Short Term Finance Lender Case Study

Jeremy Lawrence Ltd is a short term lending company established in London with a large presence in personal lending and lending to non for profit (NFP) organizations. The lender’s goal is to have extended 1 million loans in the next 3 years. The shareholders identified email marketing as a highly effective and low cost means of reaching their two target markets.

The company’s Head of Sales Daniel Suppey states, “…we wanted to implement the best marketing channels available to reach our customers. Email marketing is one of the most cost effective, especially for ‘remarketing’ to people on our database who haven’t actually borrowed from us for one reason or another. Email marketing allows us to segment our customers and send them laser-like tailored promotional materials.”

The Goals
  • Acquire new borrowers and increase activity of repeat borrowers
  • Penetrate the short term finance market to not for profit organizations
  • Highlight and promote new services to the existing database
The Challenges

The lender had a database of previous borrowers and a newly acquired list of charity leads who had not been previously contacted.

After an marketing audit, the following problems were identified:

  1. Previous borrowers who had repaid their loans on time were not being remarketed or re-contacted in any way. This meant that despite being good clients, they were potentially borrowing from competitors
  2. Those who spontaneously came back to JL Money were not given any incentive or reward for doing so
  3. No content or advice was provided to leads and customers to make the lender stand out above the competition
  4. No-one in the database had previously received any type of email communication from the company
  5. No lead-generation incentive (lead magnet) was being offered to leads in exchange for entering their details

“We wanted to be able to keep in touch with everyone – customers and prospects on our database at an affordable price. Email is far cheaper than traditional post and is also faster.” Daniel Suppey, JL Money.

The Solutions

DVFX recommended the following:

  1. The database was to be initially segmented according to activity and application status:
    • Applied for a loan and rejected
    • Applied for a loan, approved but not borrowed
    • Applied for a loan, borrowed and repaid
  2. The database as also to be segmented across verticals – personal finance and non for profit organizations
  3. Dedicated mail funnels (sequences) were to be implemented across activity type and vertical

New leads were sent an introductory email sequence that included amongst others:

  • Introduction to the company and the products
  • Why choose JL Money instead of any other lender + Unique Selling Proposition (USP)
  • Whitelisting instructions
  • Testimonials/social proof
  • Video lead magnet (“10 Sure Fire Ways To Get A Pay Rise”)
  • Case studies and success stories
  • Frequently Asked Questions
  • Sales objection-handling

Older leads were put through a re-engagement sequence aimed at assessing the lead’s new financial situation and potentially inviting him to apply for a loan through an incentive programme.

The non for profit leads were ran through a dedicated email campaign including:

  • How JL Money is the number 1 short term lender for their sector
  • Dedicated educational content on how a short term loan can help raise awareness and fundraising for the organization’s cause and success stories
  • Dedicated ebook (“Ultimate 6 Figure Digital Fundraising Methods”)
  • Raising awareness of how donor fundraising is not the only fundraising method available to NFP

The series of emails were delivered onto JL Money’s autoresponder (Mailchimp). The customized landing pages and video /eBook lead magnets were integrated to that each lead type would automatically flow into the relevant email sales sequence.

The Results: New Lending and 20% Open Rates

Since the outset results were very positive. When deploying the NFP campaign open rates averaged 20.4%

JL_Money_Opens_Clicks-blurred

Most importantly, when deploying the re-engagement campaign to the cold database open rates averaged 17.1%:

JL_Money_Opens_Clicks2-blurred

As a result of the re-engagement campaign, the client issued additional lending from existing leads who were present in the database but hadn’t applied for a loan.

Very few people unsubscribed which meant the campaign was well received and the database size remained constant throughout the month. The unsubscribe rate decreased steadily throughout the sequence as the audience became more and more accustomed to regular email campaigns.

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Praise

Edwin Moossaian, Co-founder, Newpage Technology Inc - “There’s a reason you guys do what you do. I’m very impressed with the campaigns.


David Moeller, CEO, CodeGuard.com - “I LOVE the new copy!!!! So strong!!!”

 


Josh Van Tassel, Arlington (VA), United States - "I highly recommend DVFX"

 


Marketing Director, Financial Services Company, United Kingdom - “We made our investment back 4X with the first email blast

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