Getting new customers in the banking market is very difficult, especially when they are entrenched long-term customers with no particular desire to change. Farmers are amongst the most entrenched and hardest to switch due to local relationships.
What makes this campaign stand out is that it capitalised on a unique market opportunity of the anticipated ANZ/National Bank merger nearly a year before the actual announcement, and took a brave position that was really unusual in the agri sector. It achieved that rare occurrence with ‘below the line’ activity in terms of being talked about, remembered and ruffled feathers with competitor banks who felt they had to respond. 66% of recipients were receptive to a conversation.
This classic DM approach was all about understanding the customer, speaking their language, and being utterly relevant to a market situation. It brought in to BNZ a number of new, high- value customers and prospects who are generally very hard to switch.