Loan Market adds Facebook innovation to digital portfolio
Loan Market continues to grow its automated marketing services, widening the digital marketing outreach of its brokers through an innovative Facebook solution.
Loan Market’s Amplify program is a paid social media solution that promotes the profiles of brokers to new customers on Australia’s most-used social media platform, Facebook, integrating with Loan Market’s other digital lead tools to generate brand exposure and fill business pipelines.
Critically, its automated functionality removes the pain of creating engaging paid ads for brokers, automatically builds custom lookalike audiences, features geotargeting and a personalised dashboard so brokers can remain focused on strengthening relationships with existing customers and growing businesses.
The pilot for Amplify was run with 10 brokers and had strong results, generating 56 leads and promoting brokers to more than 568,556 Facebook users across more than 99 campaigns in only two weeks.
Loan Market’s Chief Marketing Officer Lisa Jackson said the effectiveness and transparency of digital marketing was well-known by the industry. But its importance was heightened by tightening budgets and the closure of many traditional media outlets in regions and suburbs, Mrs Jackson said, reducing the avenues for brokers to promote themselves and drive leads.
“There are more than 15 million active Facebook users in Australia but the industry hasn’t properly embraced it because of the time needed to build audiences, deliver effective creative and optimise individual campaigns,” said Mrs Jackson.
“In a few clicks, Amplify removes the pain and effort of growing a business on Facebook via an automated, tried-and-tested content library and audience builder.
“Loan Market is committed to saving our brokers time, helping them find and keep new clients and build bigger businesses in a heavily regulated environment.
“Amplify does this by connecting brokers with new customers on Facebook while they continue to do what they do best – providing outstanding service to clients.”
The algorithm identifies new audiences based on age, locality and other interests. The broker chooses which audiences to target, and from where, then Amplify analyses the brokers’ existing databases, finding ‘lookalike’ Facebook users. Those new users will then receive content based on their borrowing needs: first home buyers, investors, refinancers or customers seeking pre-approval.
In keeping with Loan Market’s digital integration strategy, the set-and-forget social media program complements Loan Market’s existing lead-generation tool, MyLeadGenerator, which funnels customer enquiries to brokers through two-step mobile verification and a superior client experience interface.
Amplify’s content can be tailored to run from one week to a month, alternating between brand awareness and lead generation messaging, or both.
Canberra-based Nitish Kumar was part of the pilot Amplify program, using video from the content library to build brand awareness. He then supplemented the content with his own personalised videos to drive leads.
In the last four weeks, his video has been watched more than 40,000 times, generated more than $1 million in lodgements, and filled his pipeline with seven leads which are likely to convert for around $2m over the next three months.
“We’re lodging about 20 loans a month so we don’t have the time to sit down and develop social media that is going to get cut-through,” he said.
“I’m very happy with the brand awareness it’s delivered. After the first week we evaluated the results, rejigged and relaunched new content and results kept building.”
Mrs Jackson said fixed price campaigns start at $150 for one-week. Combined with personalised dashboard access that displayed real-time reach analytics offered, brokers received transparent insights to the return on investment.
The ability to allow brokers to geotarget audiences based on defined regions also supports the wider strategic goals of businesses.
“We chose Facebook because it’s Australia’s most-used social media platform but we’re already working on a solution for Instagram and other platforms,” said Mrs Jackson.
“Loan Market has supported our network’s journey toward the paperless office and our marketing efforts extend to that.
“The modern broker is a broker who connects with the marketplace across the spectrum of digital touchpoints.”