2007 AWARD WINNER
BANKING / FINANCE / INSURANCE / GOVERNMENT / CORPORATE / REAL ESTATE
CAMPAIGN - Shattering Convention Within The Mortgage Category
AGENCY - The Campaign Palace
CLIENT - Westpac Home Loans
SPONSORED BY
OBJECTIVES
For this campaign, which also took
out the Grand Prix award, Westpac
tasked The Campaign Palace with
delivering 6.2% more home loan
applications than Spring 2005 - but
with a 40% reduction in budget and a
less competitive price point to
communicate in a softer housing
market.
The highly competitive home loan
category creates a glut of communication
considered “same-same”. The
net result of “same-same” is “bland
and unmemorable”, so, inevitably,
decision-making comes down to the
lowest common denominator -
interest rate. Westpac had previously
enjoyed a competitive rate in the
market (0.7% discount), so the
strategy to follow the classic path-topurchase
was sound and successful.
But, without a price advantage in
the market, Westpac couldn’t afford
to be one of the bland and
unmemorable advertisers.
Therefore, the communications
needed to break the mould, but
remain relevant, engaging and motivating
for prospective homebuyers.
CAMPAIGN
Most banks still operate in a very
rational communication space. Buying
a home, however, is a highly
emotional time - full of aspirations,
hopes and fear. The Campaign Palace
found one of the most common fears
is compromising current lifestyles to
afford hefty loan repayments - a fear
heightened due to the recent rise in
cost of living and uncertainty around
interest rate rises.
Buyers were worried the little
luxuries in life would have to be
sacrificed, even something as small
as having a daily coffee. This insight
led to the communications idea:
Don’t sacrifice the little luxuries for
your home loan. This insight and idea
drove a channel strategy that
naturally moved Westpac away from
the property path to purchase - quite
a white-knuckle ride for any bank.
So, The Campaign Palace identified
everyday luxuries homebuyers
wouldn’t want to sacrifice, to inform
the media context strategy and
resulting creative message.
For example, petrol pump
bowsers were used to hold the
message: “Don’t sacrifice a tank of
petrol for your home loan . . . with
Westpac’s 0.7% discount.”
Media channels were selected for
their ability to offer the appropriate
context for each luxury item, and the
channels drove the creative message.
Due to the contextual relevance
of each media contact point, recency,
rather than repetition, was relied
on, so all activity was scheduled
simultaneously.
Activity was upweighted in the
highly competitive markets of Sydney
and Melbourne where cosmopolitan
lifestyles mean the media context is
more potent.
More than 300 petrol pump
bowers, 150,000 coffee cups and
680 Shopalite panels were used to
carry Westpac’s message. Online and
specialist press sections also formed
part of the campaign.
RESULTS
The goal was to achieve a 6.2%
year-on-year uplift in home loan
applications over the nine-week
campaign period. The campaign
achieved a 6.4% increase versus
the previous year (0.2% above target).
This result was remarkable given
Spring 2006 was a much softer
property market on the Eastern
Seaboard, which makes up 73% of
Westpac’s lending business. Also,
Westpac had 40% less spend in
media than the previous year and
competitive noise increased 35% in
the home loan market - Westpac’s
SOV decreased by 55% and was the
only bank in the category to decrease
SOV.
Furthermore, there was no new
product news for 2006 - 0.7% was a
constant message and Westpac had
a less competitive interest rate.
TV was not used in the campaign
(despite TV making up 60% of
Westpac’s 2005 spend). The strategy
and investment levels in direct
marketing were consistent YOY.
By challenging convention within
the category, The Campaign Palace
reduced the cost per “first party
application” by 43%. This delivered
$1.070 million of additional value for
Westpac.
JUDGE’S COMMENTS
“The agency clearly demonstrated the
mindset of the home loan purchaser
and the small sacrifices they do not
need to make when purchasing a
home.”
“The insight provided a great
marriage between context and the
content, which was executed flawlessly
through the channels chosen.”
“It also generated great results
in a tough market with highly
competitive activity.”
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