Product Owner: Directorate General of Currency Issuance from Banco de México
Date of the Communication Launch
It is the first time that a communication campaign focuses on encouraging the public to actively recirculate their coins. By doing so, people will maximize the value of their money, the amount of coins to be minted will be reduced, and, therefore, it will help to save public resources.
Historical or Local Content
The TV ad takes place in well-known spots by public belonging to the different socio-economic levels nationwide.
Feedback from Stakeholders, Including the General Public
The number of questions related to exchange coins at bank branches received through Facebook raised 41% from June to December 2016, in comparison with the period from January to May 2016.
Based on information drawn from opinion surveys done regularly by Banco de México, people tend to keep coins physically somewhere and then forget them, and yet, the public perceives that there is a lack of coins for everyday transactions. Dividing the number of coins in circulation between México’s total population, there are 264 coins in circulation per person.
This was the reason for designing a TV ad focused on inviting the public to use their coins or exchange them at banks.
Ease of Understanding
Banco de México carries out national quarterly quantitative surveys conducted face to face. These studies allow quantifying people’s opinion about several banknotes and coins topics. One of the questions is about how clear the information from commercials is. The values for this question corresponding to the third and fourth quarters were 8.8 and 8.6 respectively, on a scale of 1-10, where one means very confusing and 10 means very clear.
Effectiveness of Messages and Communications
Banco de México (BM) carries out national quarterly quantitative surveys conducted face to face. Surveys from the third and fourth quarter 2016 included a question about how much information people got from the ad related to the coin exchange service that most of the banks provide. The values were 7.6 and 8.2 on a scale of 1-10, where one means a little and 10 means a lot.
Another question from the 1Q2017 survey was if people remembered an ad related to coins: 29% of the target population did remember IT, and 55% of them recalled the right contents.
BM created a web page about the coin cycle in Mexico. It received 256,337 visits from June to December 2016.
Although there is not enough nor strong evidence about an increase in coin deposits in banks, it did happen in one of the largest banks in Mexico from June to November 2016.