Founded in 2016 when founder, Daniel Hegarty, nearly lost his dream home due to a frustrating, time-consuming and outdated mortgage application process. Today, Habito is using AI and great product design to transform the mortgage industry and fix a broken market, to make it work for the borrower.
In a category typified by a lack of brands, Habito decided to build a powerful and distinctive NEW brand outside of the traditional big banks & building societies.
TV was identified as the most powerful way to build a trusted and loved new brand, and to communicate an emotional brand proposition in a medium that embodies scale and gravitas.
Habito’s first TV commercial
Habito carried out a limited test in a single ITV region (ITV Meridian - the South East)
Habito commissioned the French Graphic Artist Nicolas Ménard to create the TV ad which focused on the algorithms that are part of Habito’s recommendation system.
The Founders at Habito had experience with TV advertising from previous roles so hopes were high.
Habito’s first TV commercial didn’t perform as hoped, partly because the brand had made the “classic mistake” of creating an advert for themselves and not their audience. Most people in the UK have got no idea what an algorithm is, it was fintech making an ad for other people in fintech.
How Habito optimised its DRTV commercial
Testing different air times and a different channel mix
Branding was placed upfront, at the beginning of the ad
CALL TO ACTION
The main call to action was held for 3-seconds longer
The voice over was changed to make this ‘softer’
Banking on a national campaign
How Habito moved from an optimised DRTV campaign to a national brand campaign and the challenges Habito continued to face.
Habito had estimated that for a national TV campaign to have enough impact 350+ ‘ratings’ would need to be purchased. However, the problem was that Habito could only afford around half this amount and therefore the creative effectiveness of Habito’s new TV advertising had to make-up this shortfall.
(ONLY) 2% Habito brand awareness
(ONLY) 1.5m mortgages processed annually
(UP TO) 86% use a mortgage intermediary
When should you employ your first agency?
Habito made the decision to employ their first advertising agency - the London based ‘Uncommon’ - to develop a series of animated commercials focused on consumers’ fears about mortgage applications and how Habito could relieve them.
“I think the right time to engage an advertising agency is when you have raised enough money to really start to build the brand, beyond the early growth stage. For me, Series B funding seems like the natural focal point.”
Abba Newbery, Habito CMO
Programmes with large engaged audiences were the most effective at driving traffic and brand awareness
“There is a strongly held belief that you can growth-hack your way to rapid growth with technology brands. We are delighted to have bucked that trend to show that a deep investment and belief in building your brand through traditional channels like TV can be highly effective, and sustainable from a unit-economics perspective”
Abba Newbery, Habito CMO
The results of Habito’s national brand campaign
(DOUBLED) Spontaneous brand awareness
(UP) 3.5x customer volumes
(TRIPLED) 3x advertising awareness
(DOWN) 75% lower acquisition costs