Whether it’s a parent requesting payment for childhood tee-ball registrations or owing your roommate for last month’s rent, there has been a rise in digital transactions through apps like Venmo and Square. These apps have made it easier to pay friends back or split bills with ease, especially as the popularity of cash decreases and many individuals carry solely credit cards.
If you’re anything like me, you hate being indebted to someone else, even if it’s for something minimal like a drink or coffee. Bank of America’s #FriendsAgain campaign played on just that emotional appeal today, also now declared National Pay Back Your Friends Day.
The national holiday and accompanying digital content and social media campaign is a result of a research report that Bank of America conducted and published last week, titled the Friends Again Report. The report takes an in-depth look at the impact that money can have on our closest relationships.
Key findings from the report include:
- Nearly one in five say sending money via mobile would improve their relationship with friends, with millennials twice as likely to say so (41%).
- More than 50 percent of the population has seen a friendship end over money (and not necessarily a lot of money)
- 43 percent of consumers would be willing to end a relationship with a friend for not paying them back (of that percentage, nearly 40 percent say they would end a friendship over $100 or less)
- Men are more likely than women to say money causes stress in a friendship (50% vs. 38%) and fear losing a friendship over money owed (39% vs. 28).
- However, women (47%) are more likely than men (38%) to say they would be willing to cut ties with a friend for not paying them back
First and foremost, the campaign was persistent by creating and promoting content across multiple channels and mediums. Transmedia storytelling is persistent in nature, designed to hit audiences at multiple touch points and in various ways.
The #FriendsAgain marketing campaign was promoted through social media paid ads and organic posts, radio commercials, online content, and more.
— Bank of America Tips (@BofA_Tips) October 17, 2017
The brand partnered with YouTube influencer QPark to create video content that incorporated the #FriendsAgain story of owing money.
— Q (@qpark) October 17, 2017
The campaign was pervasive in that it was not just another social media campaign; rather, it conducted thorough research, published a comprehensive, timely report, and then created a national holiday and built a digital campaign around it.
The campaign urged users to download the Bank of America app to pay their friends back, highlighting the feature that allows you to pay someone no matter what their bank is.
The report allowed Bank of America to support its campaign, and the findings of the report surely hit home to many people who either owe or are owed money. The idea of not being paid back (or owing someone money) appealed to human emotions and modern-day pain points.