads ran on Fox News, CNN, and Spike.

“It’s definitely unusual for Square to be in the top 10 of impressions; they don’t appear on the leader board at all other than in September,” said Jon Capetta, entertainment specialist for Fabric Media. “In fact, they’ve only spent about $10.5 million all year.”

Square had two ads, each one pitching its new credit card reader, standard fee structure, and faster deposits.

Navy Credit Union was also low in terms of relative spending and had only a total of 47 ad airings during the month. Its marketing campaign was directed at turning solders into real people who can access specialized financial services by using the credit union.

The strategy was similar to Square, optioning to have ads during NFL games. Navy Credit Union may be a niche market provider, but it’s been gaining in impressions over the past few months.
“This is their first time Navy Credit Union was in the top 10 of impressions through the summer, but they have been increasing their ranks steadily so will be interesting to watch for next month for sure,” said Capetta.

Wells Fargo planned to air an ad on special benefits when opening up an account with them, but decided to pull it in the end.

0 comments on “Square and Navy Credit Union win September TV advertising”

Payments, Podcasts, What's Happening in Payments Podcast

Power of Payments Ep. 9: Balance’s Bar Geron on why B2B payments are “stuck in the stone age”

  • Bar Geron, co-founder and CEO of Israeli firm Balance, joins host Ismail Umar on this week’s podcast.
  • He talks about the importance of bringing B2B payments online, BNPL for business, as well as other B2C trends that are slowly being adopted in B2B transactions.
Ismail Umar | June 30, 2022
Member Exclusive, Payments

Payments Briefing: Is the ‘Apple Pay Later’ hype warranted?

  • This week, we review the hype around Apple Pay Later and try to determine how much of it is justified.
  • We also look at Square’s move to bring Afterpay to in-store purchases, making it even easier to pay in four – and how this greater ease could lead to overspending and growing consumer debt.
Ismail Umar | June 23, 2022
Member Exclusive, Payments

How the global microchip shortage is affecting the payments industry

  • While chip-based payment cards face the biggest threat, experts say the only aspect of payments immune to the shortage is physical currency.
  • As banks look to address the problem, one of the solutions being discussed is extending payment cards' expiration dates.
Subboh Jaffery | June 20, 2022
Payments, Podcasts, What's Happening in Payments Podcast

What’s Happening in Payments Ep. 8: Klarna and the future of BNPL, PayZen’s ‘Care Now, Pay Later’, and Mastercard’s ‘Smile to Pay’ system

  • This week, we discuss whether BNPL offers a sustainable business model for providers, and whether it’s even viable as a standalone business.
  • We also talk about PayZen’s ‘Care Now, Pay Later’ offering, as well as Mastercard’s ‘Smile to Pay’ system, and what it tells us about the future of privacy and security in payments.
Ismail Umar | June 17, 2022
Payments, Sponsored

International remittances: A money movement lifeline ripe for digitization

  • Digital transformation is simplifying how people move money around the world, yet barriers to international P2P transfers remain.
  • In honor of International Day of Family Remittances, Visa shares four tips for how policymakers can better streamline digital remittances.
Visa | June 16, 2022
More Articles