Why doing things differently is worth a shot

It often feels safest to follow tried practices, but sometimes carving a new path can bring about the best results. 

Where we started 

The launch of our BMO eclipse Visa Infinite suite of cards was our chance to reinvent how credit cards are designed – from the product construct, to rewards, to experience, and how we bring all of that together in marketing to millennial audiences. And with the pandemic, we were faced with a new set of both challenges and opportunities to rethink our approach.

This meant reimagining what a rewards card can be. Everyday rewards have taken on greater resonance among millennials during the pandemic. So, we designed our program to allow our customers to take greater joy in life’s simple pleasures and transform everyday moments, with points that add up faster so they can be rewarded sooner. And to make these cards truly feel different, we thoughtfully designed everything from the unique look & feel of the card to the engaging unboxing experience and intuitive digital capabilities.

We also knew we had to market it differently. Millennials want to see their values reflected in the companies with which they choose to do business.

So how does BMO connect with this audience? By introducing innovative approaches, we were able to demonstrate that we not only understand millennials’ values, but we share them. 

Standing out 

Talk to any marketer and they’ll tell you the same thing: millennials are a tough nut to crack. Their behaviour is hard to predict, and they’re tired of being pigeonholed as the generation that doesn’t save because they spend too much on avocado toast.

One part of that is true: they’re spenders. But millennials are also savers, and they want products that can help them achieve real financial progress. With the BMO eclipse Visa Infinite card, we identified millennials’ common spending patterns and rewarded them.

To help us break the status quo, we tapped drag superstar Priyanka, who won the inaugural season of Canada’s Drag Race, along with Quebec TV personality, author and journalist, Valerie Roberts, as the two faces of the campaign. A pillar of BMO’s purpose is “diversity, equity and inclusion” and this was the right time to not only practice our purpose in private with our hiring decisions, but to practice it in public with our promotional decisions. Hiring diverse talent was an important piece of this marketing campaign, and I believe contributed greatly to its success.

Another element that contributed to the campaign’s success was our partnership with YouTube and Google. BMO is the first financial institution in Canada (and one of the first companies in the world!) to combine influencer content with YouTube Director’s Mix. The video customization tool allowed us to create more than 280 unique videos to make sure we were delivering the most meaningful messages, featuring the most relevant influencers, to millennials where they spend so much of their time: online. 

What we learned along the way

Another thing marketers can agree on: Doing things differently is scary. However, it also gives us an opportunity to challenge ourselves, our partners and our teams.

Now, I’m not suggesting we throw out standard best practices or everything we’ve learned throughout our careers. What I am suggesting is that we look for ways to push the envelope. At BMO, we abide by the 70/20/10 approach to marketing. We invest 70% in what we know, 20% in testing, and 10% in completely new programs or solutions.

Another lesson: consumers have a lot to say—if you listen. We started gathering consumer insight from the outset, and continued throughout. Our consumers were at the centre of every decision we made when it came to creating and marketing the eclipse card, and in the end, it paid off. 

In addition to the success we see in the data, customers have consistently reached out to tell us how happy they’ve been to see BMO team up with Priyanka. For the first time in a long time, millennials feel seen and heard. 

I am incredibly proud of this campaign. I’m proud to work for a company that encourages its team to try new things. There will always be those who want to maintain the status quo (just ask the women who fought for the right to wear pants) but if we truly want a better future, we need to lead by example. And I believe that’s exactly what we’re doing.