Many homeowners do not consider tapping into their home equity for a line of credit. The percentage of homeowners with HELOC decreased by 42% since 2008, and in 2014 only 6% of homeowners said they opened a HELOC within the past year.

While HELOC can be used for debt consolidation and pay for children’s education, the #1 use case is for home renovations. Most consumers, when looking to do renovations, rely primarily on savings, credit cards and

store financing to pay for their projects. When consumers do consider HELOC, they most likely to go to the bank they have a checking relationship first. For Chase, with banking relationships with over half of all US Households, this presents a significant business opportunity.

As a result, the Objectives for Chase were:

- Increase awareness of HELOC and its benefits

- Increase consideration and favorability for Chase as a Home Lender provider

One of the biggest hurdles for homeowners in starting their renovation is the fear of committing. They will collect ideas and research, but often delay their decisions to save up money; 80% of homeowners pay for renovations with cash, and only 4% via home equity loans. Moreover, only 30% of homeowners actually know how to apply for a HELOC. We needed to not only motivate homeowners to take action, but also educate them on how to secure a HELOC.

Knowing home improvement is a major interest category on Pinterest, we created an interactive, personalized ad unit in the form of a quiz, that returned customized home renovation pins. Created in partnership with home improvement experts, The Scott Brothers (of HGTV’s Property Brothers), these pins provided useful renovation advice, and nudged consumers to reach out to Chase for a HELOC to make their dreams a reality. Our theme: Ready, Set, Renovate.

We focused our media on consumers who had already displayed interest in home renovations by targeting users who already created home improvement Pinterest boards. Our media-supported quiz would show up in organic home improvement related search results, and in return, we delivered personalized pins designed to inform with practical renovation knowledge and financing advice from Chase. The Scott Brothers expertise helped us stand out in search results in a natural way. And using our 1st party data, we were able to reach existing Chase customers with a relevant message and encourage them to apply for a home equity line of credit from a brand they already know and trust.

The campaign was from August 2018 through January 2019. From the beginning, we exclusively partnered with Pinterest and Facebook to scale reach against homeowners for awareness and engagement. Through their advanced targeting, we were able to utilize a mix of 1st party data, interest/keyword segments, and retargeting lists to efficiently pinpoint users who we qualified as “Pinterest Procrastinators”.

On Pinterest, to break through the clutter, we created promoted pins utilizing the celebrity of the Scott Brothers, to pique interest and draw our audience into our Dream Board experience. Through Pinterest’s API tool, we created a short quiz where based on the users’ potential renovation project (e.g. update the kitchen, bathroom, etc.), personalized tips were generated with a link to learn more about Chase HELOC. For Facebook, we leveraged Link Ads with strong CTAs to drive audience to Pinterest for their Dream Board experience. In all, over 98MM impressions were generated.

Media Results:

• 98.6MM Impressions Delivered

• 174k Clicks

• 10.7MM Reached on Pinterest

• 8.77MM Reached on Facebook

• 31.9k Quiz Completes

• 6.2k Personalized Pinterest Boards (+195% lift in board creation)

Facebook Brand Study Results:

• 2.9 point lift in Brand Consideration vs. 1.7 point Financial Service Benchmark

• 2.8 point lift in Ad Recall

• 1.3 point lift in Favorability vs. 0.1 Financial Service Benchmark

While the primary objective of the campaign was to increase consideration and education of Chase HELOC, the campaign did see an increase in lower funnel activities. Chase received 263 application submissions, a 4% conversion rate, from Dream Board completions.

Overall as a result of the campaign engagement, Chase Home Lending not only increased their database of prospects for future, more efficient remarketing efforts, but also allowed users to realize that their dream renovations were now in reach with Chase HELOC.