Rising competition in the auto lending industry and interest rates that continue to nose dive make it more and more challenging for lenders to stand out to new—and sometimes even existing—borrowers. While some things are beyond our control, like industry trends and economic cycles that impact interest rates and consumer demand, credit unions can find creative and grassroots methodsto promote their auto loan program.
- Social media advertising
Social media has become a necessary part of the marketing mix for many companies because more and more often, organizations understand that from Millennials to Boomers, consumers are utilizing social media. According to an article written byCU Times, 40% of Baby Boomers regularly use Facebook and 31% use Twitter. As you can imagine, those numbers increase exponentially for their younger counterparts, theMillennialsand Gen Xers. So, the moral of the story is, if your credit union isn't already on social media, it's time to get serious about adding it to your marketing strategy, and if you are involved in social media already, consider social media ads asa resourceful way to reach your auto lending target audience.
Unlike traditional print advertising, social media ads allow you to get very granular and specific about who is servedyourads. You can target by specific location, age, gender, interests, etc. It's also easy to set and adjust your budget based on how your ads are performing. You have complete control over who sees your ad and can increase your budgetor disable a campaign with the click of a button.
- Offer complimentary products or services
Quite frankly, low-rate auto loans are a dime a dozen. Consumers can drive down the street and see dozens of advertisements for low-rate loans from pretty much any lender of their choosing. To make your loan program stand out from the sea of competitors, consider bundling complimentary products with the loan. A few examples include:
- A year of free car washes from a local vendor
- Paintless dent coverage
- Tire and wheel repair
- Roadside assistance
Offering complimentary products is simply another way to create a compelling auto loan offer for borrowers that are, no doubt, being bombarded by dozens of offers on a regular basis.
- Create a sales and service culture
Your employees are your best advocates. Create a culture that encourages them to get behind your loan program, taking every opportunity to let all members know about the benefits of your auto loan. Asales and service cultureencourages all employees at your credit union to treat all products and services as personalized opportunities that can serve members. A sales and service culture trains employees to effectively build relationships with their members to better equip them to recognize life events, such as the birth of a child, as opportunities to offer products and services that are a good fit for their changing needs.
To learn even more ways that you can market your loan program to existing and new auto loan borrowers, check out our free ebook,Stand Out from the Auto Lending Crowd!
