In 2011, Puerto Rico entered a seventh consecutive year of economic recession, but in 2014, the economy took a turn for the worst. For the first time in the country’s history, Puerto Rico’s credit rating was downgraded to junk status. For Popular, it was time to turn its message into action. The bank wanted to give Puerto Ricans space to grow, literally and that is why it created the “My Bank, My Space” campaign to reward actual costumers and potential ones.
In a time where most banks are known for being into their own interests, Popular showed that its real interest is helping people. This effort made possible for a clown to have a 30” TV commercial on prime time, for an acrobat to showcase his talents on a full-page ad, and for a local band to advertise its new CD in a 30ss radio spot. The campaign gave hope to the country and it showed how much talent the Island has. Banco Popular wanted to prove that to be successful a responsible bank must invest in the people.
What is a bank's best investment? It's definitely not in the stock market. For a bank to be successful it must invest in the people. With this mindset, Popular launched the "My Bank, My Space" campaign. Popular donated all its advertising and media budget to small businesses and start-ups in order to help their personal economy and the country's financial situation. The bank invited consumers to visit a full-fledged production studio at the largest and most visited shopping centre in the Caribbean, and invited consumers to record original ads for TV, Radio, Print, Digital, and POP. The studio had copywriters, producers, editors, photographers, and make-up professionals to help them create the best ads for seven consecutive days. The recordings were made by appointment.
In 2014, Popular took its entire advertising and media budget and invested it in Puerto Rico’s small business. Enterpreneurs that otherwise have no access to mass media, promoted their products and services on an unprecedented scale. The bank built a full-fledged production studio at the largest and most visited shopping centre in the Caribbean, and invited consumers to record original ads for TV, Radio, Print, Digital, and Point of Purchase. The bank’s product development team also released a new digital platform that gave customers tools to market and sell their products and services online. The advertisements ran in major media outlets.
The press joined the effort by interviewing business owners, giving them more media exposure. With the campaign “My Bank, My Space” the bank invested over $1.5m in its consumers. Banking tools should give consumers space to be more productive, but Popular went further by literally giving its customers ad space to move forward. 140 TV spots, 140 radio spots, and 50 print ads were produced in a week. They ran in main media outlets. The campaign took over the bank’s media plan. Best of all, the customers reported an increase in sales and interest in their products and services.