If a lending business is to grow and thrive, it needs to be marketed. It is through the marketing effort that you would be able to get new customers (potential borrowers) to know about the lending business. Further, it is through the marketing effort that you would be able to retain old customers in the lending business. So one of the ultimate objectives here would be that of getting new people to take up the loans offered by the lending business. The other ultimate objective would be that of getting the people who have been taking the loans offered by the lending business to continue doing so. Some of the ways in which you can market a lending business include:
- Through mass media adverts: so this is where, on behalf of the marketing business, you buy advertising spots on TV or on radio. This approach can work very well, especially if you are targeting the loan products at the mass market.
- Through online ads: don’t underestimate the power of online advertising. Nowadays, pretty much everyone is having to go online. Even avowed technophobes are eventually being forced to go online, to check one thing or another. That is like where, for instance, a technophobe gets a cash-based gift card from a loved one. He then finds himself having to go online, to check gift card balance. He may have vowed never to ‘log on’ to the Internet at any point. But then, having gotten a gift card, he comes to learn that the best way to check the gift card balance is by going online. And that is how ends up being exposed to the power of the Internet – after which it is just a matter of time before he is hooked. Thus, to the extent that pretty much everybody is ending up going online, it makes sense to market your lending business through online ads. The beautiful thing about online ads (for instance, pay per click ads) is that they can be beautifully targeted at people who are most likely to be interested in the products you are selling.
- Through print media ads: this is where you buy ads on newspapers and magazines, and try to reach the targeted audience in that way.
- Through social media campaigns: here, the idea is to use social media platforms such as Facebook and Twitter, to get people to know about the lending business. You may opt for sponsored tweets or sponsored Facebook ads.
- Through personal networks: this is where you tell the people who are already conversant with the lending business to introduce their friends to it. You can place an incentive here – like where they would get to earn commissions on successful referrals.