The financial revolution will be televised.
SME banking provider Tide has debuted its first TV ad this week on Sky AdSmart, ahead of a national rollout across several channels from the end of this month.
Tide, which recently reported that it had reached 100,000 small business accounts, this year pledged to capture 8% of the UK’s business banking market by 2024 as part of the £60m grant it secured in February with ClearBank.
The ad itself is centred around Will, a freelancer dealing with the unexpected situations of business life and improvisation.
As well as TV, the ad is also being rolled out across social media and the company’s website.
For Tide, it’s now time to reach beyond the Shoreditch startups and Farringdon freelancers, and entice the more conservative and geographically diverse cohorts of Britain’s 5.7m SMEs.
Neither company can claim to have the best ‘deal’ financially for their respective markets, traditional banks will always be able to craft better up-front cash incentives and product rates.
Instead, TV advertising—as well as both company’s powerful word of mouth approval—is a tried and tested way of spreading Tide’s message of simplified company banking across the spectrum.
It’s also devastatingly expensive, especially if the advert in question is a dud.