Scotiabank is trying to build awareness of its new “Mortgage Free Faster” platform in a new marketing program that coincides with the start of Canada’s peak home buying season.
The financial services company has introduced a new Facebook contest, “The Mortgage Free Faster Contest,” in which both current and prospective customers have a chance to win a grand prize of a $25,000 mortgage pre-payment or a runner-up prize of $10,000 cash.
Jeff Marshall, the Toronto-based vice-president of marketing and marketing management for Scotiabank, said the program – conceived in-house and developed by Capital C – is intended to achieve multiple objectives, including customer engagement and lead generation in the highly competitive mortgage category.
The “Mortgage Free Faster” platform provides tips designed to help Canadians pay down their mortgage faster, such as changing the payment frequency, rounding mortgage payments up to the nearest $50 or $100, or even making a small lump sum payment each year. The Facebook page also links to an online mortgage calculator that Marshall said has been enhanced since its debut last year.
“We’re really confident that [the platform] is something consumers are looking for in terms of advice of how to own a home, not a mortgage,” said Marshall.
In January, Scotiabank also slightly tweaked its ongoing “You’re richer than you think” positioning with a new phrase that reads “Richness is:”
The Facebook contest page features a video starring Calgary Flames forward Jarome Iginla, who pays a surprise visit to a Calgary homeowner and presents her with a $25,000 cheque for following some of the Scotiabank tips. The super at the end of the video reads “Richness is: Life’s little surprises.”
“It’s still heavily rooted in ‘You’re richer than you think’….which is a very popular tagline in our category,” said Marshall. Another 30-second spot appearing on the Scotiabank home page called “Mortgage Shredding Day” shows children playing in the paper created by a shredded mortgage.
The “Richness is:” extension is also being promoted through additional TV, in-branch and print ads created by Scotiabank’s creative AOR, Bensimon Byrne.
Canadians have historically purchased homes in the spring, which has created a glut of marketing activity among the country’s leading financial institutions. “There’s a higher propensity to buy homes in the spring, and the banks tend to react with really aggressive mortgage campaigns,” said Marshall. “You’ll see us and our competitors out marketing mortgages at this time of year.”
