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BNZ Platinum Rewards Conversion Campaign
Awards
Industry Silver – Financial Services
Entrant
Loyalty New Zealand
Nominee
Bank of New Zealand
Entrant Credits
Simon Adams, Vishal Ahuja, Robert Orr
Nominee Credits
Grant Reid, Gayle Price Moor
Entry Rationale
BNZ Platinum Visa is a premium credit card offered to BNZ’s most valuable, high-spending, high-income customers. Using the card earns the customer Platinum Reward Points, which they can convert into Fly Buys points. To do so, the customer must link their Fly Buys card to their Platinum Visa credit card. Twenty Platinum Reward Points gets them 1 Fly Buys point, and while this earn rate is generous, there is an anomaly with Platinum Points not being a redeemable reward currency – a legacy issue. The only way to spend your Platinum Points is by converting them to Fly Buys points.

The impetus for this campaign was BNZ’s observation in January 2013 of over 575 million Platinum Reward Points sitting as outstanding balances, a liability that was growing each month. This meant there was a big opportunity for an education campaign – after all, who doesn’t want something for nothing? Visa Platinum’s brand is strongly connected with rewards, and this education piece was the stepping stone from brand aspiration to reality.

With their strategic campaign partnership, BNZ and Fly Buys created an enticing and targeted DM that converted a very modest budget into some extraordinary results. By telling BNZ’s most valued Platinum Visa customers that their rewards were already waiting for them, Fly Buys were able to generate a whopping $1.2 million incremental revenue. The campaign added significant and meaningful value to some of BNZ’s top customers and brought the brand value of being rewarded to life like never before.

The secret to the campaign was a canny combination of channels, with a dynamic DM piece (a proven channel for the audience) as the centrepiece, supported by low-cost, generic media (such as bank statement inserts and web tiles) at one end, and a smattering of personalised outbound phone calls to the top customers at the other.

This, combined with a simple and clear message – ‘You’ve earned the points, now get the rewards’ – saw 145 million Platinum Reward Points converted into Fly Buys points over the six-week-long campaign. This resulted in a 21% reduction in the outstanding Reward Points balance.