Using Video and Social Media to Grow Deposits

According to Marketing Week, HSBC used Facebook to promote its student bank accounts using a video competition.  HSBC decided to use video rather than the email entries. Students wishing to take part had to upload a 90-second video to the Facebook page explaining how the prize money would help them make a mark on the world. Facebook users chose the top 20 videos and the winner was chosen by a panel of judges.

The campaign yielded 149 entries, with 8,940 votes cast. The Facebook page saw 50,000 interactions with people in one month, with more than 2 million impressions. The cost to acquire each student bank account afterwards was six times lower than the previous year.