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Background

The National Bank of New Zealand wanted to launch its new Platinum Visa credit card to a select group of high value customers, just 9,511 eligible Gold credit card holders and 2,340 Private Banking credit cardholders.

It wanted to use the credit card as a mechanic to kick-start a two-way conversation that appealed directly to their needs, and gave the bank permission to enter into discussions with a group of customers traditionally hard to target.

Idea

This successful campaign was based on the notion that sometimes a quiet word is more effective than a shout from the rooftops.

Well before the public launch, the selected group was sent a mailing “on the quiet”. The idea was to recognise and flatter these customers with an exclusive opportunity to receive the card before anyone else.

Results

Of the 11,851 customers mailed, 16.21% responded to the special invitation to enter a World of Privilege.

This exceeded the Bank’s target of 10% and meant a projected annual increase in revenue from year two onwards of $287,412 and an ROI measure of 489%.

Above and beyond this, a quarter of customers clicked through from the follow-up email, while more than a third of those who took up the offer then engaged with the promotional site (36.9%). This was a massive increase on the Bank’s industry benchmark of 5%.

Our Thoughts

Whoever came up with the strategy for this campaign is the person who deserves the plaudits. Human nature, being what it is, people like to know they are special. Flattery works. And, despite the downturn, there are still a lot of people with money, who want to enjoy the finer things in life, if not quite so ostentatiously.