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Marketing Strategy Auto Equity Loan (AEL) Project Team 3

Marketing Strategy Auto Equity Loan (AEL) Project Team 3. Internet Advertising. Internet Keywords Based on how respondents borrow money. As opposed to limiting it to vehicle-related searches (AEL & title). Facebook Demographic specific ads. Radio Advertising. New messages

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Marketing Strategy Auto Equity Loan (AEL) Project Team 3

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  1. Marketing Strategy Auto Equity Loan (AEL) Project Team 3
  2. Internet Advertising Internet Keywords Based on how respondents borrow money. As opposed to limiting it to vehicle-related searches (AEL & title). Facebook Demographic specific ads.
  3. Radio Advertising New messages Remove comparisons to title loans Focus on what the customer can do with the money 97.3 chosen to target Hispanic population 106.1 chosen to target general population
  4. Billboards New messages Same as radio but conveyed in visual format On highway should targeting car owners (auto repair bills) Near hospitals should target medical bills Others should target homeowners
  5. Store Level Programs Increase incentive program for AEL Competition between stores Referral program for existing customers $50 cash for each loan closed Promoted through email and text Referral program for area mechanics Lunch or store credit for each loan closed Door hangers in areas identified by research data
  6. Community Event Increase knowledge and exposure of AEL Annual or biannual area wide store events Store event featuring “pay your bills” drawing Limited to $2,000.000 Promoted through radio, in store, and email/text customers
  7. Research Results Auto Equity Loan (AEL) Project Team 3
  8. Survey Locations
  9. People Don’t Know! Our research shows that 100% of respondents did NOT know what an AEL is. 90% responded “I do not know/unsure” The other 10% thought it was the same thing as a title loan.
  10. Demographics
  11. Demographics Cont.
  12. Borrowing Money
  13. Media Favorite Radio Stations: 106.1 93.7 Facebook!
  14. Secondary Research Data(From esri Business Analyst) 84.2% have access to the internet 27.5% used the internet in the last 30 days to obtain financial information MPI is 115 51% own homes in these areas Median household income for 2010 was $61,526 (2015 projection - $68,421)
  15. Secondary Research Data(From esri Business Analyst) Drive time to work 27.3% spend 20-24 minutes 14.8% spend 25-34 minutes 23.6% spend 35-44 minutes 93% own vehicles 39% own 1 40.4% own 2
  16. Secondary Research Data(From esri Business Analyst) Total healthcare spending $1.46 billion MPI is 102 Total vehicle maintenance and repairs $400 million MPI is 111
  17. Questions for Cash America What keywords were used? Where arethe billboards? What radio station and what time? Do you have database of existing customer email and phone numbers? Store incentives?
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