In a viral marketing campaign lasting the entire month of July, SoFi will be giving people who buy a home with a SoFi mortgage a month’s supply of avocado toast.
SoFi announced the move through a press release published on June 29, 2017. The avocado toast-based incentive deal comes at a time when the topics of avocado toast and home buying are unexpectedly intertwined.
Tim Gurner, a millionaire Australian developer, went on television in May and criticized millennials for spending too much money on “smashed avocados” and not enough on homes.
Not soon after, SoFi announced its program that seems to offer the perfect compromise between buying avocado toast and buying homes. When someone purchases a home with a SoFi mortgage in July, they will receive an email that asks them if they would prefer regular or gluten-free bread with their avocados.
Qualified recipients will receive three separate shipments of both toast and avocados that will last them an entire month. According to SoFi, the bread will need to be toasted by the recipient.
“Pundits have unfairly besmirched avocado toast as the reason younger Americans aren’t buying homes. We know that’s wrong — it’s because the traditional mortgage product hasn’t evolved,” said Joanne Bradford, Chief Marketing Officer at SoFi. “We wanted to help people have their avocado toast and eat it too.”
This is not the first time SoFi has gotten creative with their marketing strategy. Back in May, LendEDU covered the partnership between SoFi and JetBlue that was announced that same month. Through the deal, JetBlue’s TrueBlue members can earn one airline loyalty point for every two dollars of their student loans that they refinance through SoFi. Members of the airline loyalty program have the chance to earn up to 50,000 points through the partnership.
Social Finance, Inc,. or SoFi, is an online personal finance company that provides student loan refinancing (currently, SoFi’s best refinance loan offer comes with a variable interest rate of 2.52% or fixed rate of 3.25%), mortgages, and personal loans. The company is also looking to get a banking charter from the FDIC.
SoFi was founded in 2011 by four Stanford graduates, Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady.
Author: Dave Rathmanner
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