Virgin Money's (VM) challenge was immense: launch a new credit card into one of the world's most mature and sophisticated markets, but with no existing customer base. Plus, convince consumers of VM's credibility as a card issuer, minimise the financial risk in launching, and do it all in the Virgin brand style. Competitors charge annual fees with either a great interest rate OR great rewards - this was VM's opportunity. They developed a profitable, no-compromise product built on the following pillars: a low ongoing interest rate; No annual fee... ever; Mates Rates™ instant discount rewards; a really low introductory rate.

The creative theme is "plastic surgery". This stemmed from: cutting out the negatives of competitive cards; enhancing the positive attributes of ours; and the unique card shape. Using awareness and hype generated from launch PR stunts involving Richard Branson, we communicated through integrated marketing channels including TV, press and direct mail. A complex testing strategy was developed to optimise a 'Cost Per Account' (CPA) benchmark. Every activity was focused on 'test, learn, test' with tracking and forecasting of impressions, response rates and CPAs. Results were vital: the agency committed to performance remuneration and sacrificing guaranteed income for shared success.

To paraphrase the Virgin Money Managing Director: "... another amazing milestone - 300,000 customers ... the fastest rate of growth for a new card in Australia ever ... the most successful 12 month period for any card ever, with two months to spare and no previous customer base!" In only 10 months we eclipsed our first year's target by over 240%, achieved overall credit card market share of 3.4% and a CPA 83% of target. In the first three months, the launch campaign exceeded response rate objectives by: TV 430%>; Press 255%>; DM 116%>; Combined 316%> target.