Having a cohesive marketing strategy across multiple platforms is critical for lenders and dealers looking to push captivating loan offers to consumers.
Relying on mail alone to tout credit options to prospective vehicle buyers in the digital age won't get the job done, says Bill Butler, Experian's director of product management.
Companies must present a cohesive story across email, direct mail, mobile and TV to get their messages out. That means email campaigns, for instance, should line up with digital display content, which should align with direct-mail messaging, he says.
Butler responded to questions from Staff Reporter Vince Bond Jr. by email.
Q: Explain the relationship between Experian and auto lenders and dealers. It appears there is some collaboration when developing digital credit ad campaigns.
A: Traditionally, direct mail has been a mainstay to market to consumers. And while direct mail still has a place within the marketing ecosystem, today's consumer is living in the digital world -- and brands need to reach them. At Experian, we're working closely with automotive lenders and dealers, enabling them to create and communicate relevant credit offers to potential car buyers through digital channels, such as email and digital display advertising.
Is there a certain age group that Experian looks to help lenders and dealers target with digital credit marketing? Or is there a broad audience that would be receptive to seeing these offers online?
The audience is broad. A majority of people, regardless of age, consume information and engage with their favorite brands through smartphones, tablets or any number of devices. As an automotive lender or dealer, I would want to maximize my reach to potential car buyers through the channels they prefer, and for most, that happens to be online.
Which digital platforms does Experian use to reach consumers with credit offers? Facebook? Twitter? Apps?
People consume information and engage with brands through multiple channels and devices, whether it's email, mobile, television, etc. It's important for automotive lenders and dealers to tell a cohesive story across all of those channels. For example, email campaigns need to align with digital display, which need to align with direct mail. While digital credit marketing began with email, our marketing platforms provide access to over 85 media destinations across multiple channels, including email, online, mobile and TV.
Are digital credit marketing campaigns the best way to get in front of millennials?
Digital credit marketing is a great way to target millennials, but I wouldn't limit the focus to just millennials. Most consumers, regardless of age, consume information and engage with brands through digital channels. Digital credit marketing is applicable to all generations.
Which digital credit marketing strategies have been the most effective at getting consumers to respond to the ads? Does Experian have any data to show how successful some digital campaigns have been?
In an environment where consumers interact with brands through multiple touch points and bounce from one device to the next, we recommend brands incorporate an omnichannel approach. This means every communication, regardless of channel, needs to work together to tell one cohesive story. Direct mail, email, digital display and so on, need to complement one another.
How does Experian avoid being intrusive when attempting to reach consumers online with credit offers?
The consumer experience is always top of mind. We work closely with lenders and our digital advertising partners to identify consumers who are credit-qualified. We want to help brands communicate only the most relevant messages to consumers.
What is the most challenging part about pitching credit offers in the digital space?
In general, creating and delivering a personalized message to consumers is essential to the marketing ecosystem. Consumers deserve and expect relevant communications.
Is digital credit marketing still a relatively new thing?
Delivering a personalized, firm offer of credit to consumers through digital channels is new to the industry. At Experian, we're committed to innovation and technology to help our clients succeed in the marketplace.
What type of information is used to determine if a consumer is a good target for a digital credit pitch?
Through a proprietary algorithm, we help lenders and dealers identify consumers who may respond to firm offers of credit through digital channels. Creditworthiness using industry-recommended scores and attributes, along with consumer channel preferences, [is] also essential.