High interest rates and a downmarket reputation don’t usually make for good marketing. But online lender Bond Street is trying to turn that messaging around with a content marketing strategy that focuses more on user experience than the nitty gritty.
“That’s really helped us organically build a reputation within certain industry categories and geographies,” said Michael Jones, director of community development at Bond Street. “We’ve concentrated our efforts towards initiatives in which we can serve as both an advocate and resources to small businesses.”
Many small business lenders strive to build a community by creating products and services to help people beyond just a transaction, said Ian Benton, an analyst in Javelin Strategy’s small business practice. And it’s not just the nonbank lenders. Banks are just as focused on the customer relationship, which was once built and developed in person around a transaction. Technology has widened the gap between the borrower and the lender so much so that the lending industry is almost entirely commoditized and shopping for lenders is easy.
“Customers don’t need to have the previous relationship, so banks and fintech providers are looking for reasons to strengthen those customer relationships,” he said.