5 Advertising Strategies To Help Personal Loan Brands Reach The Most Intent Consumers During Peak Resolution

0

The start of a new year is often the motivation for consumers to get back on track with their personal finances. In addition to holiday spending in the fourth quarter, the events of 2020 uniquely presented many scenarios for consumers to increase their reliance on electronic payment options, including credit card. According to Household Debt and Credit Survey released by the New York Federal Reserve, in the third quarter of 2020, US consumer debt collectively exceeded $ 14.35 trillion. Even before the holiday season, the increased use of credit cards for everything from online grocery subscription orders streaming services may have contributed to the growth of consumer debt.

In the first quarter of 2021, personal loan brands have a unique opportunity to connect with highly motivated consumers who are looking for solutions to their financial problems. Here are five recommendations personal loan advertisers should consider when making plans to connect with highly motivated consumers during the peak personal loan interest season.

1. Through marketing channels, deploy optimistic messages related to personal loans

Consumers looking for personal loans are also looking for messages of positivity and hope. When it comes to finances, unfortunately, consumers struggling with debt are often linked with negative stigmas, including the perception that they may lack responsibility, knowledge or care when it comes to their finances. The best way to communicate with consumers looking for personal loans is to use messages that encourage optimism.

reached

The Upstart personal loan brand is an excellent example of promoting messages of support and encouragement to consumers, using the slogan “You are more than your credit score”. Upstart incorporates this “you are more” content theme into the content of its website, blogs, social media pages and landing pages. Upstart messaging sets the stage for consumers to feel more comfortable applying for a personal loan.

2. Implement digital personal loan advertising strategies that keep you in front of the right consumers, at the right time.

While it’s important for consumers to be able to quickly find your brand online, it’s even more important to implement advertising strategies that keep you with the right customers. Brand advertising and content marketing can help personal loan brands build brand awareness and relationships with consumers. But, to increase the volume of personal loan applications, brands must take advantage of multi-channel digital advertising strategies that place branded and unbranded messages where high-intention audiences spend their time.

Now is the time to adjust your post to align with seasonal interests. Make sure your creative executions across all channels, from social media to research, convey positivity and solutions that will resonate with what consumers need to see and hear right now. Additionally, review your plan and consider diversifying your media channels.

3. Take advantage of simple and effective CTAs that encourage taking the next step in the process of finding and applying for a personal loan.

Personal loan advertising strategies should promote simple and straightforward calls to action (CTAs). That a consumer comes across a landing page as a result of search engine queries, a direct website visit, or clicks through targeted marketing email, it should be easy for consumers to find their way to quickly get personal loans. or to receive more information.

Loan Club

With fierce competition in the personal loan market, it is imperative that personal loan brands commit to positioning CTAs that are easily identifiable by consumers through mobile and desktop experiences. Lending Club is a good example of a personal loan brand leveraging direct and effective CTAs on their online marketing channels. The Lending Club website helps consumers take action to borrow funds, check personal loan options interest rates, and respond to direct mail offers with just one click.

4. Provide a frictionless path for submitting personal loan applications online

In addition to implementing simple and effective CTAs across digital marketing channels, personal loan brands should also focus on delivering smooth user experiences to convert the most motivated consumers. Consumers interested in personal loans are likely to view their financial situation as a problem to be addressed. To move closer to a solution, consumers will be willing to submit claims online if the process is not complicated or lengthy.

A seamless personal loan application experience begins with lead forms that contain only the questions you need most. While brands may want to capture as much information as possible from potential borrowers, if a consumer feels overwhelmed by the amount of questions asked during the early stages of the sales funnel, the consumer is likely to abandon the process. form before filling it out. Regardless of where the online application form is located, advertisers should view the first completed form as part of the consumer engagement process. Ultimately, form fills provide personal loan advertisers with first-party data to help drive the prospect down the funnel. But the forms also help consumers build confidence and convenience with personal loan brands. Consider measuring the time consumers spend on lead forms. If this seems too long, or the form abandonment rates are too high, determine if there are any fields that could be removed to increase conversion rates early in the loan application process.

5. Consider partnerships that leverage personal loans for the sale of alternative offers

Partnerships can help intensify customer acquisition efforts and generate high-intention leads. Consider the related industries that could reconnect with personal loans. For example, a consumer who has been refused a refinance cash mortgage to complete a home renovation could qualify for a personal loan. Alternative sales opportunities become particularly informed during telephone interactions with consumers. Call center teams can quickly assess the feedback they receive during calls to determine if alternative solutions are relevant to a consumer’s needs. Partnerships with brands in adjacent areas can help personal loan companies increase lead volume.

For many consumers in the United States, 2020 has been a tumultuous year for personal finance. Many Americans have experienced periods of unemployment, income delays, or other financial problems. The increase in time spent at home and the increase in online shopping have prompted more Americans to use electronic payment options as their preferred method of payment. Consumers struggling with debt want solutions now. While it is important to invest in branded advertising, during peak season it is crucial that personal loan brands and advertisers take advantage of digital advertising strategies that help them connect and engage with customers. good audiences when they’re ready to take action.

Need to connect with consumers looking for personal loans?

Digital media solutions® (DMS) helps brands thrive by capitalizing on consumer intent and engagement, deploying sophisticated adtech with big information to connect brands with consumers when they’re most ready to move on. ‘action, using proven messages.

Contact DMS

About the Author

Melissa Ledesma

An innovative problem solver by nature, Melissa Ledesma is both experienced and passionate about the digital marketing industry. She has held a number of senior positions in the real estate, mortgage lending, entertainment and digital advertising industries, including serving as Director of Public Relations and Business Development at NJ Lenders Corp. and Director of Communications and Government Affairs at Eastern Bergen County Board of Realtors. As Director of Content and Communications at Digital Media Solutions (DMS), Melissa demonstrates a strategic, creative and tactical approach when managing thought leadership programs and marketing and communications efforts for DMS and its family of brands. She manages all conferences, sponsorships and event execution and plays a central role in creating written, digital and video content for all campaigns. Melissa has always positioned the DMS team as an expert in performance marketing in several industries.

Visit the website

More content by Melissa Ledesma

Leave A Reply

Your email address will not be published.