Tridel leverages Web-contest data

If you build it, they will come - but they're more likely to buy if they don't have to shell out a fat down payment. That, in a nutshell, is the rationale behind a permission-based e-mail marketing campaign by Tridel Corporation....

If you build it, they will come – but they’re more likely to buy if they don’t have to shell out a fat down payment.

That, in a nutshell, is the rationale behind a permission-based e-mail marketing campaign by Tridel Corporation. The Toronto-based real estate developer has recently partnered with the Bank of Montreal to offer qualified prospects the chance to enter the real estate market with a minimal down payment.

The duo’s ICAN@TheIcon program – ICAN is short for ‘I Can Afford Now’ – enables participants to buy a condo in Tridel’s trendy Icon building with only $1,000 down; they get to save the remainder of their down payment while the condominium is being built. The Icon is a 12-storey, 270-unit development currently under construction in Toronto’s entertainment district.

The ICAN@TheIcon offer builds on information gleaned during Tridel’s most recent online effort, in which consumers were offered the chance to win a $160,000 condo in return for visiting www.myfreetridelhome.com and filling out an online questionnaire. (See ‘Click and win contests on the rise,’ Strategy, Jan. 17, 2000). Those who responded to the questionnaire, and there were many – the site garnered approximately 12,000 registrations within the first week alone – are now the target of the low-cost down payment offer.

Roman Bodnarchuk, president and CEO of Toronto-based Net Results Internet Advertising, the company that developed and managed the myfreetridelhome.com promotion, says it was as a direct result of the customer data collected during that contest that Tridel was able to come up with its latest offer.

‘Twenty-five thousand people told us all about themselves and, as a result, we realized that this first-time buyer demographic, which we were targeting, didn’t have the down payment saved. They had good jobs and were professionals – it was a really good market – they just didn’t have the down payment.’

Bodnarchuk says without such data to back it up, Tridel could not have gone to the bank with an offer to partner on a low down payment deal. Banks, he explains, are not exactly big risk-takers.

Based on the information it gathered, Tridel also learned that virtually no one was interested in a studio or two-bedroom condominium, Bodnarchuk says. As a result, plans for the Icon building were redesigned over the holiday season in an effort to accommodate the more than 6,000 potential buyers who wanted a one-bedroom unit. That month alone, he says, over $10-million of real estate was sold.

The developer will continue to communicate with the prospects in its database via personalized e-mail newsletters and announcements, he says. Already, he says, 25% of Tridel’s sales across all current developments are coming through the Internet, attributing that fact to the high-profile contest and the awareness it brought.

‘The contest is the sizzle, but it’s the back end and what you do with that information that is so powerful,’ he says. ‘Everybody wants something for nothing. So all we’re saying is ‘you can have the prize, just give us some data so we can respectfully and intelligently market to you.”

From Karen Howe’s dining table: Creativity, COVID and Cannes

ICYMI, The Township's founder gathers the best of the best campaigns and trends so far.

Cannes Base Camp

By Karen Howe

I’m attending Cannes from the glory of my dining room table. There’s not a palm tree in sight, yet inspiration and intel are present in abundance.

Cannes Lions is a global cultural pulse check. The social course correction in the wake of the murder of George Floyd and BLM has delivered far greater diversity in the judging panels as well as the work. And we are all better for it.

I’m proud to say that creativity defeated COVID, which speaks to its power. Great work and big ideas flourished, despite unimaginable odds.

The work from the past two years spans a vast emotional range. From the profundity of Dove’s “Courage is Beautiful” to the hyper exuberance of Burberry’s “Festive,” they are opposite ends of the spectrum, but each answered a need in us.

Take note, the ascendency of gaming cannot be understated. Smart brands have embraced the channel. It makes sense, because gamers participate to meet others around the world, not just to play. And they represent a huge and powerful community. That’s why QSR Wendy’s gamified their iconic gal in RPG’s Feast of Legends.

Burger King sponsored the unknown Stevenage Football Club, transforming the team into online heroes and vaulting BK into the fray at the same time. Once again, the brand embedded itself in culture.

The birth of gaming tourism arrived when Xbox snuggled up to travel guides and created a brilliant baby: a travel guide for gaming worlds. It, too, embedded itself in culture.

From the standpoint of social good, Reporter Without Borders showed how it worked with Mindcraft for its “Uncensored Library” to bypass press censorship, with Minecraft providing a loophole to a space where young people could be educated. It provided youth with a powerful tool to fight oppression: truth.

COVID changed us in unexpected ways. We learned how to pay attention again and there was a notable lack of 30-second commercials. Instead, longer format content thrived. Apple’s WFH was seven minutes long. Entertainment reigned king, so we find ourselves returning to our advertising roots.

Seeing competitive brands form partnerships was one of this year’s other great surprises. The brilliantly simple “Beer Cap Project” by Aguila to reduce binge-drinking saw the brand reach out to competitive beers to join in. Aguila put incentivizing (keyword: free) reminders to drink water, eat food and get home safely on its bottle caps from all sorts of fast food chains, ride-share co’s and H2O brands.

On a personal level, I’m so proud of Canada again this year. Given that it was two years of work from all over the world being judged, even making the Cannes shortlist was an accomplishment. Canada is herding in the Lions in tremendous numbers – and it’s not even over. Fingers are crossed.

KAREN-HOWE-PIC-higher-rez-300x263Karen Howe is a Canadian Cannes Advisory Board Member and founder of The Township Group