THE CHALLENGE
Find a way to gain a significant share of available Term Deposit funds without starting a rate war in which Kiwibank with its reliance on domestic funds would be the biggest loser.
Our challenge was to achieve approximately 10% of Kiwibank’s yearly growth target in just four days, giving Kiwibank’s competitors little chance to react. No easy task.
THE SOLUTION
We asked the question, “How would a large successful retail chain promote an offer to the market?” The answer? Loud intrusive TV commercials with a ‘last chance’ feel to them. Big bold headlines in print and very ‘retail’ point of sale to reinforce the retail campaign feel and create a sense of urgency, and at weights similar to what big retailers would use for a sale.
A teaser ran from Friday night until Monday night on TV, informing our target audience of the ‘mega rate’ that would be announced on the following Tuesday. Over the next few days we promoted the ‘actual rate’ encouraging people to lock in this great deal before Friday (of the same week). Share of voice was critical, we needed to ensure that nobody could outshout us during this period – our television campaign was short and sharp – 15”s achieving a 1+ reach of 80% over 6 days.
Radio was also used with a heavy schedule of 30” spots across all the stations that indexed highly against our target audience. We also used adlibs from trusted DJs encouraging listeners to take advantage of this ‘hot deal’.
Over a six-day period we made it almost impossible to avoid the message.
THE RESULTS
The campaign exceeded growth targets by an amazing 80% and secured 10% of Kiwibank’s annual growth TD target over a 4 day period.
Importantly, the period we created was too short for our bigger competitors to react, providing Kiwibank with a clear window of opportunity to attract the available TD market without increased competitive interruption.
