Financial Adviser and Life Coach

3 Methods that Lenders Use to Entice You

lender

Lenders are business entities – no amount of twists, turns, and dramas can change that. For many years, lenders used different subtle techniques to entice many borrowers. Nowadays, such techniques improved with the prevalence of the Internet and a hodgepodge of psychological tricks. In a snap, a borrower might think that the lender is his best friend.

Do you want to know how most lenders can entice you? Read on.

 

Storytelling Runs

Storytelling has always been a part of the global lending industry. Through stories, connections between lenders and borrowers are established. There are many ways to tell stories. The lender may use inspirational social media posts or proper content curation. Storytelling runs can occur many times per week, depending on the marketing strategy of the lender.

 

Short and Insightful Video Marketing

Aside from written stories, videos are also used by lenders for active marketing. They may create heartwarming videos about the day to day life of borrowers or something that shows cultural values. At times, lenders may create insightful video guides that can help borrowers learn more about loans and financial responsibility. The videos may combine animation and real-life scenarios in order to create an astounding effect. With the use of online video makers, lenders can save money on creating their videos.

 

Online and In-Store Events

Events are essential in triggering the reward mechanism among borrowers. Once the borrowers realize that they’d be rewarded, they will follow the parameters set by the lenders. For online events, lenders may rely on social media contests driven by likes and shares. Facebook and Twitter are rigged with such contests and there are winners drawn every day. In-store events are more expensive but they’re targeted well. These events rely on word of mouth to become successful. Once the events reach other people, many borrowers will visit the lending shop and file their applications. This means more transactions for the lender.

Some in-store events typically include small contests that will require participation from borrowers. If the lending company is huge and successful, it may launch large-scale events such as musical performances. This can even pull more borrowers in a greater speed.

 

More often than not, big lenders usually combine all three methods to gather the attention of borrowers. Such strategies are useful, even if you’re expecting them. If you think you are enticed by a lender, step back and rethink. Do your research so you’d know if the lender can be trusted or not.