How OCBC Bank used the festive Chinese New Year season to get consumers to increase deposits to its Mighty Savers Programme.

 

The Chinese New Year is the main period to acquire new deposits from the family segment because parents have received their bonus payouts and children have their ang pow money.

The direct mail campaign was aimed at acquiring deposit top-ups to children’s savings accounts under our Mighty Savers Programme.

The campaign was targeted at selected parents, whose kids have a savings account under the Mighty Savers Programme, and Child Development account holders.

Consumer research revealed parents will open a child’s savings account mainly to educate and encourage them to learn to save
for themselves.

We also learnt from other campaigns freebies and premiums attract young families (parents with children less than 10 years old) to sign-up for products.

Direct mail was the lead channel for this campaign because the majority of customers in
this segment preferred direct mailers for product promotions.

For the campaign, we developed dual offers for the parent and child.

To encourage children to bank their ang pow money, we offered them a pair of OCBC Mighty Savers chopsticks which they could use during CNY lo hei with a minimum deposit of SG$50

• For parents, we encouraged top-ups to their child’s savings account and offered a choice
of a free Mighty Savers tote bag or water tumbler with each SG$1,000 deposit. These gifts are perfect for children’s usage during the new school semester

• A common problem of direct mailers is recipients may be predisposed to ignore them. Thus, we designed a vibrant and colourful
outer envelope to portray the Chinese New Year festive mood to catch their attention amid the piles of white envelopes of bills.

The direct mail creative was inspired by the festivities and traditions of the Chinese New Year.

During this period, Chinese families usually deck their houses with auspicious greeting scrolls, couplets and decorations. Playing on this behaviour, we designed the direct mailer as
a Chinese New Year festive scroll so recipients could paste it up at home during the 15 days of the Lunar New Year. This would create top-of-mind recall among the recipients, family member and friends who visited their home.

We fronted the direct mailer with the OCBC Mighty Savers mascots of the kids’ savings
programme – Simon, Sally and baby Sarah. The OCBC Mighty Savers was well received among children and parents. The campaign successfully drove a 45% response rate.

 

                                                                   The Mail 

Objective

To acquire deposit top-ups to children’s savings accounts under the Mighty Savers Programme.

Idea

A direct mailer designed as a festive scroll for recipients to decorate their houses with during the Chinese New Year and free gifts relatable to the
festive season such as chopsticks or tote bags.

Results

The campaign successfully drove a 45% response rate.

 

 

 

 

 

 

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