PrimeCredit is a ‘buddy’ for Hong Kong millennials | Analysis

Unlike most banks and credit institutions, PrimeCredit targets 25-30 year olds in Hong Kong very specifically.

The positioning of the brand is based on a vision that millennials go first to their friends and “buddies”, rather than to financial institutions or even their family, when it comes to credit matters.

“Over the past few years, the fastest to embrace digital and online have been the young,” said Emily Chow, Marketing Manager at PrimeCredit. Asia-Pacific Campaign. “And they need to transact online. It’s pretty straightforward.

Chow said the lending and credit industry has changed dramatically over the past 10 years. Whereas once it was enough to reach customers by mail or phone, the modern credit card customer needs to know “the details and the results and get instant approval for a loan online”.

This speed and convenience must be matched with genuine customer service, which includes bank staff with “good manners who can also offer professional advice.”

Chow at the Yahoo Emotive Brand Awards

“Information should be accessible in one place, including consultation, payment and refund details,” Chow said. “The younger generations are looking for a one-stop shop.

However, to appeal to millennials in the first place, PrimeCredit created a brand ambassador, the PrimeCredit “brothers”. These ultra-male characters position themselves as like-minded friends who can talk to millennials in a pragmatic way.

“We find that quick loan disbursement is not enough,” Chow said. “We need to address the deepest emotional needs of the millennial generation. And paradoxically, that also means not to interact with them on Facebook and other social media so directly. “

Although PrimeCredit runs advergames and campaigns on Facebook and other platforms to generate and acquire leads, Chow said loans are a “hot issue” for millennials. And that has to do with why people in this demographic contact their friends and buddies about credit issues in the first place.

“Young people generally share their worries and stress with their friends rather than with family, colleagues or financial institutions,” said Chow. “On social media too, there’s a lot of caution, which makes people reluctant to like PrimeCredit’s Facebook page in case their peers might think they need a loan. That’s a question. delicate. “

This combination of being both “transparent and closed” is perhaps the most difficult part of marketing loans and credit cards for this generation. However, like most branding efforts, it takes time for positioning to take hold.

“For our brand, that journey started in 2006 when we had a PrimeCredit ‘brother’ without a mask,” Chow said. “Then we did more research and that led us to the question of what young people are looking for when looking for loans online, which has shifted our market and our branding to what it is. is today.”

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