02/26/01- Strategy Magazine
by Lisa D'Innocenzo

Last year's headline: Tridel leverages Web-contest data Synopsis: Toronto-based real estate developer Tridel Corporation launches a permission-based e-mail marketing campaign using information gathered via an online contest developed and managed by Net Results Internet Advertising (now N5R.com). The Toronto-based real estate developer hooks up with the Bank of Montreal for ICAN@TheIcon, a promotion that enables participants to buy a condo in Tridel's trendy Icon building with only $1,000 down. Thanks to customer data collected during the initial myfreetridelhome.com contest, which offered a chance to win a $160,000 condo, 25,000 consumers visit the company's Web site to fill out a survey. The information gleaned allows Tridel to approach the bank with a low-down-payment deal. In one month, over $10 million of real estate is sold, and 25% of sales across all of Tridel's developments come through the Internet.

One year later: Tridel not only enjoyed record sales for the Icon, the buzz also resulted in unit sales at several other locations, says Roman Bodnarchuk, CEO of N5R.com. Encouraged by the response, Tridel bought the property next to the Icon, where it will build Icon 2. While the real estate developer normally spends about $500,000 on marketing each time it launches a project, Net Results suggested sending an e-mail to the original database of 8,000 people first. "We offered them a weekend preview and sold 50 units in two days," reports Bodnarchuk. "The average purchase price was in excess of $200,000. It's a strong testament to e-mail and permission-based marketing."

Bodnarchuk says the initial campaign was a hit in part because the Web site, myfreetridelhome.com, was "unuser"-friendly. "We were looking for serious people who wanted to live at the Icon, so we created a Web site where people interacted with the brand for 22 minutes, and told us all about themselves voluntarily," he explains. "Then we sent very targeted and specific e-mails." Tridel and Net Results are currently developing a 12-month e-mail strategy and other promotions to help build customer loyalty, says Bodnarchuk. Although he declined to give details, he says the campaign will launch in a few months.