E*Trade re-brands as Scotiabank iTrade
The ObjectiveE*TRADE Canada, a successful and recognized online investment brand, was acquired by Scotiabank in September 2008. As a result of the acquisition, a comprehensive re-branding strategy was initiated, to re-launch E*TRADE Canada as Scotiabank iTrade by a deadline of March 10, 2009.
Well-established advertising relationships between The Globe and Mail, E*TRADE Canada and Scotiabank helped to pave the way for a unique synergy to drive the rebranding efforts. Central to this collaboration, was the The Globe’s launch of GlobeInvestor.com -- which matched iTrade's objectives from both a timing and target audience perspective.
Below: Executives from Scotiabank, iTrade and Denneboom Media discuss the evolution of the iTrade campaign which culminated in a highly-successful launch for both iTrade and GlobeInvestor.com. This video features Duncan Hannay, Managing Director and Head of Scotia Direct Investing; Rick White, VP, Brand and Marketing Programs for Scotiabank; Carolyn Saunders, Director of Marketing for Scotia iTrade; and Judy Goddard, Senior Advisor for Denneboom Media, the Media Buyer and Planner for Scotia iTrade.
iTrade and GlobeInvestor.com - a perfect fit
Like iTrade, the goal of GlobeInvestor.com was to attract readership amongst two investor types – “soloists” (those investors who go it alone) and “validators” (those who make some decisions themselves, but look for expert advice. iTrade was seeking to establish their new branding presence and broaden their existing investor base, including:
- Generate new leads
- Grow new account acquisitions
- Capitalize on synergy of the launch of GlobeInvestor.com
- Collaborate with Advertising and Editorial teams at The Globe to develop potential creative and tactical options for mutual success
The SolutionA series of meetings hosted by The Globe and Mail included representatives from E*Trade, Scotiabank, Capital C (creative agency), Denneboom (media) and The Globe’s Editorial, Advertising and Marketing Solutions Group teams. The purpose of these meetings was to explore various avenues to align strategies and opportunities that would mutually leverage both the iTrade rebranding and the upcoming launch of GlobeInvestor.com.
The TacticsRebranding awareness and new customer acquisition for iTrade were driven by a variety of tactics:
- GlobeInvestor.com “sneak preview” was arranged with iTrade;
- iTrade “Investor IQ Quiz” online survey and contest. When readers arrived at the “sneak preview” site, they were invited to test their knowledge with the iTrade Investor IQ Quiz and contest. A customer acquisition database was created for iTrade, and five winners were selected and awarded $5,000 in FREE iTrade transactions;
- iTrade Savvy Investor lesson plan. Readers completing the “Investor IQ Quiz” also received a lesson plan from iTrade investment experts, based on their score, rated from beginner to savvy – again, helping to secure a database for relationship marketing with iTrade;
- Home page dominations on Globeinvestor.com following the iTrade press release , and then again on the launch of the GlobeInvestor.com BETA site;
- Big Box and Leaderboards campaign, combined with aggressive print schedule to ensure sustained awareness and to drive switching behaviour.
The Globe worked with the creative agency to develop and gain approval for ground-breaking formats within the Report on Business section. Three impactful creative designs were employed:
- March 10, 2009: Wrap of Report on Business section
- March 11, 2009: Innovative, inverted “T” shaped ad in the section
- Multiple dates: Island ad within the section
The ResultsiTrade reported an astonishingly high number of leads and the resulting ability to convert these leads into new accounts:
- Lead generation was up 220% vs. run rate
- Conversion rate of leads to new accounts was up 30% vs. run rate
Looking ForwardThe Globe is helping iTrade further strengthen awareness of iTrade and other Scotiabank sub-brands with the development of additional sales and customer acquisition opportunities. Two additional interactive reader engagement programs have been developed. First, the “iTrade Savvy Investor Points Rewards” program, which was followed by the iTrade “Take Control” program.
Both programs encourage readers on GlobeInvestor.com to test and improve their investment knowledge to prepare for online trading with iTrade. They also deliver a continually growing customer database for Scotiabank.