FWD Wattpad Piso Tales
Overspending, insufficient savings, and a lack of financial literacy – these are the unfortunate hallmarks of the millennial financial health. Recent research shows that only 25% of Filipinos are financially educated, and the country’s financial literacy ranking is at 62, a score lower than the average regional mark.
With academic curricula failing to touch on the subject, financial counselling seen as a luxury, and many distrustful of financial institutions, FWD Life Philippines wanted to undertake the disconcerting issue. As an advocacy, they are on a mission to help millennials face the world with economic certainty and ultimately change the way they feel about insurance.
While educating millennials is a challenge of its own, in the age of instant communication, smart technology, and hyper-connected world, simply reaching out to them is a different matter. Their digital partner AdSpark, a purveyor of innovation, was ready to take on this movement.
Planning & Execution
The way millennials live and socially interact have been transformed with the myriad of mobile apps that allow them to communicate and access information. This has prompted a pioneering way with how the advocacy would reach its target audience.
In a first of its kind execution in the industry, FWD Life sought to redefine the concept of financial literacy through online storytelling. As the exclusive reseller of Wattpad in the country, AdSpark unlocked the untapped opportunity of using the platform that’s created for millennials by millennials. Wattpad’s Filipino storytelling community reaches 30% of the millennial population with over 5.4M users.
With the hopes of breathing life on financial literacy and shaking off its mundane nature, three different millennial authors were chosen to publish three different stories. While all three are abundant with lessons on financial literacy, each has its own way of touching the heart and feeding the soul.
Effectiveness / Results
The channels chosen to propel the discoverability of the story series proved to deliver. Social media, display ads, and native advertising garnered over 2M impressions and 140K engagements, a rate higher than the anticipated reach.
Piso Tales was set to generate a total readership of 20% above the industry average. In a six-week timeframe, the series amassed over 60K, surpassing the benchmark by 145%.
According to a Wattpad brand study, the campaign generated 248% increase in awareness for FWD Life despite minimal brand mention. On top of that, 64% of the readers stated that they’re willing to explore what FWD Life has to offer.
The results are nothing short of impressive, but triumphing on the mission of trailblazing towards building a financially educated nation is what truly is astonishing.