As one of the UK's leading financial services groups, Lloyds TSB serves both urban and rural communities through a network of more than 2,000 branches, coupled with internet and telephone banking services. In a highly competitive market, Lloyds TSB set out to leverage local press to promote its lowest rate fixed term mortgage and new, full-term tracker mortgages. Local press is second only to estate agents (TNS/Consumers Choice V) as a channel for those looking for a property and, as such, is a totally relevant environment for mortgage advertising.
Using a concentrated local press campaign in Wales and the West of England, Lloyds TSB communicated effectively to the local target audience and successfully delivered incremental mortgage applications in the region.
Lloyds TSB ran a 4 week campaign in Wales and South West region, the press ads appeared in 10 titles including; Western Morning News, Plymouth Evening Herald and Bristol Evening Post. Click on the attachment to this opportunity for more information on the campaign that was carried out.
Based on incremental mortgage applications, the Wales and West region additional regional press campaign generated a ROI of 64%. The local press platform provides a trusted environment for financial services advertising. The qualitative research showed that decisions around mortgages are more considered than other financial services and therefore require more information before any action is taken.
Some of the key findings from the interviews show how national advertisers can maximise their communications message through local advertising. The local press platform benefits otherwise remote national advertisers. The regional context implies regional perspective and involvement and reinforces messages elsewhere. The respondents also underlined the opportunity to increase impact by using a local message, making the advertising even more interesting and relevant.