Tangerine is driving a Chevy to the Levys (although it could be a Ford, it’s kind of hard to tell) in an eyebrow-raising advertising stunt aimed at one of its competitors in the digital banking space.
This week, the brand began running a truck-side billboard in downtown Toronto to both literally and figuratively drive home the message that it offers no-fee banking. Notably, the truck is stopping near billboards for EQ Bank that prominently feature the father-and-son acting duo of Eugene and Dan Levy.
The truck features a message that reads “No monthly bank fees. Or expensive celebrity endorsements,” although Tangerine CMO Natalie Jones downplayed suggestions that it is deliberately targeting EQ bank with the campaign.
“We’re focused on our message in that fun way, and this isn’t a direct commentary on any one specific bank,” she said. “There have been lots of banks that have been active in their communications over the past few months, and they’ve used a variety of tactics to bring their message to life."
She said that it's part of an organizational shift away from campaign-driven marketing to a more connected, always-on approach that is both relevant and contextual, while retaining the sense of fun that is a brand hallmark.
The campaign is intended to reinforce its positioning as the original no-fee bank, she said. "This is really just our way of using the Tangerine brand and our new philosophy to bring that to market.”
The truck presented a new medium for Tangerine, said Jones, presenting an opportunity to provide contextually relevant marketing at street-level. “The ability to drive the truck around and move our message was something we wanted to experiment with.”
EQ Bank unveiled the Schitt’s Creek stars as its first-ever celebrity pitchmen in January, in a campaign developed by The Hive called “Second Chance.” Its premise is that Eugene wants his son to stop using the bank account he opened for him as a kid, because the monthly fees and lack of interest have cost his son thousands of dollars over the years.
But even if the campaign isn’t aimed at one specific bank, it hasn’t gone unnoticed. In a statement to Campaign, The Hive’s chief strategy officer Dustin Rideout said he was a “bit flattered” that Tangerine is taking notice of the EQ Bank campaign, before challenging its assertions around no-fee banking.
“The insight that drove the [“Second Chance”] campaign was that many Canadians are still using bank accounts that their parents signed them up for that charge fees, and offer little to no interest, but it’s never too late to reconsider better options,” he said.
Tangerine, he added, currently lists two pages of fees on its website, ranging from ATM fees for withdrawals made outside its network, fees for non-sufficient funds, etc. “These everyday banking fees add up, and it’s why EQ Bank doesn’t charge for them.”
Rideout also expressed surprise at Tangerine’s decision to call out EQ’s celebrity endorsement when it is in the midst of a 20-year partnership deal with the NBA’s Toronto Raptors that is part of an $800 million deal signed by its parent, Scotiabank.
“Personally, I think commenting in ads about a competitor’s celebrity endorsement is a bit of inside baseball,” he said. “I would be curious, though, to know if Canadians think Tangerine’s $800 million sponsorship of the Toronto Raptors is considered an expensive endorsement.”
Jones responded that because Tangerine has no brick-and-mortar locations, it uses partnerships such as the one with MLSE/the Raptors to drive awareness and visibility, adding that it supports basketball from the grassroots level up to the pros. “It is much more than a marketing tactic for us,” she said. “We carefully select [these partnerships] to ensure they holistically support our mission.”
It’s not the first time a Canadian brand has used mobile billboards to take aim at a competitor. Last year, KFC hijacked McDonald’s launch of its new Chicken Big Mac by parking a truck featuring an image of the sandwich that had been “upgraded” with its signature chicken, accompanied by a simple two-word message: “Fixed it.”
The Tangerine campaign runs through April 14 around Toronto. Creative and PR was handled by Rethink, with PHD for media.
