As one of the few local banks offering home loans ranging from first-time homebuyer
programs to jumbo mortgages, Clinton Savings Bank has historically enjoyed a reputation as the region’s mortgage lender of choice. Yet given the low rate environment of the last several years, the Bank needed to reassert its position and distinguish itself to attract new home loan customers. CSB was in the process of relocating its branch in West Boylston, MA to a larger facility to accommodate its growing customer base, so the Bank needed to make a splash to celebrate the opening of the new office, with the campaign that generated new mortgages.
Our Big Idea
An open house at the larger, more contemporary facility provided an opportunity for an event-based marketing push. The theme would be to celebrate CSB’s new home by helping customers get into their own new homes. The mortgage campaign would promote the new branch and generate mortgage applications by offering an attractive mortgage product, marketing it in concert with a big raffle prize that would be announced at the West Boylston grand opening.
- Partnering with an auto dealership that is a CSB business-banking customer, the Bank settled on a grand prize of a two-year lease on a BMW 320xi.
- All mortgage applications would be entered to win the grand prize, but CSB promoted a special 30-year Jumbo Mortgage with an annual percentage rate of under 4%…well below what the competition was offering. BMW is promoted as “The Ultimate Driving Machine,” while CSB’s tagline is “An experience you can bank on”…so the two lines were combined to create the campaign’s name of “The Ultimate Mortgage Experience.”
The mortgage campaign launched with billboards, print and radio spots hitting during the first week. Online advertising followed, including promoted social media content and Google ads. Branch materials were rolled out, including digital lobby displays, teller sellers, ATM screens and large-format posters. Direct mail postcards were sent twice during the three-month campaign.
For two weeks leading up to the open house event, the BMW grand prize was parked
in front of the West Boylston branch, flanked by eight-foot teardrop banners promoting
With this mortgage campaign, CSB added 31 mortgages, totaling $10.1 million, to their loan portfolio. Based on the promotional budget of $50,000, the total loans represent a 201% return on investment.
In addition, the West Boylston open house was attended by 150 individuals, including local residents, community officials, and the mortgage applicants who wanted to see if they had won the BMW.