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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 90% of respondents did NOT know what an AEL is. • 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 were the billboards? • What radio station and what time? • Do you have database of existing customer email and phone numbers? • Store incentives?

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