3 Lessons Financial Services Firms Can Learn From Fried Chicken

Do you remember this summer’s chicken sandwich war started by Popeyes and Chick-Fil-A? If you were like me, unsuspecting and unintentionally stuck in a long line of cars while trying to navigate your way to Target, chances are you didn’t have a clue you were in a warzone. In fact, the lines probably piqued your interest in WTH was going on at Popeyes, a relatively low-key fast food chain. So low-key that I didn’t even recall there being a Popeyes in the shopping complex I mistakenly drove through that August afternoon. But, after I witnessed the chicken sandwich hysteria, I was intrigued to learn more.

The marketing phenomenon born by Popeye’s two-word reply to Chick-Fil-A’s tweet was both brilliant and snarky.  

The Twitter feud that ensued after that famous tweet while unplanned, was certainly welcomed.

Office colleagues, families and friends all got in on the chicken sandwich battle, picking sides and casting votes. Whose chicken sandwich was better? Chick-Fil-A, Popeyes, Bojangles, KFC, Wendy’s or McDonald’s – only Twitter would tell!

Time and time again, Popeyes came out the winner with participants casting their votes, sharing their opinions and posting their experiences in hilarious videos and memes across the platform. The chain’s marketing team was unprepared for the success of their playful “sneak” diss, made viral by #blacktwitter and others who participated in the taste test challenge. But their quick response allowed them to capitalize on the moment.

Could a Popeyes/Chick-Fil-A-style war occur between firms in the financial services industry?

I can just see the tweets now….

Bank of America: “Biggest building. Biggest cash reserve. Biggest retail presence. Bigger. Is. Better. Oops, did we just say that?”

Wells Fargo’s reply to Bank of America’s Tweet: “...y’all need to borrow our abacus?”

The likelihood of this lively banter occurring between firms in the financial services industry anytime soon is unlikely, but there are three lessons that companies can take away from the Popeyes/Chick-Fil-A feud.

ONE: FOLLOWER ENGAGEMENT IS MORE IMPORTANT THAN THE NUMBER OF FOLLOWERS

Before the Great Chicken Sandwich War of 2019, Popeyes only had 182,000 followers on Twitter while Chick-Fil-A had a million. A David vs. Goliath story in the making for sure. Popeye’s original “...y’all good?” tweet received over 300,000 likes and was shared over 5,000 times, far outperforming Chick-Fil-A’s tweet.

Yes, Popeye’s Twitter followers substantially increased after their initial tweet, but what was more impressive was the company’s engagement with its followers. Popeye’s posted short videos showing patrons enjoying their chicken sandwiches and long lines at the drive-thru to create buzz around their new product. It. Was. Brilliant.

Identifying ways to engage with followers, regardless of industry, can help build brand presence. Financial services firms may be surprised to learn how many analysts and investors utilize social media as a research tool.

According to a 2019 study conducted by Brunswick, 63% of investors surveyed use LinkedIn for research, while 55% use Twitter. Creating a social media campaign to highlight a specific aspect of the company’s offering or to highlight a change in the industry can help a company engage with its followers and build brand loyalty along the way.

TWO: ACT AT THE SPEED OF SOCIAL MEDIA

Social media listening tools are worth the investment as social media is a real-time marketing strategy that companies and influencers take advantage of daily.

Less than 15 minutes elapsed from the time that Popeye’s marketing team learned Chick-Fil-A dissed its chicken sandwich on Twitter to the moment that Popeyes tweeted their response. Their immediate reply made all the difference.

Imagine if Popeyes waited days to tweet a reaction? People wouldn’t be able to follow what happened and the

Similar to an investment opportunity, timing can make all the difference. Companies need to be ready to respond when an opportunity on social media arises as these are a rare occurrence.

THREE: THERE IS POWER IN VISUAL STORYTELLING

Marketers know all too well the excitement a visual, or other multimedia component can add to an announcement. Popeyes proved this point true as their campaign focused on using images and videos to tell their chicken sandwich victory story.

You may recall the Popeyes YouTube video of the California restaurant that sold its chicken sandwiches without permission two years ago. This time, Popeyes invited the restaurant to be the first to sell its chicken sandwiches. The video went viral, sparking interest in the brand, and sales for both Popeyes and the California restaurant. A win-win scenario!

People today are inundated by many streams of content, leaving companies with about 2 seconds to catch a scroller’s attention. Visuals have the ability to capture a viewer’s attention and intrigue them to click to learn more.

SO, WILL WE SEE A TWITTER WAR BETWEEN FINANCIAL SERVICES COMPANIES?

Possibly.

Keep your eye out for the next product feud on Twitter. Who knows, maybe next time it will be two companies in the financial services industry duking it out.

#whohasthebetterfundadmin?

We’d love to hear your thoughts on how financial services companies can embrace social media as their new ad marketing tool.