Goodbye Landlord
ASB Bank
Issue 2 | July 2008
Agency
TEQUILA Auckland
Creative Team
Kim Pick - Copywriter, Head of Copy;Wayne Pick - Art Director;Wayne Pick - Creative Director
Production Team
Sheriden Derby - Production Manager
Other Credits
Vanessa Marklew - Account Director;Toby Hilless - Chief Manager Retail Marketing;Geraldine Leahy - Manager Retail Strategy;Aaron Hanson - Product Manager Lending
Date
January 2006 - February 2006
Background
With escalating house prices in New Zealand, the ability to save for a deposit was becoming a pipedream for many. In 2006, ASB Bank became one of the first banks to offer no-deposit, 100% home loans - and wanted to offer them to bank customers, aged 30+, who were known to rent, and not own their own home. This group was not in the home loan market; they hadn’t approached the bank for a loan; they didn’t have a house in mind. Indeed, research showed that many had accepted the fact that owning their own home just wasn’t going to be a reality.
Idea
Research showed that most of these tenants thought it was too hard to get off the rental treadmill, and were resigned to the fact that given their rent payments and lifestyle expenses, they may never save up enough to buy their own home. But this ASB 100% home loan offer meant that these tenants finally had the chance to say goodbye to their landlord forever. So ASB sent tenants a ready-written ‘Goodbye Landlord’ letter, in a reusable envelope. They had made it so easy for them to move into a home of their own, even giving notice to the landlord was a breeze. If they wanted to take up the home loan offer, they already had the landlord’s notice letter written and the envelope ready to go. All they had to do was address it, sign it and stamp it. Then get ready to move into their own home.
Results
Give notice, they did. This mailer hit home to the audience hard enough to cause 20% to respond (500% above target), and then 10% to make the life-changing step of taking out a 100% home loan (160% above target) - generating millions of dollars in new lending for ASB and an ROI of over 1100%.
Target Audience
ASB Bank customers, good income earners, aged 30+, who are known to rent and not own their own home.
Size
1,723 pieces
Our Thoughts
The trouble with creativity is it can get in the way. How often have you seen a simple message cluttered up by a team trying too damn hard to be clever? Not an accusation that can be levelled here. It looks to us like a smart planner thought hard about the problem before some smart creatives opted to let the strategy speak for itself. Good old-fashioned DM at its best. No wonder response rates were 20%+.