Why This Canadian Bank Used Humour to Introduce Its Partial Share Offerings
Statistically speaking, according to TD Bank’s research, only one in five prospective self-direct investors are aware of partial share trading. That’s a problem for a few reasons. First, on a consumer level, it means that many people are missing out on the opportunity to own partial shares in some of the biggest, most blue-chip stocks in the world. But, for the bank itself, which recently became the first bank-owned brokerage in Canada to offer this service, it meant people not actually taking full advantage of it or understanding just what they could do.
So, the only natural course of action was to try and change that, which TD did with the help of Ogilvy Toronto. Working together, the two highlighted the offerings of TD Direct Investing with a new spot, titled ‘Own It’, which takes a humorous and endearing character approach to showcasing what’s possible when one invests with confidence.
Telling the story of a young woman who starts buying partial stocks in everything from an entertainment corporation to a baseball team, she’s whisked off on a variety of adventures, from watching a rocket launch to tossing out snacks on an aeroplane as a partial owner. All scored to a fun cover of ‘If I Were a Rich Man’, it serves as an informative yet lighthearted way to educate Canadians on just what’s possible when one embraces the power of partial share trading, and, crucially, promote TD’s desire to prioritise inclusivity and put its people first.
To learn more about what it took to bring this to life, and exactly why this was the right approach for the brand, LBB’s Jordan Won Neufeldt sat down with TD Bank Group’s chief marketing officer, Maja Neable, for a chat.
LBB> Introducing a brand new, first-of-its-kind product to the Canadian market is no small task. As such, what was the brief?
Maja> The 'Own It' campaign was developed to accompany the launch of TD Direct Investing's new offering, real-time partial share trading. In fact, TD Direct Investing is the first bank-owned brokerage in Canada to offer real-time partial share trading. So, the 'Own It' campaign was built around the idea that investing can often feel like an exclusive club, with some of the more popular and expensive stocks being out of reach for new investors.
We know investors are looking for an easy and affordable way to trade, and partial shares from TD Direct Investing does just that – it opens doors for all investors, regardless of the share price or how much they have to invest. We wanted to create an ad that showcased the possibilities that come with partial share trading, highlighting the journey from point of purchase to the pride of owning high-priced companies – even if just a piece – in a humorous and endearing way.
LBB> Tell us more about TD Direct Investing! Where did the idea come from, what made it right for your brand, and why was now the right time to start offering it?
Maja> For 40 years, TD Direct Investing has led the way in empowering self-directed Canadian investors to navigate their financial journeys with confidence. Whether you're an active trader or just getting started, TD Direct Investing has the tools, resources, and analyst insights to help take your investing abilities to the next level.
The launch of this campaign and partial share trading was our way of showing that we understand and hear our customers, and are dedicated to supporting them on their unique financial journey.
LBB> Building on this, tonally speaking, why was a fun spot the right way to highlight this new offering?
Maja> With this campaign spot, we wanted to showcase that sense of pride of ownership that comes from owning partial shares in some of the biggest, most blue-chip stocks in the world. The spot follows a young female investor’s journey, from purchasing a partial share in her favourite movie company at a dollar amount that's accessible to her, to then walking on a movie set as ‘part-owner’. I think the creative helps to make the concept of partial shares more digestible for customers who are new to investing.
All in all, the tone of the spot has humorous elements, consistent with our approachable brand and our promise to put our customers first.
LBB> Another key theme in this was the idea of inclusivity. How did you work with Ogilvy to make sure this came through, and what does this represent to TD?
Maja> The ad was created to deepen and further solidify that at TD, people have always mattered the most to us, and we pride ourselves in that. That's why we're committed to making banking easier, providing value, and offering trusted advice, as well as making our offerings accessible and inclusive. We know that good customer service remains the top customer need, and being ‘human’ throughout that process is what drives impact and differentiates our brand. We want to demonstrate to our customers that TD is the bank that is there for them, during everyday moments in their life, both big and small.
When working with Ogilvy, we wanted to ensure these values were upheld in the campaign. It was our way of showing that we understand and hear our customers, and are dedicated to supporting them on their unique financial journey.
LBB> What challenges have you faced during this project? How did you overcome them?
Maja> Through consumer research, we found only one in five prospective self-direct investors are aware of partial share trading, highlighting the need to build awareness in order to drive adoption. This posed a communication challenge for this campaign when thinking about advertising this product offering. However, the same research told us that once the concept of partial trading was explained to consumers, they found the feature highly appealing. From there, we knew we needed to have the right media and messaging strategy in place to bridge the gap in understanding. Thus, our TV spot establishes what partial share trading is and the accessibility it provides investors in a digestible and humorous way.
We also recognise that digital experiences are key for younger audiences, and in realising that, our biggest opportunity is bringing the strength of our customer experience and humanity to both digital and physical channels. This campaign is a great example of how we do that.
LBB> What lessons have you learned in the making of this project?
Maja> We always need to hear and listen to the consumers we want to reach. In the making of this project, we’ve conducted several rounds of consumer research in order to take a customer-first approach. Each phase of research provided us with deeper insights into our target audience’s preferences, needs and expectations. By listening to consumer feedback, we were able to identify key areas for optimisation, how to effectively communicate what partial share trading is, and how it benefits investors. With only one in five prospective self-direct investors aware of partial share trading, consumer testing and feedback was imperative to ensure the final product resonated with our target audience.
LBB> How have people reacted to this campaign?
Maja> Based on consumer sentiment, the campaign has been extremely well-received. Existing customers have shown increasing adoption of the capability and provided positive feedback on the innovation.
LBB> How did this campaign fit into TD’s plans for 2024 and beyond?
Maja> At TD, we are committed to keeping customers at the centre of everything we do, because people matter the most. It's our job to drive product and service innovation that meets their needs. Customers are asking for more seamless and easier to use experiences and, as an organisation, we want to demonstrate to our customers that TD is the bank that is there for them. This campaign is an example of how we're bringing this commitment to life – breaking down partial share trading in a way that will resonate with them on a product launched for them.
LBB> Finally, has making this campaign made you want to rethink your investments?
Maja> I am particularly enjoying how partial shares add some fun elements into my investing practices and make for a great conversation starter with my teenage kids.
