Told Ya!, B2B, Millennial Opps: Square taps media AOR, merges with Afterpay (Score 52)
Payment services provider Square recently concluded a competitive pitch by naming Wavemaker as AOR to handle media buying and planning across North America and EMEA. The agency will initially focus on scaling Square's growth and scaling plans. The fintech reportedly wants to position itself as a the go-to, worldwide, for secure credit card processing, point-ot-sale solutions and online store development. We will likely see spends in shift, and we might see additional shifts in the company's roster. Thus, I suggest you keep Square on your radar.
Square also recently underwent a $39m merger with Australia-based competitor Afterpay.
Since the beginning of 2022, iSpot reports the company has allocated approximately $42.9k toward national TV commercials, less than half of the approximately $1.1 it had allocated by this point last year. Square's estimated full-year 2021 TV spend of $2.8m was down 32% from that of $4.1m in 2020. The company's 2022 commercials have targeted Gen-X watching shows such as Murder, She Baked, Killer Kids, A Glenbrooke Christmas, America's Morning Headquarters and Swamp People.
According to Pathmatics, Square has spent roughly $22.3m on digital ads YTD, almost double the roughly $13.8m it spent within the same 2021 timeframe. In 2021, the company ended up spending roughly $68.3m on this channel, down 10% from the roughly $75.5m it spent in 2020. So far i 2022, Square has earned ~2.3b digital impressions via Facebook (35%), desktop display (28%), Instagram (22%), desktop video (12%) and mobile display (3%) ads. Most of this year's desktop display ads have been placed site direct onto destinations such as weather.com (4%), espn.com, wsj.com, huffingtonpost.com and forbes.com.
Additionally, Magellan shows Square has aired almost 200 podcast ads within the past 12 months.
The company tends to target business DMs, especially those of relatively smaller businesses, and when it comes to peer-to-peer payment options, it especially targets millennials. It and its Cash App brand face competition from companies such as Venmo and Venmo's parent company, PayPal. Per Kantar data, Square also invests in print, OOH and local broadcast. Sellers should contact soon if able to offer relevant ad space. In other words, to offer ad space, be there or be Square.
Agency & martech readers - As you know, reviews often follow one another; keep the company on your radar for PR, creative, digital analytics and/or social media management work.