Standard Chartered wanted to launch Mortgage One, a niche product targeted at High Net Worth Individuals interested in purchasing property in Dubai. It works like a salary account whose monthly balance is deducted from the principal mortgage amount and interest is calculated on the balance, reducing it considerably. But the client admitted that the permutations and explanations of Mortgage One were complicated. They feared that if the prospect tried to read the brochure, he would give up in sheer exhaustion.

Direct marketing seemed the best alternative. A mailer would arouse curiosity through a genuine promise. The call-to-action would be calling an expert advisor who could do the hardsell. The market context was that home finance companies were harping on fast mortgage approval times: 48 hours vs 1 hour. To counter them, we decided to communicate Mortgage One’s benefit of reducing interest through a mini-wallet. Targetting residents in upmarket communities seemed appropriate as they were already convinced of Dubai’s growth prospect and would consider investing in a second home in the booming property market.

800 mailers were couriered. The Mortgage Team has received 232 inquiries and 16% of the target has already been reached. They are confident of converting at least 35% of prospects into high volume sales.

“We really didn’t have a big budget to launch Mortgage One and the agency recommended direct marketing as the best option. Their small idea had surprisingly big results".Zulfikar KhanBrand Manager (Mortgages)Standard Chartered UAE