In case you missed it, SoFi announced recently that it is now offering a one-month supply of avocado toast with each new mortgage in the month of July.
I must admit; it’s a pretty funny gimmick and really smart marketing.
About a month or so ago, “the internet” (and I use the sarcastic air quotes here) was all hot and bothered after an Australian millionaire suggested that Millennials would be able to afford a home if they could just give up their daily dose of avocado toast.
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” 35-year-old real estate developer Timothy Gurner told Australia’s 60 Minutes.
“We’re at a point now where the expectations of younger people are very, very high. They want to eat out every day; they want travel to Europe every year,” Gurner continued. “The people that own homes today worked very, very hard for it,” he said, adding that they “saved every dollar, did everything they could to get up the property investment ladder.”
And as these types of things are wont to do, Gurner’s proclamation went viral.
Twitter lit up with joke after joke about how many avocado toasts would it take to buy a house in (insert large city here) and people sharing pictures of their avocado toast breakfast (otherwise known as their down payment).
For a while there, one couldn’t go more than a few minutes on Twitter without seeing some form of joke or comment about avocado toast’s apparent relationship to housing.
Then, as so often happens, the “avocado toast=a new house” furor eventually died down.
Until Thursday that is, when SoFi announced that it would be offering a month’s supply of avocado toast with each new mortgage.
And what happened next? Avocado toast was right back in the mainstream housing discussion again, which is exactly what SoFi wanted.
Personally, I think that SoFi’s offer is very savvy marketing.
Here’s the thing: I don’t think for one second that anyone is going to be convinced to get a mortgage with SoFi specifically because of this avocado toast offer.
No one who wants a mortgage is going to choose SoFi because they’re offering avocado toast. No one likes avocado toast that much.
And another thing, SoFi isn’t really even offering avocado toast.
They’re offering bread and avocados. You’ve still gotta toast the bread yourself.
Here’s SoFi’s offer in the company’s own words (emphasis added by me):
Once someone completes their home purchase with a SoFi mortgage in July, they’ll receive an email with the option of choosing regular or gluten-free bread to go along with their avocados. The ingredients will be divided over three shipments to ensure freshness upon delivery. Recipients will still need to toast the bread.