Did you know that Google AdWords won’t let you run a remarketing campaign for personal loan products? They don’t want the consumer to be reminded about “sensitive” events. An AdWords specialist told me, “Imagine that you’re trying to get a loan to pay for your child’s medical treatment. Do you really want to be reminded about that procedure every time you use the Internet?” He said they have the same rule for other industries. Like, they won’t like denture companies remarket either. Because who wants to hear that they don’t have teeth?
With pressure mounting from Google, the CFPB, and most media outlets, the shape of our industry is changing. You may wonder how we’re all holding up. Sometimes the best way to figure that out is to attend a major industry conference.
We just got back from Lend360. Here are some thoughts we had about our space while we were there.
People are concerned about Google’s new AdWords policy. (Not the one we referenced above, but the one that keeps payday products from being advertised.) It’s true that cutting off a significant inflow can be bad for business. But from what we’ve seen, the market is active. In fact, customer demand seems to be stronger than ever. We are analyzing these trends, and we hope to have an update for our lenders shortly.
We enjoyed hosting one of the busiest booths at the conference. Many of our visitors expressed interest in leads for small business funding. We weren’t surprised. The industry is moving toward this product. That’s why over the last year we’ve been building up a site for small business funding (lendza.com). If you’re interested in buying or selling this type of traffic, please contact us.
During one Lend360 session, we heard that sending a letter to Google may open you up to added scrutiny. So while you might be tempted to blow off a little steam by writing Google a letter, you probably shouldn’t.
We’re starting to see the future of our industry take shape. That was a major theme at Lend360. Just look at these session names: Creating a Roadmap to the Future, The Landscape of Non-Bank Consumer Finance Post CFPB Rule, and The Changing Relationship Between Alternative Finance Companies and Banks.
As things change, some of us handle the transition better than others. More often than not, those who succeed have tapped into multiple traffic sources. That way, when one lead solution fails (such as when Google restricts a form of advertising), they are still able to get the traffic from other sources.
We’d like to thank everyone who helped to make Lend360 such a successful conference for us. We’re already looking forward to doing it all again next year.