Setting up a new home is an expensive business and it's top of mind when young couples get married. Ha'Poalim Mortgage Bank identified weddings as a key moment in which to reach out to this potential target market.
It created a special product designed to appeal to newlyweds, offering a competitive rate, the ability to take a payment holiday and no penalties for early redemption. The bank then sent out dozens of representatives to weddings across the country to spread the joyful news.
Taking advantage of the tradition of putting cash or cheques in envelopes into gift boxes, it posted a congratulations card, an Ikea gift voucher and an invitation to meet with the Ha'Poalim mortgage team to discuss the special mortgage package. On the evening of the wedding when families were noting the generosity of family and friends they would discover the gift from Ha'Poalim as well as a personally signed card from their representative wishing them future happiness.
For eight weeks representatives targeted hundreds of weddings in the Tel Aviv area on Thursdays - the traditional day for weddings.
Twenty-five percent of the couples approached called to set up a meeting, and many more came into bank branches. Ha'Poalim will be targeting weddings again in 2009.