From the May issue: Prominent technology companies hailing from the heart of Silicon Valley are changing the way consumers shop — and the ease and efficiency with which these companies sell their products is prompting the auto finance sector to up its game.
Amazon pushes related products to consumers when they purchase a product on its website. Facebook markets to members’ interests and likes. Google leverages browsing history data to better align ads with user profiles. To top it off, these marketing initiatives all happen in the comfort of consumers’ homes.
Lenders big and small, direct and indirect, are beginning to catch on, and have started to adapt similar marketing strategies by using customer information to cater to specific demographics to rewrite the golden rule.
Forget what mom said — rather than treat others like you’d want to be treated, treat customers the way they want to be treated.
However, incorporating tech-savvy marketing strategies into auto lending operations comes with its own challenges.