ASB launches the first home loan rate that can be lowered on Facebook in a new social media campaign + competition via Saatchi & Saatchi NZ

Getting Facebook fans to “like” anything a brand throws up on Facebook is a big ask, often for no real result. ASB and Saatchi & Saatchi NZ have turned this everyday act into an innovative business opportunity for ASB Bank with the ‘ASB Like Loan‘, a Facebook app that lets fans lower a special home loan rate just by liking it.

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Everybody who participates in lowering the rate has the option to go in the draw to win whatever the rate drops down to by the end of the day. There will be one winner each week over a four week period.

The idea is simple – the more “likes” the rate gets, the lower it will go. How low the rate goes depends entirely on social media.

Says Fee McLeod, digital client director for Saatchi & Saatchi: “We know that in New Zealand, 1.1 million people per day access Facebook on their mobiles, so we’ve collaborated with Gladeye and ASB’s Brand & Campaigns and Social team to build a fully mobile optimised Facebook app, backed by an integrated campaign that will leverage ASB’s strong social following across Facebook, Twitter, Instagram, YouTube and Google+.”

A partnership with The Edge radio station will also encourage its listeners and substantial social following to drive down the rate to pick up a bonus $1000 every percentage point it drops below. And downtown Auckland will see a ‘walking billboard’ showing the live rate as it drops (shared socially).

Says Nathan Cooper, Saatchi & Saatchi digital creative director: “We see social media as more than just getting “likes” or followers. Social media offers great business opportunities for brands that are willing to look at it in a slightly different way.”

Says McLeod: “ASB is a brave client who openly asks us to push them in the digital space. ASB Like Loan is an innovative idea that speaks to ASB’s brand values whilst giving Kiwis an opportunity to be successful in home ownership.”

This innovative campaign is set to become another world first for ASB, following on from its Facebook Virtual Branch. It’s these kinds of innovations that recently saw ASB awarded the Canstar ‘Best Online Bank of the Year’ award, for the second year running.

‘ASB Like Loan’ launches 8am, Wednesday June 26 on ASB’s Facebook page, with a competition to be held every Wednesday over four weeks.

Client: ASB

Development Partner: Gladeye