OneRoof - Price Rewind
Overview of this campaign
In Auckland, New Zealand’s largest city, property sales volumes were down 40 percent on the same period last year* indicating a soft property market with subdued buyer activity. The number of people listing their properties was down and there was not much being spent on brand advertising by real estate agents as sales were sluggish.
The average house price in Auckland was over a million dollars and buying a first home was getting beyond the reach of the average Aucklander. The task was to drive awareness and buyer interest in the new affordable Lakeside community of 1600 new homes on the outskirts of Auckland.
We needed something unique to disrupt the market and get buyer attention. We created a reverse-auction of a house, on our e-commerce marketplace Grabone. A site that usually sells everyday products and experiences – not houses! The team developed a comprehensive marketing campaign, one that utilized the breadth of NZME’s offering across print and digital, but also extended into radio and social channels. This strategy activated potential buyers across NZME and drove them to GrabOne to register and bid in the auction.
The ‘auction’ ran for 7 days on GrabOne, with the price starting at market value and dropping in random increments throughout the day. This provided great content for our radio teams to talk about and share socially every day. Potential buyers knew they had to keep watching the site – do you risk waiting for the next drop knowing that someone else is ready to click ‘buy’ or pull the trigger and get into your dream home?
This campaign was about selling an unremarkable property, in an innovative way that also drove awareness and buyer interest in new development .
Results for this campaign
In a New Zealand first, the Price-Rewind campaign was a hugely successful one for our client Bayleys real estate and was a NZ first for a reverse price auction for a house.
The house sold and Bayleys real estate agents had many potential buyers visit the Winton Property development as a result of the campaign. The successful bidder secured the property with a 9.5% discount off the original sale price.
During the campaign period, over half of the people visiting the open home had heard or seen the 'Price Rewind' campaign across one of our many media channels. Due to the success of the campaign, NZME secured an additional spend of $50,000 for an on-going campaign for Winton Properties.
Over a 5-week period, we delivered over 8m impressions across our NZME assets with a CTR of 0.29% (compared to an industry-standard average of 0.07%). The property listing on OneRoof had over 17,000 listing views, over 4 times the average. In addition, nearly 7,000 people participated in the live auction over the period of the campaign.