Capital One is claiming the social feed in its latest digital marketing effort. Across Facebook, Instagram, and Twitter, influencers are posting restaurant photos that casually promote Capital One’s Savor credit card. In an industry that often favors traditional over trendy, this social strategy could stand out.
“Nobody is opening the mail” anymore, according to Brian Riley, director of credit advisory service at Mercator, so old-school card offers are piling up unnoticed. Additionally, some consumers are gaming and ghosting the system, collecting cards for sign-up bonuses and benefits, then leaving them to collect dust. All the wasted plastic means brands need to find more committed consumers, preferably younger ones with fewer credit cards.
One way to grab potential clients? Influencers.
In addition to partnering with influencers on Instagram and Twitter, Capital One spent $18.6 million on Facebook ads last year to promote its credit card, up from $2.8 million the year before. The trend is taking hold of other major brands, including American Express and Discover, which have also upped social spend to catch the attention of younger consumers.
This isn’t the first time Capital One has optimized for consumers from a younger age bracket. The majority of the brand’s display impressions come from mobile and tablet devices, demonstrating an active channel reallocation towards millennials, as 94% of US adults between 18-29 own smartphones. The brand also centered in on YouTube through a partnership with food content maker Tastemade and sought a boost from its Capital One Cafe. While other brands tracked in Gartner L2’s Digital IQ Index: Financial Services have used social media platforms for self-promotion, this is the first time the industry appears to be setting its sights on the power of influencers.