In an age where borrowing and lending money have become synonymous with quick, convenient, and online, lenders are forced to level the playing field when it comes to acquiring customers and giving first-rate loan services.
It only fits as more and more borrowers now choose to skip over banks and flood the internet instead to shop for online loans. One way to meet these demands is to incorporate digital advertising to ramp up your loan services.
Digital advertising can help your lending business grow beyond its reach.
But Why Go Digital?
Rather than depending on traditional communication channels alone such as mass media and direct mail, the technology exists to help financial institutions transport firm offers of credit through digital display advertisements and emails. It will help you reach consumers through their preferred communication channels. However, it needs to go one notch higher.
It’s typical to see consumers being bombarded every minute with pretentious and sometimes, unrelatable or irrelevant advertising messages. In this digital era, consumers anticipate and deserve an experience that’s cut to meet their needs. So how do lenders avoid advertising on channels that consumers never see or just ignore, or sending out pre-approved offers of credit to non-qualified consumers?
Data is king in the digital world. It helps financial marketers can get insights about their target potential borrowers preferences and how they behave.
It can be possible for lending businesses and financial institutions to cut through the noise and provide personalized credit offers that cater to the needs of their intended audiences. It’s achievable by combining their own credit criteria selection process and third-party information.
Make your loan advertising efforts roll by incorporating these 6 digital advertising methods!
[1] Measurement is Key. Going digital to advertise your loan services has many benefits, but the most visible is that you can easily track campaign performance.
For example, you can see if banners have been clicked, if forms have been completed, or offer emails have been opened, all which help you adjust your content if needed. You can also monitor the performance of your business through sales funnel, and identify which channels are effective.
Measuring these metrics not only give your current campaign performance a lift, but it also helps you to be more strategic in the future.
[2] Make Well-Crafted Offer. You need to have a stellar offer upfront regardless of what ad platform you use for your loan services.
Advertising without giving any enticing offers is like walking into a park and asking the first person you see to be your girlfriend or boyfriend. Such kinds of sales tactics just don’t work, particularly on Facebook.
For instance, if your main product is bad credit business loans, you can make an ad that offers a free pre-qualification consultation, direct deposits, or credit check. Again, you should create different offers that will appeal to many groups of your target audience, just like when you were creating customer avatars.
You can run digital ads to informative blog posts, giveaways, exclusive deals, and more.
[3] Get to Know Your Audience. Digital advertising allows for laser precision when it comes to targeting your audience. The biggest problem of most brands with their initial digital advertising proper identification with their target audiences.
To subdue this problem, you need to work with your team to generate customer avatars. A customer persona will render you insights about who your customers are and where you can locate them online. You will net to prepare multiple sets of audiences that will represent potential borrowers on different parts of the acquisition spectrum.
For instance, people who have done business with you before are qualified warm leads, while those who have never heard of your loan services will be considered cold audiences.
[4] Incorporate Facebook Advertising. No matter the number of page likes or followers you have on different social media platforms, Facebook Ads can help boost your loan services by growing your customer base. It’s also advantageous that Facebook Ads platform has immense targeting options.
After creating the customer avatars, you now target your ads and content based on their behavior, interests, location, and demographics.
[5] Go Across Channels. By no means we are promoting to discontinue using direct mail and other similar channels. Every channel serves a purpose, be it traditional or digital. However, every communication must work together to tell one cohesive story, regardless of the channel.
Lenders also need to scrutinize the cost required to generate loans. In doing so, you’ll see that digital channels and advanced targeting are a winning combination.
It means that your email messaging must complement with your direct mail piece and vice versa. Also, see to it that your target audience is at the heart of every communication strategy. You can also amplify your communications with them by executing an omnichannel strategy.
With consumers jumping from one screen to another, you need to make sure that your message is consistent in telling the same story across all channels.
[6] Let Your Website Work For You. Another significant advantage of digital advertising is its ability to monitor ROI (Return on Investment). With that, make sure to use appropriate conversion pixels for your website to monitor traffic before running any digital ads.
Doing it will help you analyze how people got to your blog or loan servicing website. You can also target those people who clicked your ads but didn’t convert into sale the first time around through setting up powerful re-targeting ad campaigns.
Takeaway. The industry for loan services is becoming more stringent due to competitions and growing demands for efficient, quick, and accessible loan services. For your lending business not to flounder in the sea of failed services, incorporate the methods above. Go for digital advertising now!
Tiffany Wagner is an up and coming finance student out of Chicago. While she finds enjoyment in reading and writing finance-related articles, she starts building her brand online.
