In early 2011 ANZ was losing the critical battle for new home loans. In a complex and slow-moving category, a slick ad campaign alone was not going to change their fortunes. Instead they undertook to transform every aspect of their home loan marketing strategy.
They changed industry convention by moving away from rate-based advertising and from seasonal campaign peaks, developing instead an aggressive offer-led approach which forced the rest of the market to follow suit.
The strategy kicked-off by using their sponsorship of the Rugby World Cup to build a large lead database, after which they set about converting these leads via a segmented eDM programme and outbound calling. To ensure an ongoing pipeline, their ATL advertising strategy was transformed. As well, they maintained a continuous media presence, built around a consistent message and a compelling offer. Behind the scenes staff were empowered, price competitiveness was increased and red tape dispensed with.
Within 9 months they had dramatically transformed their performance and were dominating the market.
Their share of new home loans rose from 25% to 34% and their share of home loans switchers grew to a peak of 40%. In the crucial Auckland market, their share of switching almost doubled from 21% to 40%.