Make Marketing Work for Your Loan Business

The personal loan market continues to grow at fast rates. In 2018, personal loans surged to a record-breaking number of $120 billion, which was a 20 percent increase from 2017. Globally, the personal loans market size had a value of $47 billion in 2020 and is projected to reach $700 billion by 2030. According to experts, the market will grow at a CAGR of 31 percent from 2021 to 2030. 

With the increasing demand for personal loans, more people are looking for businesses that can offer the loan solutions that they need. Your business can certainly do this, but the question is do they know about your business at all?

Today, the marketing game is all about being found by the right customers. To stay on top of other loan businesses, you must present yourself to the right customers at the right time. For instance, if you specialize in FHA loans, you must be seen by consumers in need of an FHA loan.

How can you do this? By leveling up your marketing game.

Start With Email Marketing

Borrowers have unique needs. Individual borrowers require different rates and terms from businesses. A loan to send a child to college isn’t structured like a loan to buy a home. Many traditional marketing initiatives don’t offer much wiggle room for such customization, but email marketing does.

Email marketing is ideal for loan officers who serve a variety of clients because it allows you to send different messages to different clients while segmenting your mailing lists. You can send emails on announcements and special deals to potential borrowers while current clients can receive personalized emails to notify them about interest rate changes, upcoming payments, and other important topics.

To get started with your email marketing, collect email addresses. You can get these from loan application platforms and your website.

Use Content Marketing to Empower People with Information

Clients are always in need of information. If you provide them with the data they need, you’ll become an authoritative source in their eyes.

Many people expect businesses to provide them with valuable content, so don’t let them down. Provide variable solutions, share interesting stories, and create unique experiences with informative and relevant blog posts, infographics, e-books, white papers, and other information that empowers clients with knowledge.

When making content for clients, the key is to appeal to them. Your clients aren’t always looking for personal loans. Some of them want to know more about loans first. So don’t just write dozens of content that discuss why you’re the best option for a loan. Instead, let people know why they should get a loan, the differences between their loan options, and more.

Some ideas you can cover are about how to:

• Create a budget
• Manage debt efficiently
• Improve your credit score
• Save more money
• Determine the connection between poor financial health and physical health

Optimize Your Website for Mobile

More than two billion people have mobile phones. So, it’s no wonder that smartphones account for half of the world page views worldwide. Make sure the right customers find you by optimizing your website for mobile use.

Consider investing in Accelerated Mobile Pages (AMP), which is an open-source initiative from Google that makes it easy for businesses to develop mobile-friendly versions of their websites. When your website has an AMP equivalent, you’ll receive a link with the code’s source. AMP pages are friendly to web crawlers, so search engines can easily link your webpage’s AMP version instead of the standard version.

The result? Your website loads faster on any phone. AMP pages are also compatible with different browsers!

Monitor Your Online Reviews

It’s important to monitor what people say about your business – both the good and the bad. Reviews can be posted on different platforms like Google, Facebook, and Yelp. If potential customers come across a single negative review on any of these, it may affect their view of your services.

Here are some ways to ensure you’re on top of your reputation:

• Claim ownership of your business online. Set up an account with major review sites. If your business is already listed, take ownership.
• Ask satisfied clients for reviews. Be selective with the clients that you ask to endorse you. Once you’ve chosen a client, ask them to endorse you so they can create a conversation.
• Respond quickly to negative feedback. When you see negative feedback, respond immediately to address the problem. Apologize while you’re at it.

There are many loan companies like yours out there. You need more than good services and quality clerical skills to reel more clients. You need to be creative in marketing too. Instead of fading into the background, stand out by using the right marketing techniques.