Tai Chung banks on 'debt' appeal with Taiwan consumers

As the economy's ups and downs continued to be the hottest topic in Asia, local bank Tai Chung Bank Much Cash Card TV spot caught the attention of the Taiwanese public and topped Media's last Adwatch chart of 2003. The 'Free your mind of debt' commercial scored 85 points in the recall chart, going as high as 89 points among the middle-aged group between 25 and 34. The creative, produced by local agency Fang He, targeted Taiwanese consumers aged from 20 to 39 carrying the financial burden of paying off numerous long-term mortgages and fees. The message conveyed was that 'Tai Chung Bank helps you pay off loans you owe to other banks'. "We named our card 'Much' because the word itself, in Japanese, means 'soulmate' and we positioned the product as a cash card that could sort things out for you anytime," TC Bank manager Indra Huang said. "Our target audience doesn't want to 'lose face'; they don't want to borrow money from friends or relatives. They would rather 'borrow' from ATM machines." Huang explained that the TVC struck a chord with audiences as it addressed the pressure which many suffer from debt. "The line, 'All you need is your ID card, we can free your mind of debt' is simple and clear, voicing the wishes of our target audience," Huang said. "TC Bank has been using celebrities as brand representatives to build up Much card's public awareness and to actually stand out against some of our competitors like Man Tai, George & Mary Card, and Taisin YuBe Card. Picking the right spokesperson and media channel are key to good marketing." Other local brands, including Chunghwa, Lu-mei, KG Communications and Hey Song, also climbed up to the recall list, ranked the fifth, 11th, 14th, and 19th respectively.