Everyone knows what a lending business is but the way it is promoted and marketed is different from other businesses. You may have the flexibility to use different marketing methods to promote your business, but the lending business is quite different and faces some restrictions. In other words, you cannot be so flexible with your approach.
As an online lender, it can be challenging to survive when there are already a lot of banks and recognized financial institutions. Amid the cutthroat competition, not all marketing options will be feasible for you to promote your lending business.
Although you may not have as much flexibility as other businesses have to promote, you can still use digital marketing. However, before that, you need to identify your target audience. For instance, you can sell different types of financial products like credit cards, unsecured loans for bad credit, mortgages, holiday loans, small emergency loans, student loans, and long-term loans. Not all of them are suitable for everyone, and not all of them may have demand in your location.
Why use digital channels for the marketing your lending business?
It has a straightaway answer that this has become the best platform to spread awareness about your business across the world. There are a couple of different ways to use digital marketing channels for your lending business. Here are they:
Social media sites
Facebook, Twitter, Instagram, and LinkedIn are some popular social media sites, but you will have to choose the one that serves your business. Try to use a social networking site where a majority of your target audience is present. Note that the lending business has some restrictions on promotional marketing.
Therefore, try to make your content educative. If you just keep posting promotional content, your account will likely be deactivated. The reason is absolutely clear you are not selling an ordinary product or service.
You are offering a loan repaid back with interest. The more informative content you share on social media, the higher the chances of awareness among users.
However, you will need to understand what kind of content you will be sharing on each platform because what works for Twitter will not work for Instagram. For instance, if you provide bad credit loans as a direct lender with no guarantor, you can make an infographic on how to get a bad credit loan at competitive interest rates.
You can mention points there like increasing your income, not having another outstanding debt, and not making multiple applications. You can upload such kind of content on Instagram as it is all about images. You can also just upload an image with a useful quote like “Tip of the day – do not take on more than you can afford to pay.”
You may get several ideas as you start. You should also look at what your competitors are doing. Do not copy them. Instead, you should look for what is missing in their content and then try to create a post on that. This will help make you stand out.
You can also use LinkedIn to promote your lending business as a financial coach. In fact, that could be a great source of generating leads. This is the best platform for sharing a long piece of information. You can provide some relevant information in detail, and yet you can promote yourself in a subtle way.
For instance, you can create a piece of content on financial planning and then at the bottom. You can suggest consulting a financial counsellor (You). This is how you can attract leads.
It is a broader aspect. Many people think that it just includes writing blog posts, but it is not a fact. It includes a lot of things such as videos, podcasts, email marketing, quizzes, memes, PPC, and so on.
When you write blog posts, you need to ensure your audience gets some value from them. Some financial topics are evergreen, for instance, how to create a budget, but you will find tons of posts on Google about it. Yes, it is an important area to highlight, but you should consider what is not on Google. You can create categories and then subcategories to get a lot of topics to create content on. Try to be consistent with your strategy.
Videos and podcasts
You can create videos and podcasts and share them across social media channels, including your website, that tells real experiences of people about how debt changed their life. You can highlight both positive and negative sides. This does not just increase engagement in your users, but it also helps win the trust of your customers.
PPC is a paid marketing campaign that attracts users to your websites. You will bid on keywords that you seem are relevant to your target marketing. However, you will have to be very careful while designing ads because there are some restrictions on using key phrases.
Though it s promotional, it has to be still subtle. It requires careful planning and a lot of research. You will also have to track how it is driving business. You may need to fine-tune your strategy to get the desired results.
Take message home
If you have just started your lending business, you will have put all of your energy into the marketing of your business. Most lending firms think digital channels are not apt for them for the promotion of their business, but that is just a myth.
You just need to know where your target audience is and then create a strategy to share posts on social media accounts. Do not just stay limited to blog posts. You should rather create videos, podcasts, case studies, and infographics and invest in PPC ads.
The combination of all these marketing ways will surely improve the visibility of your lending business, and you will see an increasing number of borrowers over time. Do not forget to keep tabs on results because you may need to keep changing your strategy.