Pawnbroker’s ad blitz against online rivals

Cash Converters’ major new national advertising campaign is a bid to stave off competition from online lenders flooding the Australian market.

The campaign, which launched on Sunday, is designed to strengthen the WA-headquartered pawnbroker and finance company’s market position by championing the “speed and ease of a transaction” of doing business at your local “Cashies”.

An Australian Securities and Investments Commission report in March estimated that $400 million in “payday” loans were written in 2014, a 125 per cent increase since 2008. Online and payday lenders such as MoneyPlus, Nimble and MoneyMe have launched advertising campaigns in recent months.

Cash Converters national marketing manager Nerida Collins said it was also important for the brand to reinforce the message that it was the “easiest and most trusted” place to buy and sell second-hand goods.

“The campaign showcases the unique nature of Cash Converters’ diverse consumer offering, by demonstrating how we make things happen quickly and easily, which helps people get on with life,” she said.

Created by 303LOWE, the first phase of the What Are You Waiting For campaign features a frustrated private seller turning to Cash Converters after having waited around for a “no-show” buyer.

Several executions will be released in the coming months, highlighting different ways the company can help consumers avoid waiting, whether they are buying, selling or borrowing.

Each phase of the campaign features 30-second and 15-second television commercials, a suite of radio ads, digital, out-of-home, local press, social and in-store advertising.

The campaign is Cash Converters’ biggest national and local media buy since 2013’s What’s Your Story campaign.

303LOWE has been working on the Cash Converters account since 2005, when it created the rebrand Convert Your Thinking campaign. Business director Mike Naylor said the new work reflected the business’ most “relevant” story for 2015.

“We’ve highlighted the key benefits of this unique brand, while still underpinning all that was good about the original repositioning work,” he said.

“The creative itself feels fresh and relatable. We hope to see its positive impact take hold in the coming weeks.”

There are more than 150 Cash Converters stores in Australia, and more than 700 worldwide. Cash Converters is listed on the Australian Securities Exchange.