How to Ethically Market Consumer Lending Businesses
Consumer lending businesses often get a bad reputation for preying on money-strapped individuals, trapping people with high-interest rates, and mistreating their customers. However, when used responsibly, personal loans can offer valuable support for people facing financial emergencies or difficulties. Many people are recognizing the benefits that short-term loans can offer and the personal loan market is booming. Careful consideration should be taken to ensure that personal loans are marketed in a way that is fair and transparent. Here are some ideas on how to ethically market consumer lending businesses.
Create relevant and useful content
Content should form a crucial element of your digital marketing strategy. Posting high-quality content will help you build meaningful connections with your intended audience, grow your online presence, and establish credibility within your industry. Creating a positive brand image and reputation is especially important for consumer lending businesses. You should make sure that your content is relevant and tailored to your audience. Provide useful financial information that will benefit your customers.
For instance, write blog posts on how to improve your credit score, how to create a monthly budget, and strategies to pay off debt faster. Make your content interesting by including visual media such as infographics, images, and videos. According to a recent survey by MDG; “70% of consumers want to learn about products through content instead of traditional advertising methods.” With that in mind, creating engaging visual content should be a key focus of your marketing strategy.
Post customer testimonials
As mentioned, consumer lending businesses need to focus on building trust with their customers and creating a positive brand image. Posting customer testimonials is one of the most effective ways to establish authority within your industry. Consumers place a high value on the experiences and feedback of others. Posting positive customer feedback on your website or social media accounts will demonstrate your level of service and help you establish trust with potential customers.
Requesting and analyzing customer feedback will also help you identify any areas for improvement. Use negative feedback and complaints as an opportunity to improve your services and enhance the customer experience. You can gain customer feedback by sending follow-up emails, reviewing live chat transcripts, and monitoring activity on your social media accounts.
Utilize social media channels
Social media is a powerful marketing tool that brands can use to promote their products and build their brand. On top of this, social media allows companies to build genuine and meaningful relationships with their customers and provide helpful information to their followers. Building a large following on social media platforms can help consumer lending businesses build a positive reputation and gain trust and loyalty with their target audience. You can also invest in paid social media ads to expand your market reach and build visibility online. According to research by Cash Lady, the most popular YouTube channels have over 30 million views per video. Having your company advertised on established YouTube channels can therefore be an excellent way to promote your lending business and win over new customers.