Countless studies have been undertaken to determine the value of a brand.
A brand is much more than a name on a shingle or a beautiful logo. It’s a combination of a company’s people, its mission, its proven track record, the way it engages - proactively and reactively - and its choice of core values.
Increasingly, in the era of social media and online reviews, customers can determine a business’s unique selling proposition (USP).
LMG offers businesses flexibility in how they build their brand, either as their own identity or via its consumer brand, Loan Market.
So, what does the Loan Market brand offer that’s different?
A big, collective brand benefits from the combined recognition and reputation of all its members. When consumers see the collective brand's name or logo, they associate it with a certain level of quality, consistency, and reliability.
With an industry-leading Net Promoter Score (NPS) of +97 - significantly ahead of the industry average (+56) - and a strong presence from urban to regional and rural markets, Loan Market is a familiar and trusted home for customers seeking finance solutions. Studies have shown consumers are more likely to choose products or services associated with a well-known and respected collective brand than a small independent unknown brand.
The power of Loan Market’s collective brand helps brokers engage new customers. Once customers enter the Loan Market funnel, the brand’s end-to-end file journey that treats customer experience and compliance in equal measure, along with ongoing post-settlement services - including asset finance and commercial finance - helps turn new customers into clients for life.
Pooling resources under a single brand offers benefits at scale, particularly with marketing and advertising. Loan Market is expanding its team of digital marketing specialists to push Loan Market to become the #1 consumer brand in broking throughout Australia.
Last year, 22.4 million individuals were exposed to the Loan Market brand. That’s a level of brand awareness that generates quality leads and makes client conversion easier for brokers.
On the ground, one brokerage’s investment in an array of marketing tools - Loan Market’s social media tools, including targeted Facebook ads and Instagram videos - delivered the business 1.7m impressions over a year, 112,892 video views and 1087 clicks - a remarkable achievement through a $500 a month investment.
A great example of the power of a national brand can be seen in an ‘apples and apples’ comparison of a business’ marketing results following its transition from an independent brand to operating under the Loan Market banner.
After rebranding, the business enjoyed a staggering 56% increase in marketing leads and a 36% increase in settlements.
In fact, a deep dive across the network found Loan Market businesses, on average, received three times as many leads as independently branded businesses. These metrics reflect the potency of the brand and how it supports businesses in their growth journeys.
The combination of personal expertise and a recognised brand can create an unbeatable synergy. Loan Market's approach isn't just about putting its logo out there; it's about celebrating the true heroes of the brand – its brokers. This philosophy recognises that the brokers' expertise and commitment are the driving force behind the brand's success.
Gone are the days when customers were torn between choosing a broker or a banker. The rise of mortgage brokers as trusted advisors has shifted the question from "should I choose a broker over a banker?" to "which broker should I choose?" This shift has created an immense opportunity for brokers to showcase their expertise and build a loyal clientele.
Over the next year, Loan Market brokers will benefit from a broad array of local area marketing initiatives: targeted social media, winning their Google local search, earning reputations as local authorities on lending through face-to-face, online client education and financial literacy seminars, and signage in every postcode.
Irrespective of what industry you’re in, building a brand takes time - often years - and dedication that requires resources that don’t disturb the experience of everyday customers. While many businesses have invested in this process and developed brands that are recognisable, respected and engaging, many others struggle to cut through, limiting the opportunity to scale up.
To find out more about the Loan Market brand, reach out to our team to explore everything it's composed of.