19th May 2015
Wonga plans to change its ad campaigns approach from the puppets they used to use which caused controversy to using real people such as dinner ladies, farmers and working mothers.
Wonga have decided to take a different approach, as reported on the BBC website, due to massive losses in 2014 of £37.3m and now want to stop targeting younger audience’s. Wonga will still advertise in afternoon and peak time slots like they previously did so you may see them in some of the most popular TV programmes in the UK.
Wonga ended its previous media campaign which involved puppets and was seen as attracting younger viewers with its child-like look and the whole media campaign was scrapped and now want to move forward targeting 20-35 year old demography who they feel are not vulnerable and understand this type of loan.
Wonga have been considering a number of changes since the woes they suffered in 2014. There are strong indications that the brand is considering changing its name to get rid of its association with the word “Wonga” but being such a high profile brand many think this will not work as the bad media will follow them whatever they do.
Wonga has also given their website a big makeover in the last few months. The new website is supposed to make it easier for consumers to understand the rates of loans they are applying for and dates they need to be repaid by. They want to clearly indicate the charges for missed payments and what help customers can get if they experience financial problems. Wonga encountered a big scandal in 2014 when they sent out fake legal letters to get payments off customers and this was seen as illegal by authorities and were reprimanded by the FCA and fined. On top the problems Wonga faced, to rebuild their brand they cleared millions of outstanding loans in a way of compensating customers that they threatened.
If you are experiencing financial difficulty and need advice visit the Money Advice Service who can offer support and advice.