![]() In fact, BMO offered the lowest rate during the same campaign period while CIBC offered a cash back mortgage with up to 3% cash back.ĪVP field marketing & branch banking: Elizabeth WalfordĪssociate manager, in-branch merc: Janet BrownĪssociate advertising manager: Mary Anne McEvoy No unusual pricing activity ran versus previous years or versus the competition. ![]() Results: As a result of the “Dear Mortgage” campaign, total mortgage deals entered exceeded the forecast at 115% over 13 weeks while the campaign outperformed all competitors on generating incremental traffic among non-customer.Ĭause & Effect: The mortgage market experienced a decline of 30% in April and 7% in May 2013 compared to 2012 while TD had an increase of entered deals by 23% in April and 6% in May, despite TD being consistently outspent by its competitors in both Q1 and Q2. Social initiatives and content partnership with Metro newspaper helped deliver more than 36.5 million impressions. Newspaper inserts took a “scrapbook” approach to documenting different TD Payment Vacation scenarios while a live artist wrote “Dear Mortgage” letters on an interactive 130-foot OOH display, which was filmed and run on YouTube and TD’s Facebook page. With Payment Vacations from TD, it was about having the flexibility to own a home and make their other dreams a reality, too.Ī series of print, OOH, standard online banners and in-branch ads depicted young homebuyers who had used a TD Payment Vacation to re-frame their relationship with their mortgage. A cultural scan showed that while the target group had parents encouraging them to buy a house and to stop “throwing away money on rent,” they worried that mortgage payments would restrict them from acting on their other plans in life, making them slaves to their mortgage.Įxecution: Running from March 4 to May 10, 2013, the “Dear Mortgage” campaign featured homebuyers writing “Dear John” letters to their potential mortgages, demonstrating all the different ways that homeowners could take time off from their mortgage payments to explore other things in life. TD’s competitors had introduced a similar feature of their own by 2013, but no one else was communicating it. ![]() TD had identified a key mortgage feature – called a “Mortgage Payment Vacation” – that allowed homeowners to take up to a four-month “break” from their mortgage payments. Insight & Strategy: The prevalent consumer perception was that all mortgage products were the same, and that interest rates were the only reason to choose one bank’s mortgage over another’s. Fewer buyers would mean decreased demand for mortgages, meaning TD would need to compete harder than ever for its share of available mortgage deals in the spring of 2013, without a superior interest rate offer to drive consideration. For TD Bank, this context was ominous: the spring housing market represented a key mortgage acquisition period and one of the most significant opportunities in the fiscal year for the bank’s profit and business growth. Thought-leaders like The Economist and Maclean’s began publishing dire warnings on the threat of a Canadian housing bubble. Situation Analysis: The average price of a Canadian house had risen over 100% since 2000, but, by 2013, sentiment surrounding Canadian real estate was beginning to shift.
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