Pepper Money

Driving 23% uplift in value of decisions in principle (DIPs)

Simple, blockbuster-inspired concept boosts awareness and supports an uplift in target product sales.

The challenge

Pepper Money is a specialist lender that provides mortgages for people with adverse credit history. After refreshing the specialist range for applicants who’ve had some sort of adverse credit in the last 6-24 months, Pepper launched a campaign to promote it.

The objectives were to increase awareness among brokers, increase consideration of Pepper as the first choice for recent adverse, and ultimately support an uplift in new business on the 6-24 month range.

The solution

There is a perception among end-users that, with such recent adverse credit, getting a mortgage just isn’t doable. While brokers know from experience that this isn’t the case, a negative narrative can dominate.

It was important for this campaign to focus on what can be achieved, rather than events from the client’s past that may stand in the way of progress.

The key was to position Pepper as a force for positive change. A forward-looking enabler, focussed on what can be done. It came back to the brand’s mission: helping people succeed.

And so, Mission: Possible was born.

Taking full advantage of the highly memorable chilli character, the campaign was inspired by the iconic, almost-synonymous film.

The creative binds Pepper Money up with stories of success. It champions the possibility of succeeding over unlikely odds – as opposed to dwelling on potential obstacles and pitfalls.

The message was simple and easy to grasp in every execution, from digital ads to a mission dossier-style DM. The executions themselves developed over time (with nods to specific movie scenes, for those who are really paying attention).

Key highlights

  • 39.3% Open rate
  • 23% Unprompted willingness to recommend
  • 5% Web session increase

The results

Pepper Money set ambitious targets against key marketing and sales performance indicators, including responses to BVA BDRC’s monthly Project Mercury survey.

At the end of a three-month campaign period, highlights included healthy open rates of 21.6% among registered and 17.7% among non-registered brokers. Website sessions increased 5% month-on-month through the campaign, in line with the target set.

“Unprompted willingness to recommend” is a key Project Mercury performance measure, and Pepper’s target for this campaign was to appear in 16% of responses. By the final month, 39% of brokers surveyed listed Pepper money as one of the lenders they’d be most likely to recommend for adverse credit cases.

They are also consistently beating the target of being recognised for clear criteria by over 55% of brokers surveyed.

This campaign is part of an ongoing effort to stay front-of-mind with brokers, and help them help their clients succeed. Initial origination results were positive, with a 4% increase across the whole 6-24 range, and a brilliant 23% increase in the value of decisions in principle for the 18-month product by the end of the campaign.