Digital payment app Venmo is the US banking and finance sector YouGov Advertiser of the Month for achieving the highest increase in Ad Awareness score of all the financial services brands we tracked in the US during October.
Ad Awareness score reflects the proportion of consumers who have seen an ad from a brand in the prior two weeks. According to data from YouGov BrandIndex, which tracks the health of brands daily, Venmo’s Ad Awareness stood at 4.6 on September 26 and it reached 9.0 on October 25.
During this period, the PayPal-owned payment platform teamed up with American rapper and songwriter, Jack Harlow, to offer college students a chance to win a grand prize of $10,000. With the #VenmoU Cash Drop, college students could also win instant cash of up to $500.
Venmo also welcomed October with some new updates on its app – allowing users to connect with their fellow Venmo contacts, use Venmo credit or debit cards, buy and learn crypto and allow users to manage their account better.
But it’s not just a bump in Ad Awareness score that Venmo enjoyed in October. Data shows that the net score for Impression, which measures if consumers have a positive or negative impression about a brand, saw a 13.4-point rise – from 7.4 on September 26 to 20.8 on October 25. The Buzz score, which gauges if consumers have heard something positive or negative about a brand, also rose from 7.3 to 10.0 (+2.7) during this period.
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Methodology: YouGov BrandIndex collects data on thousands of brands every day. Venmo's Ad Awareness score is based on the question: Which of the following brands or providers have you seen an advertisement for in the past two weeks? Scores are based on an average daily sample size of 1514 US adults between September 26 and October 25. Figures are based on a 4-week moving average. Learn more about YouGov BrandIndex.