Hijack marketing is not something new, but as one of Revolut’s latest stunts shows, it is not something FinTechs should embark on lightly
In mid-February, Monzo’s marketing team asked the challenger bank’s Twitter followers what features they would like the digital lender to add. While the prompt did illicit some well-founded ideas and some less-though through ones – such as creating a local dating feature – things took an odd turn when rival Revolut butted in.
The UK challenger bank suggested that Monzo should add an “[auto-switch] to Revolut button.” Some Twitter users though of it as a cheeky joke. However, others took the tweet as an opportunity to criticise Revolut’s customer service, the way it had reportedly treated employees in the past and its services in general.
“The hijack was a bold move from Revolut,” Sarah Moloney, managing director at KWT Global in London, a public relations agency, told FinTech Global. “However, unless you’re a robust brand and in a position to wow potential customers, it’s best to play safe and in your own playground. The reaction to Revolut from Monzo customers, saw what was a positive request for feedback from Monzo turn into a rather public social stoning of Revolut. Not cool for Revolut and definitely not cool for Monzo as its unwilling host.”
But that does not mean that budding into another brand’s marketing campaign is a bad idea. “Hijacks can work if you’re a commanding brand,” said Moloney. “Take Burger King for example, which has built a whole campaign around using its fast food rival McDonald’s brand to attract conversations around its own. The difference here is that both brands have loyal communities and heritage – if you love Burger King, you’ll smile, if you love McDonald’s, you’ll raise an eyebrow and maybe poke some fun back. Although there’s competition, there’s also respect for your fellow burger giants.
“For Revolut, it was ambitious attention grabbing that got it into hot water and ironically just made Monzo dazzle further – even if it wasn’t quite how Monzo intended to win additional brand fame. For brands considering a hijack attempt, don’t pack a punch if you can’t pull the public.”
Simon Marshall, founder of TBD Marketing, the professional services marketing firm, agreed. “Hijacking conversations like this is normally best done tongue in cheek and across different sectors or products,” he told FinTech Global. “I’ve seen great examples with Tesco and Tesco mobile, Wendy’s and Burger King getting it right. But it takes the speed of thought of a PR, the writing of a journalist and the savvy of a public affairs guru to get it right. You’ve probably got to be squeaky clean even to try it in the first place. It’s a bit like playing snooker. You can take your shot but then you have to sit and watch as someone else clears up.”
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