Lending Company Uses Vanity Phone Number In Ads To Get Inbound Phone Leads & Process Applications

Client Profile:

Customer since August 2015

A successful lending company is in the payday loans business, offering their clients short-term loans. The branch in Granby, Quebec has six employees and has been in business since 2015. They receive over 2,400 calls every month.

Background / Challenge:

According to the owner of the company, payday loan clients who contact a lender by phone are more valuable customers than those that contact a lender through their website. He explains, “I have learned that clients who call us for a short-term loan tend to be more reliable customers with better pay-back rates compared to clients who complete an online application.” To drive calls to his business, he knew he wanted an unforgettable phone number to make it easy for clients to remember his ads, call, and apply for a loan over the phone.

Solution:

The company owner has set up his business to take loan applications over the phone, and heavily promotes 1-800-NEW-CREDIT as the call-to-action in his advertising campaigns. “I strategically use 800-NEW-CREDIT in our radio and newspaper ads to drive consumers to call our branch. I know that if we drive people to our website, they will search for ‘payday loans’ and find dozens of other short-term loan providers. By featuring the vanity number in our ads as the call-to-action, we know they will simply call us.”

Results:

1-800-NEW-CREDIT is proving to be a profitable response and tracking tool for the business.

The company spends $30k on advertising and receives over 2,400 calls each month – a great cost-per-lead and return on investment. He says the high call volume is a direct result of using an unforgettable 800 phone number and focusing his message to drive inbound phone calls.

Not only does the vanity number help drive new business, the owner shares that having a memorable number keeps his business at the forefront of consumers’ minds. “Using a memorable phone number to promote our business is also valuable in getting repeat callers. Once a consumer calls us for their first loan, they’ll remember our phone number and call us again in the future when they need to apply for additional loans.”

The business owner also take time to consult the call tracking data and recordings to gain insights into the business, monitor his employees, and measure advertising performance. According to him, “the call recordings have been useful in the past in addressing and mitigating interest rate disputes presented by clients.”

As his business grows, the company owner will be executing advertising campaigns in French and plans to continue advertising 1-800-NEW-CREDIT as the call-to-action in his multi-lingual campaigns.