The opportunity
Lendi CMO Zara Cobb said: “The biggest challenge was getting customers to understand what Lendi actually is. Home loans in Australia use a very traditional model. People are used to going to see someone who is an expert, either in a branch or a mortgage broker. Lendi is a digital version of that. It’s an on-demand self-service application process for the customer.”
The onset of COVID presented a new challenge for the business, and an opportunity. Cobb says: “We had this weird perfect storm where the RBA kept dropping rates so customers were like, ‘Well, I need to refinance, I’ve got to think about my home loan. This is the cheapest money that has ever existed in Australia today. But I can’t leave my house.’”
The team moved fast to make the most of the unique circumstances briefing the creative in mid-April before going live in May.
Cobb also re-allocated the brand’s investment from performance media to TV.
She said: “Where we got the most bang for the buck was shifting our TV creative and investment. I wanted to lean more into TV because I knew instinctively what that was going to deliver.”
The results
Awareness figures for the business have skyrocketed. When Cobb joined the business, awareness levels sat at 18%. Today, that figure is 42%.
“Mass market awareness has really grown tremendously. If you look at the last 12 months, it’s probably had the biggest growth that we’ve had,” said Cobb.
The reallocation of media investment was key with Cobb noting, “What’s really interesting is we didn’t invest any more, so that was on a relatively flat marketing spend year on year.”
By upping the investment in TV, Lendi found it could reduce spend on search, supporting research conducted by ThinkTV that shows TV is the key contributor to brand search.
“We could reinvest some of that into either updating creative with different USP messages, or adding more TV to the mix to and keep that awareness figure growing,” said Cobb.
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