Marketing Ideas for Loan Companies

January 27, 2022

Marketing Ideas for Loan Companies

Loan companies often have a hard time marketing their services. Unlike a physical product like a cool pair of jeans or an innovative gadget, loan companies can’t entice their customers into taking a loan. Precise targeting and innovative loan campaign ideas are the only way to generate leads for your finance business.

Not every marketing idea or trend can work for your loan company. However, several marketing ideas for loan companies can get you the desired results. Here, we discuss some of the most effective marketing ideas for loan companies.

The article makes it more interesting by providing you with some quick tips on implementing these marketing ideas. Hence, if you are looking for handy marketing ideas for your loan company, you have come to the right place.

Here are eight innovative ways to market your loan company:

#1 Optimize Your Business For Mobile Devices

Surprisingly, many loan companies are still not taking a mobile-first approach for their business even today. Over 2 billion people go about their daily lives with a smartphone in their hands. Most people prefer to go online and research their loan options before they can apply for a loan.

Hence, having a mobile-optimized website or a dedicated mobile app should be a priority for loan companies. If you have an in-house development team, optimizing your website should be relatively easy and inexpensive. However, hiring a team to optimize your website for mobile viewing can be somewhat expensive.

Utilize AMP For A Mobile-First Website

AMP or Accelerated Mobile Pages is an open-source initiative from Google. It gives you access to a publishing technology that conveniently lets you publish mobile-friendly content.

Additionally, most AMP pages are ideal for getting a higher rank in SERP (Search Engine Results Page) because they are web-crawler friendly.

Furthermore, it optimizes your webpage for faster loading on mobile devices and receives support from all major browsers.

#2 Help Yourself And Your Customers Through Content Marketing

Even people familiar with the banking industry are not always sure about the ins and outs of loan services. So, imagine how hard it might be for someone trying to get a personal loan for the first time in their life.

Your prospective customers likely have all sorts of questions about applying for a loan. The most convenient place they can turn to for advice is the internet. As a loan company, you should offer expert advice to your prospects about everything regarding loan services through helpful web content.

Establish Yourself As An Expert

Content marketing is a way for your loan company to offer efficient answers to your prospect’s financial queries. It also helps you establish yourself as an expert in the niche and subtly pitch your services to them. You can cover a variety of financial topics such as:

How to boost credit score?
Great ideas to save money on your auto loan
How to manage your financial debt/mortgages efficiently?
Tips to minimize your mortgage
How to budget your share market investment?

Help Your Reader Rather Than Sell To Them

One of the key elements in content marketing is that its primary purpose must be educating the reader on the subject matter. If you try to sell your loan services to them every two minutes, the reader will feel you are just trying to make a sale.

And they may end up navigating away from your content. Here are some content ideas you can use to establish your brand and generate more leads for your business.

Blogs:

Blogs have always been an underrated tool for lead generation. Although media content like videos is quickly taking over, blogs are still one of the most reliable sources of information for customers. Blogs allow you to get into a subject in more depth than any other form of content. Furthermore, it is one of the first things crawlers search for when someone uses a search engine for a finance query.

Guest Posting:

Getting your brand featured on another reputable website is an easy way to establish your expertise in the subject matter. Additionally, it lets you provide links to your website and boosts your traffic. Doing so can also help you improve your search engine. The only thing you need to be concerned about is to make sure that your target audience frequents the website you are guest posting on.

Community Forum Posts:

Your prospects will likely turn to community forums such as Reddit and Quora to get reliable information on financial queries. It gives you the perfect opportunity to answer your prospect’s questions and showcase our expertise. So, even if they don’t immediately come for your services, there is a good chance that they will do so in the future.

#3 Actively Track Your Online Reviews

Suppose a prospect wants to get a loan service, but they have no idea which loan company to choose. Now, the prospect would likely check out loan services online and do their research. What’s worth noting about this research is that almost 90% of consumers read online reviews before visiting or contacting a business. Hence, online reviews can be crucial for loan companies.

The reviews you get for your loan business can be good or bad. Regardless, you must keep track of all the reviews. Furthermore, there are several channels where the customer can post a review, including:

Google
Facebook
Yelp
Glassdoor

The good reviews on these sites can effectively complement marketing ideas for loan companies. Similarly, bad reviews can also diminish the results no matter how good you make your marketing campaigns.

Tips To Optimize Your Online Reviews

Here are some nifty tips that can help you optimize your online reviews and get the best out of your loan campaign ideas. Here are some quick tips that you can use:

Maintain A Cumulative 4-Star Rating

Consumers, in general, tend to believe the past experiences of other customers in the reviews even if the other person is a total stranger. It is also not unusual for customers to immediately discard any product, service, or brand with a cumulative rating lower than four stars.

Provide a Good Service

The most effective way to ensure that your loan company gets positive reviews is to provide quality services to your customers. You can not hope to get good reviews by providing mediocre service to your customers. Ensure customer satisfaction and convenience of doing business with your brand, and good reviews will automatically follow.

Claim Ownership of Your Business

Set up an account for your business on all major platforms that the customer can review your business. Google, Facebook, Yelp, and Glassdoor are some of the most popular platforms you should consider. Create an official account that lets you respond to all the online reviews you get for the brand.

Ask For Reviews

One of the best ways to ensure positive and genuine reviews for your loan company is to ask satisfied customers to do a review. However, it would be best to be extra careful about who you approach for a service review. You can even offer something in return for posting a review, such as lower interest rates for their next loan.

Automate Your Ask

It is not easy to keep track of all your customers and ask for a review from them. Use an automated system for thanking your customers every time a customer takes a personal loan for you. However, the thank you message should also ask the customer to review any of the major online platforms. You can use email, text messages, or direct mail postcards to ask for reviews.

Tips To Respond To Your Negative Reviews Online

One of the hardest things about online reviews is responding to negative reviews. No matter how impeccably you run your business, there will always be that one person (usually more) that posts a negative review. Here are some tips that can help you handle these negative reviews online.

Quick Response

A quick response to negative reviews shows that you genuinely care about the customer and the reputation of your business.

Apologize To The Customer

Before you offer a solution to the customer’s issue, you must apologize to the customer. The customer just wants you to hear them and acknowledge their problems most of the time.

Never Get Defensive

The last thing you want to do about a negative review is escalated it further by getting defensive and starting an argument. Always try to bring an amicable solution to the issues even if you are not at fault.

Present Your Loan Company In a Positive Light

Be courteous in your communication with customers over online reviews, even if the customer is in the wrong. Do not contradict the customer; instead, try to explain why their issue is not the norm.

Make Sure Responses Are Authentic

Make sure that you don’t lose the authenticity in your voice by providing a quick response. You may end up sounding robotic and, in turn, less authentic to the customer/prospect.

Lead The Customer To An Offline Channel

One of the best ways to deal with negative feedback is to take the customer to an offline channel. You can l request the customer to directly get in touch with your customer care executive.

#4 Create Unique Social Media Posts That Stand Out

Today, marketing ideas for loan companies depend heavily on social media such as Facebook, Instagram, LinkedIn, etc. Social media is so popular for loan advertisement ideas because it is where you can find new customers.

Today, social media is brimming with prospective customers for loan companies. Millennials who now have the fastest-growing spending power and the need for personal loans are glued to their social media accounts.

However, all financial institutions realize this and employ social media marketing for their business. Then there are also online retail P2P lenders such as Prosper that use social media as one of their primary marketing channels. Hence, developing creative social media posts is necessary to get your brand noticed by the target audience.

Coordinate Social Media Campaigns With Content Marketing

One of the best ways to optimize your social media marketing is to coordinate it with your content. The benefit of using such a strategy is that most marketers do not have a consistent content strategy. Hence, you can get the edge over your competition by combining your social media and content marketing strategies.

For example, you can quote any statistics or reveal information bound to hook the audience in your social media post. You can then link the post to your original content. It enables you to boost traffic to your website and establish your company as a subject expert.

Use Advertisements to Beat The Algorithm

No matter how good your social media posts or your content is, you still need to consider the platform’s algorithm. An easy way to get past the challenges that arise from the algorithm is to use social media advertising.

However, that also means that you have to spend more money on your loan campaign ideas. Facebook offers one of the best advertising capabilities for social media marketing. It has over a billion active daily users, and even the older audience and 80% of Americans use it.

Facebook Ads Over Google Ads

When it comes to marketing strategies for mortgage loan service providers, Facebook ads are better than Google Ads. Facebook offers a high CPC (cost-per-click) rate of $3.77 per click. However, If you think the CPC rate of Facebook is too high, then you should take a look at similar Google keyword campaigns.

Keywords such as insurance, loans, and mortgage are in high demand and the most expensive ones offered by Google. Just one of these keywords can cost you around $50 per click! Compared to this, Facebook ads are practically inexpensive.

#5 Keep Clean And Updated Mailing Lists For Your Loan Campaign Ideas

Not long ago, financial institutions had to pay an arm and a leg for getting quality data. Today, data availability is plenty, and there are different means for collecting data too. However, there is no way to tell whether the data is clean and updated.

The quality of your mailing lists can affect all your marketing strategies for mortgage loans. Without clean mailing lists, you will only end up wasting good marketing ideas for loan companies and valuable resources. Some of the common data issues include the following:

Duplicate contacts
Incompatible format
Broken code

Regular Clean Up of Mailing Lists

The best way to ensure the quality of your mailing lists is to have a clean-up for them regularly. Check for any inaccurate records and fix them without any delays. Furthermore, you should also check for duplicate contacts and delete the extra ones in your lists. Regularly repeating this process will help you keep clean mailing lists for your new loan campaign ideas.

Using Purchased Mailing Lists

It is not uncommon for financial institutions to purchase mailing lists for their loan advertisement ideas. You need to keep in mind a few things if you are considering buying a mailing list. The main problem with purchasing mailing lists is that your competitor may also have the same mailing list.

And if your competitor reaches the target audience before you do, you lose your competitive advantage. There is not much you can do about such situations besides optimizing your mail printing and mailing process.

Keep in mind that these data providers usually release their data to everyone simultaneously. And more often than not, loan companies buy their data from the same source. Hence, the first company to reach its target audience first often gets the upper hand over the other.

#6 Strategic Email Marketing

Email marketing may seem like one of the relatively old marketing strategies for mortgage loan officers. However, as long as you execute it right, email marketing can still give you the desired result that you hope to get.

Leading loan officer marketing ideas use email as one of the elements of their marketing strategy rather than employing email marketing by itself. The success of email marketing for your business depends on its strategic placement in the marketing ideas for loan companies.

You need to consider a few things when using email marketing for your loan campaign ideas.

Capture The Reader’s Attention In Seconds

When it comes to email marketing, you only get a few seconds to capture the reader’s attention. If you miss that chance, then all your efforts go to waste. Hence, you should not hesitate to try out new and creative ways to capture the attention of your prospects.

Use Attractive Subject Lines

Almost half of your audience will decide whether the email is relevant to them or not based on the subject line alone. One of the methods that marketers find effective for making subject lines more interactive is using a question format.

So, instead of having a subject like that goes like

“Tip to minimize your mortgage loan rate.”

Try saying phrasing it as a question that goes something like

“Want to know how you can minimize your mortgage loan rate?”

Use One-Word Phrases

Although the difference is subtle, its effect on the customer is not. Another idea you can try for your email marketing is using one-word phrases. For example, instead of saying “Yes, you are qualified for a lower mortgage rate,” you can say “yes!”

It may sound to use just “Yes!” as the email’s subject line. But, it is bound to intrigue the reader into thinking about the content of the email. The chances are that the reader opens the email and checks it out. However, you can’t get the desired result if your email message doesn’t compliment the subject line effectively.

Personalization is A Must

Never underestimate the power of the personalization of your messages. It can work wonders for your subject line and the body of the email. A study by Experian found that personalized email can generate a transaction rate 6x times that of a non-personalized email.

Most customers don’t even bother to open an email that is not personalized. Personalization can help you create a connection with your customers. It is a step towards establishing a loyal customer base.

#7 Employ Advanced Direct Mail Marketing

Marketing ideas for loan companies are not just limited to online channels like email and social media. Financial institutions have used direct mail marketing for ages and continue to do so. Loan companies never stopped using direct marketing because of their high open and response rate.

Although the basics of direct mail marketing have not changed over the years, the process is no longer what it used to be. The most significant change in direct mail marketing that we have today is automation software like PostGrid.

Using advanced tools like PostGrid can help you streamline your direct mail operations. However, you still need to have unique ideas and strategies to get the best possible results for your direct mail campaign.

Tips For Creating Successful Direct Mail

Use Creative Designs

Creative design is the best way to ensure that the recipient notices your direct mail. Although direct mail is not as popular a marketing channel as online channels, there is still significant competition. Hence, if your mailer needs to stand out from the rest, you need to come up with some creative ideas.

One easy method to make your mailer stand out is to use unique sizes or colors for it. Even something as simple as a portrait-aligned postcard can capture the reader’s attention. You can also try using 3D or pop-out cards to create a memorable experience.

Start With A Value Proposition

Another helpful tip for your direct mail campaigns is to start your mailers with a value proposition. Ask yourself how your offer is going to help your target audience? Then, you just have to use the answer to that question at the start of your marketing mailer.

Use A Clear-Cut CTA

The CTA or call to action in your mailer is another crucial aspect that you need to consider for a successful direct mail campaign. Your mailer’s CTA should be clear and let the reader know what they can gain by responding to your mailer.

Include A Promotional Item

It is always a good idea to include a promotional item such as a refrigerator magnet in your direct mail. When customers get a hold of your mailer, they immediately know that it contains more than just a piece of paper. It is more than enough to get the recipient intrigued. Hence, it becomes almost impossible for them not to open the mailer.

Use Real Stamps Instead Of Metered Mail

The stamp on the marketing mailer may sound like an irrelevant detail. But, to most people, an actual postage stamp on the mailer feels more personal than a metered mail.

Take A Multichannel Approach To Marketing

Don’t limit your direct mail campaigns as an offline marketing approach. You can diversify marketing ideas for loan companies by going for a multichannel approach. It is a more effective way to have your message heard across different platforms and be consistent in your communications.

Loan companies can use direct mail as the initial touchpoint of an elaborate marketing campaign as it offers a high open rate. You can then navigate the customers to your website or landing page through a QR Code on the mailer.

Similarly, you can also use direct mail as a channel for your follow-up messages. The best thing is to use an advanced software solution to automate all your direct mail communications.

Use an Advanced Direct Mail Automation Tool

The easiest and most effective way to optimize your direct mail process is to use an automated software solution like PostGrid. Tools like PostGrid help you streamline and manage your direct mail by taking over the whole mailing process.

The advanced system of PostGrid lets you connect your CRM to it to enable easy personalization of your direct mail. It then prints your direct mail and delivers the mailers to your target audience via USPS. You can set up the system so that there is no human involvement in the process.

By doing so, you can ensure zero errors in your direct mail campaigns. Additionally, PostGrid even offers an address verification API. PostGrid’s API accesses the official address database of the USPS to ensure the accuracy and deliverability of your mailing list. With such advanced capabilities, you can ensure that your direct mail reaches your audience as fast as it can.

#8 Automate Your Marketing Efforts

The key to running a successful and optimized marketing campaign today is automation, and there is no denying it. Most marketing ideas for loan companies can be partially or fully automated for getting better results.

Let’s look at some of the most helpful automation in loan campaign ideas.

Email Marketing Automation

As we mentioned, email marketing is an effective way for loan companies to reach out to potential customers. Instead of drafting and sending an email to every audience interested in a personal loan, you can use an automated email.

All you need to do is develop an attractive email template and then use your CRM system to personalize the email. You can program your system to send emails to a specific target audience. It ensures you don’t waste valuable time on trivial tasks like sending marketing emails.

Social Media Marketing Automation

You can also automate your social media marketing. With the help of advanced software solutions, you can automate the content on your social media channels. However, that does not mean that the system will create unique and relevant content for you.

You would still have to create the content, but the system can effectively post it at the time and platform that you specify. It is a nifty trick to get more traffic to your website in a convenient manner.

Direct Mail Marketing Automation

Although direct mail marketing is an offline marketing method, you can still automate it entirely. All you need is an advanced direct mail automation tool like PostGrid. Direct mail automation system is the perfect example of how automation can significantly improve your marketing efforts.

Personalizing, printing, and delivering direct mail is extremely time-consuming if you do it manually. Furthermore, printing and storing in the case of bulk mails is even more complicated. A fully automated system like PostGrid takes care of all these problems for you. It can also ensure that there are no manual errors.

Conclusion

Marketing ideas for loan companies are not easy to implement, and getting the desired result for these ideas is even more challenging. People do not “want” to take financial services. Most people look for financial services such as mortgages or loans because they don’t have an option.

Hence, loan companies must do all they can to familiarize their brand with their target audience through innovative loan campaign ideas. This article has discussed some of the most popular marketing ideas for loan companies.

Automation is the only way to optimize all your marketing efforts efficiently. A perfect example of this is using a software solution like PostGrid for optimizing your direct mail campaigns. Even an offline marketing method like direct mail can be fully automated using the right software solution.

PostGrid lets you personalize, print, and even deliver your direct mail using its automated solution. As a result, you can save valuable time and effort. Similarly, you can optimize most marketing strategies for mortgage loan officers with the help of automated solutions.

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