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Insight Center Community Bank

Industry knowledge to help you grow your business


How Consumer Loan Marketing Is a Lot Like March Madness

March Madness is in the air. If you’re like me, you just can’t wait for the intense competition, unexpected outcomes, inexplicable results, razor-thin margins and dominating performances. I know what you’re thinking – that sounds a whole lot like consumer loan marketing. I couldn’t agree more, but there are also similarities that help you maintain the excitement and minimize the madness, such as:

Multi-Dimensional Offense
Seamless. Inclusive. Lots of screening. Ideally, you don’t want to play “iso-ball” with your loan marketing strategy — you want to grow your entire loan portfolio. That’s what multichannel, prescreen loan marketing does – it offers consumers prescreened new home equity, auto, credit card and personal loans at every account holder touchpoint. Account holders can access and accept multiple offers at anytime, anywhere — even at credit shopping locations. It’s a game-changer.

Competition Breeds Excellence
Few things are more competitive than March Madness. From opening tip to final buzzer, every possession is hotly contested. Just like the lending market. So how do you rise above the rest of the field? The same way it’s done on the court – innovation. Just replace no-look passes and finger rolls with instant acceptance loans and fingertip access and acceptance, and you’re in business. Allow your game plan to flourish.

Effective Communication
Suppose your starting five is not quite as talented as your competitor’s starting five. You can make up for that through better communication between the players on the basketball court. Just like loan marketing. Reach prospects with targeted, effective communications that encourage new account openings and set the foundation for strong relationships. And it’s not just verbal communication … it’s images and design that create connection as well. Quality interactions get loans, improve account holder experience – and win ballgames.

Rewarding Success With Status
On Selection Sunday, a committee recognizes the success of 31 college basketball teams with automatic tournament bids. All they have to do is accept. Nothing could be sweeter. A great loan marketing plan does the same by presenting deserving (preselected) consumers with multiple offers. All they have to do is accept. Nothing could be sweeter.

“So, How’s Your Bracket?”
It’s very easy for even the finest self-proclaimed Bracketologists to end up with a “busted bracket.” Many times, the problem lies with picking teams with long histories of success. Well, history is the past. And it rarely repeats itself. It’s a status quo philosophy. It’s just as easy for a loan acquisition strategy to get stuck in the status quo and fall short of achieving its goal. The good news is busted brackets can be repaired – but you must first change your approach.

Want to learn more about a loan marketing approach designed to give you the advantage in a highly competitive arena? Visit our LoanEngine webpage.