9 September 2015
247Moneybox, the payday loan company, is no stranger to technology and adapting its marketing strategies to the latest innovation in social media and marketing. The firm has always emphasised a lean and agile strategy, which can adopt the latest trend or social media facility with ease. "Most of our customers use social media on a daily basis and so it is important for us to be able to engage with them using this medium" says the firm's COO Mark Hannay.
The lender has tended to avoid the more traditional marketing outlets. "Billboards, adverts in papers and on TV. may not be the best marketing channel for people looking for a payday loan. Reach and influence can be achieved in so many different ways", says Hannay. The traditional outlets are often ineffective and the firm prefers the more creative outlets which gives it the chance to be innovative and attract customers through skill, rather than bombarding consumers with logos or blanket adverts in papers, TV. and bill boards.
Online social media marketing also has a unique aspect as it allows the cash loans firm to understand more about the context of their audience. According to Hannay, the possible tailored marketing approach offered by social media makes for a more efficient campaign.
Online social media is also unique in that it can give feedback on the effectiveness of marketing products. The number of times users click on adverts or certain products for instance payday loans can be measured and used to gauge the relative effectiveness of them.
247Moneybox has worked hard to adopt the social media outlets for its marketing strategies. In particular the firm has used popular social media to keep in contact with its cash loan customers and spread the company's image.
Other firms have used online videos effectively and have their adverts on popular video sharing websites. This is a medium which has really challenged traditional TV marketing as people are more likely to watch their favourite programmes at a time suited to them.