HSBC Bank Australia: The Chinese New Year Term Deposit Bonanza
HSBC Australia was keen to strengthen its liabilities portfolio by attracting new term deposits. Armed with a market-leading rate, a minimum eligibility of A$200K, 16.3% less media spend and the art of ‘guanxi’, the bank showcased the power of multicultural marketing, when done right. Targeting an Asian audience using a fully integrated, culturally & linguistically relevant communication campaign, we shifted the decision from ‘financial’ to ‘cultural’. This achieved a 463% YOY growth in term deposits, eclipsing the campaign target by 290%.