Music streaming is big. Huge, in fact. Spotify alone has over 8 million subscribers in Australia and more than 100 million around the world. Music streaming has become a part of daily life, with users creating playlists for every occasion – from the morning grind, to a family barbecue, joyful anniversary or tricky break up.
Despite their enormous reach, music streaming services have yet to make it into the marketing mix of many big brands – but finance businesses should think about how they can tap into this precious opportunity to reach their customers.
Getting personal
People who stream music often do so from a number of devices – their mobile, their laptop or maybe a tablet or work computer. Using a streaming service to advertise allows you to create a single view of your busy customer and distribute your messaging across multiple platforms, telling your target audience a story at every time of day. The data collected by streaming services goes far beyond basic demographics as different playlists tap into a range of emotional and practical circumstances gaining insight into the lives of individuals. This data-driven intelligence gives brands the power to speak to exactly the right customer, using the right message at precisely the right time.
Streaming – a trusted platform
Advertising over a streaming service means that customers are seeing your messaging within a trusted context. Not only does this help you to maintain brand integrity, but it encourages listeners to feel comfortable as they take in your messages. Spotify was recently ranked the number one trusted platform for quality content and enjoyable experience so you know your ads are appearing in a ‘brand-safe’ environment. For more tips on how to build consumer trust through content, take a look at our blog.
Spotify was recently ranked the number one trusted platform for quality content and enjoyable experience so you know your ads are appearing in a ‘brand-safe’ environment.
Super efficient advertising
Streaming companies are very aware of the need to balance keeping their end users happy (and not bombarded by ads), while providing a strong proposition for brands looking to advertise. That’s why media buying models on streaming services include options like ‘active media’. This service allows customers to choose the advert they would prefer to listen to – self-selecting as someone interested in your message. Advertisers only pay every time a listener completes their ad, and with audio and video options available, brands can make the very best use of their budget.
So how should brands capitalise on the opportunity that streaming platforms provide? Some of the best campaigns in the past year have tapped into key insights revealed by the streaming platforms themselves.
For example, Smirnoff realised that none of the top streamed bands or artists in 2017 were female, so they set about levelling the playing field with their Smirnoff Equalizer campaign. The campaign offered users the chance to look at the gender split of their own playlists and opt to reinvent a playlist with equal representation. While not marketing a specific product, the campaign allowed Smirnoff to build on its values as a company that celebrates diversity, and earned the brand a great deal of positive press.
How finance brands can tap into the opportunity around streaming services
To make the very best use of ads across streaming platforms, finance brands need to consider their customer in great detail. Think beyond traditional demographics like age or gender and delve into individuals’ needs and wants to define a realistic customer journey.
You need to decide on a few things
- What mood do you want your customer to be in when they hear your message? Are you trying to capture their attention at a moment of optimism, or a time of reflection?
- Where do you want your customer to be when they hear your message. On the bus to work? Leaving the office on a Friday? On a road trip with friends?
- Next, make sure the message they hear is tailored to their circumstances – the more effort you put into making your advert fit their lifestyle, the more engaged your target audience is likely to be, and the better their perception of your brand.
Streaming services provide you with the opportunity to test and learn. Move out of your comfort zone and trial a small scale ad to a specific target audience to see how effective this type of marketing could be for your organisation.
