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WA-based broking business The Local Loan Company recently took out PLAN Australia’s Excellence in Innovation Award for Marketing. Director Kylie Platt explains how great marketing can steer a business towards success, in even the toughest of markets.
Property market conditions have been fairly tough in Western Australia, following the mining downturn. But for Perth-based The Local Loan Company, a firm focus on marketing has enabled them to continue to attract new customers and generate repeat business.
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According to Kylie Platt, who is a co-director of The Local Loan Company alongside Susan Lepidi, over the past three years the business has undertaken a concentrated marketing effort to stay top of mind in the local community. This has included overhauling their website, working closely with local community groups and building a significant following on social media.
She outlines some of her key marketing strategies and how they have supported the growth of her business.
Stick to your brand
Ms Platt believes that consistency in branding leads to better brand recall, a principle she has certainly applied to her own business.
In 2015, she and Ms Lepidi formed a diversified group called The Local Financial Group, which now includes The Local Financial Planner, The Local Financial Coach, The Local Car Finance Company and The Local Leasing Company under its umbrella. The group is also planning to add an accountant to its stable.
“I think it is important to work out your point of difference and stick to it,” the co-director says.
“We focused on the word ‘local’ as it makes people feel part of a community — whether they are attending a fun event or helping us with fundraising. We have kept everything to do with finance under one brand, so clients can come to us and know they are in really safe hands.”
Engage in social and video
Social media is a great way to reach both new and existing clients, but selecting the right content is essential, according to Ms Platt.
The Local Loan Company recently undertook a 12-month Facebook strategy with an almost daily publication of posts, including short videos about the property market and updates on the business. A Facebook post on new broker hires had an engagement rate of 20 per cent, while a post about an award win was read by 22 per cent of followers, well above the average engagement rate on the platform.
The group also launched its own YouTube channel, Money Money Money, which provides educational videos on topics such as property disputes, reverse mortgages and division of assets.
“We created Money Money Money out of frustration at the lack of jargon-free information online about financial services,” Ms Platt says.
“This channel has definitely resulted in more referrals for us and has positioned us as the go-to financial group for information in our local area.”
Some other major lead drivers for the business have been handwritten birthday cards, Christmas hampers delivered to customers’ place of work and thank-you notes sent out to referrers.
The co-director says: “I believe clients appreciate the personal touch, and we are always looking for innovative ways to connect with them.”
Invest in your people
The Local Loan Company recently transitioned a staff member to manage its marketing — an investment that has already paid off.
“Having a dedicated marketing resource has really helped us to build on our marketing efforts,” Ms Platt says.
An idea conceived by the group’s new marketing recruit has already generated great results for the business. Building on its “local” branding, The Local Loan Company collaborated with several other Perth-based businesses to create Positively You, a series of expos which focused on creating a balance between a healthy mind, body and finances.
“We invited our own clients to bring a friend to enlarge our database and the other businesses did the same,” the co-director shares. “We raised money for a local charity and our clients had a great day, so it was a win-win for everyone involved.”
While marketing a small business can be challenging, especially in tough economic times, The Local Loan Company has shown that creating a strong brand and seeking new ways to reach customers can deliver strong results.
