Westlake Financial Services is turning to social media to market its direct lending business.
Westlake’s direct lending business is “still trying to figure out” social media marketing, but the lender hopes to have more insights soon as it nears the end of a 90-day trial, said Senior Vice President of Marketing Mark Vazquez. So far, the direct business is testing Google AdWords, Facebook, Instagram, and “a little bit” of Yelp, said Ralph Ontiveros, VP of services and lending solutions.
Social media marketing is new to the lender because “we’re still mostly on the indirect side,” Vazquez said, where that kind of marketing isn’t as efficient as other channels, such as direct mail campaigns and search engine optimization.
With a few weeks left in the trial, Ontiveros has already picked up some valuable tips. “One of the things we noticed is that these tools are very useful, but there are two categories that are worth keeping in mind” — marketing and branding, he said.
Social media is an optimal tool for branding, “essentially getting your name out there to be some sort of household name for consumers” and “associating a brand with an auto lending transaction,” he said. Though, when it comes to marketing and engaging with customers, “some of these outlets are better than others,” he added.
Once the trial ends in late May, Ontiveros will analyze the data to see which provider is strongest for branding and sales, and from there, conclude what the approach should be. While there are plans to “leverage those options on the direct side,” Vazquez said Westlake is “very mindful of the return.”
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