ASB's current marketing campaign "Succeed On" is all about celebrating successes, large or small. I think creating a Facebook app that trades "likes" for a lower home loan rate is a success worth celebrating. Other than being a great idea, the execution is pretty envy worthy.
It's a simple concept encourages engagement by allowing users to influence the outcome. The actual mechanics of how the rate drops and the lowest possible rate is mysterious but the idea is easy to understand.
ASB has resisted the urge to "like gate" the app so you can enter the competition and affect the rate without first liking their page. There are still strong prompts to like the page though. According to this slightly cynical NZ Herald article the app was shared by over 800 Facebook users in the first round.
It's a great prize which will be helping to spur engagement and sharing. In the first round the rate dropped to 2.4732% which means if the winner applied this to the maximum loan of $500,000 then they would have saved close to $13,600 over the one year! (Thanks to my mortgage broking husband for doing the maths on that one!)
The execution is completely on brand across all mediums from the Facebook elements to sponsored Twitter posts to the follow up email encouraging sharing and entries for upcoming Like Loans. The design is beautifully consistent, a marketers dream.
Nice one ASB and Saatchi & Saatchi - keeping succeeding on!
The follow up email communication - clean, easy to understand and totally consistent with the rest of the promotion. Only fault I can find is that I didn't win!
A partnership with The Edge radio station promoted the Like Loan (and give listeners a chance to win a further $1,000). A walking billboard displayed the live rate as it dropped:
— Bhavika Rambhai (@bhavika_rambhai) June 26, 2013
Personalised "like" stamps helped boost buzz amongst the Twitter world:
Great to see personal marketing campaigns. Thanks @asbbank for the package & stamp. Richard likes this! #LikeLoan pic.twitter.com/FJkwVDSn0d— Richard Nash (@richardshype) June 23, 2013