Great Marketing Ideas For Loan Companies

Great Marketing Ideas For Loan Companies

The payday lending industry is booming. According to a web-based lending company in the United States, personal loan originations increased by 20% from 2017 to 2018. Payday loans are the fastest-growing consumer lending sector in the United States. Even subprime customers who used PaydayChampion for payday loans increased by 28% in the last year.

With financial technology firms (also known as FinTech) accounting for 36% of all payday loans provided in 2017, short-term and traditional lenders are in high demand. Payday loans are expected to continue to expand while lenders reduce their issuance of credit cards and auto loans.

You work alongside your loan officers as a financial marketing professional in the lending game. 

They must meet their customers’ demands by assisting them in obtaining the personal loan that best meets their financial requirements. Simultaneously, you must seek out fresh personal loan marketing ideas to stay on top of your sector and attract new business—in this way; you will keep up with and beat your competitors.

Here are some personal loan marketing strategies you may use right now.

Marketing via email

Email is one aspect of collecting personal loan marketing concepts used by savvy financial services marketing executives. Marketers intend to spend $1 billion more on email than they did last year by the end of 2019. To make it work, however, you’ll need to be strategic.

With an email message, you have a few seconds to attract people’s attention, so be creative with your subject lines to get them to open it. Almost half of those polled claim the subject line influences their decision to open an email.

Here’s an illustration:

What you should know about getting approved for a payday loan.Make a question out of the subject line: Not sure what you need to qualify for a payday loan?

It’s a small but significant distinction.

Here’s another thought. 

Use only one word, but choose it carefully. Instead of replying, “Yes, you can acquire a personal loan,” say, “Yes!”

With a one-word subject line, you’ve immediately piqued people’s interest. “Yes, but what?” the reader wonders. “What exactly does that imply?” Then they open the email to see what’s going on. The goal is to be strategic rather than gimmicky. Experiment with different subject lines to determine what gets your mailing list the most open.

Personalization is also effective in both subject lines and the content of an email. 

Almost 85% of consumers think they are more inclined to open personalized mail than non-personalized mail. Personalization creates a bond with people and converts them into loyal, paying customers. According to a study conducted by Experian, tailored emails result in a 6x greater transaction rate.

Keep an eye on your online reviews.

Any company must maintain track of what’s being said about them online, both positive and negative. Even the most meticulously constructed marketing strategies can be harmed or enhanced by the evaluations placed on these sites. 

I’m not sure how that’s possible. About 90% of customers say they read online reviews before going to a store. And more than half of those customers will avoid a firm if the overall rating is less than four stars. So pay attention and make sure your online reputation is in good shape.

Here are some helpful hints, whether you have a lot of reviews or none:

Do a fantastic job. 

First and foremost, perform your duties to the best of your ability. Doing good work so that your clients are delighted is the essential cornerstone of business. You’ll not only earn their business again, but you’ll also earn their approval through word of mouth and, yes, internet reviews.

Online, claim ownership of your company. 

Create accounts on a handful of the major review sites, such as Google, Facebook, Yelp, and any other industry-specific social media sites relevant to your business. Take ownership of your firm if it is already listed. 

Make the Request. 

This is not a procedure to be taken lightly. Be careful who you approach for a review because you’re asking this person to endorse you. In a conversation, ask as a response to praise or to generate an opportunity. ou can reach out to your customers via phone, email, text, or in person.

Make Your Request Automated. 

Assume a loan officer recently finalized a personal loan for a client. You may send them an automatic email thanking them for their business while also requesting that they leave a review on Google, Facebook, or Yelp. Make sure to include a link so they can easily publish their review. 

Make sure your website is mobile-friendly.

Smartphones are used by more than two billion people worldwide. It’s no surprise that mobile devices account for more than half of all web page views globally. Do your company a favor and get your website mobile-friendly because that number is only likely to climb. If a significant redesign is required, keep up with the trends and consider mobile-first in all aspects of your website.

AMP Assists You in Putting Mobile First

Accelerated Mobile Pages (AMP) is an acronym that stands for “Accelerated Mobile Pages.” 

This Google open-source initiative is a publishing tool that allows you to create mobile-friendly versions of your content with a single click. 

This is how it goes. 

A link is created within the source code when a regular webpage has an AMP equivalent. Because most AMP pages are crawler-friendly, search engines and referring websites can link to the AMP version of a page rather than the regular one. The result is a mobile-friendly page that loads quickly. Because AMP is supported by a wide range of platforms and is compatible with all major browsers, you should include it in your mobile-first approach.

Brandon D. James