Whether you’re looking to expand or simply want to provide another service to your customers, affiliating with a lender might be the answer. After all, it’s a mutually beneficial relationship; you offer a loan product that fits your customer base, and the lender gets access to new customers in an industry they’ve been trying to crack.
But as loan affiliates continue to gain popularity with consumers and lenders alike, competition is increasing. More and more lenders are starting or revamping their loan affiliate programs. As a result, affiliates have to work harder than ever to stand out from the pack.
If you decide joining forces with a lender is right for you, you’ll need to understand what makes them tick and their goals as their partner. This way, when you begin negotiating terms, metrics, and other affiliation details, you’ll have insight into how your partner operates, giving you the best chance of making things work.
This blog post lists five excellent affiliate marketing tips for loan affiliates to help you stand out from the crowd and succeed in this hyper-competitive environment.
1. Make Sure Your Affiliate Program Is Ready to Go
Affiliate programs are popping up all over the web, but not all are created equally. Before you sign with a lender and start marketing, ensure their program is ready.
Take a look at the terms and conditions, rates, and any other fine print to ensure everything is as you expect and there aren’t any hidden fees. This is especially important if you’re relying on referral fees.
2. Produce High-Quality Content
Loan affiliates are under pressure to show off what makes them unique. This means you’ll have to do more than simply slap your lender’s logo on your website; you’ll need to produce high-quality content that inspires confidence in your brand.
If you cannot produce good content, lenders will be far less likely to partner with you, as they’ll see it as a sign that you’re unable to produce high-quality content on your own.
3. Show You Care About Your Customers
Loan affiliates are often competing with other product lines of the same lender. Since you’ll be marketing to the same customers, you need to set yourself apart. To do this, you may want to take advantage of your relationship with the lender and ask for permission to speak to customers who have applied for the loan or used the product in the past.
You can use this relationship to get valuable insight into your customers’ needs and desires to better meet them head-on with your product.
4. Use Video to Educate and Engage
Loan affiliates have a unique opportunity to engage with customers through video and tap into the potential of using it as a sales and marketing tool.
By creating short educational and entertaining videos, you increase the number of people who will see your brand name and, hopefully, become customers and partners.
5. Know Your Audience
You’ll need to know your ideal customer if you’re looking to partner with a loan affiliate. This will help you navigate the negotiation process and will help you decide whether partnering with a loan affiliate is even a good idea for your business.
For instance, if you’re interested in marketing a loan product but all your customers are people with bad credit, a loan affiliate may be a bad fit. On the other hand, if you cater to people with good credit who work in professional fields and want a personal loan, you’ll have a great fit.
Affiliating with a lender is a great way to expand your business and increase your revenue. While the tips listed above will help you achieve that, the best way to stand out is to be yourself. Don’t try to be something you’re not, and focus on providing value for your customers.