Millennials are both coveted and scorned by marketers. They are open-minded, self-revealing and bold, but also digitally savvy consumers who want it on their own terms. All too often, those are terms that resist traditional influence, requiring marketers to understand and innovate in order to reap the substantial rewards. Steven Dupree, VP of Marketing for 6 billion dollar marketplace lender SoFi, is helping adapt a go to market strategy for the lending industry to the “older millennial” segment. In this installment of Moneyball for Marketing, Steven talks about catering for mobile, cross channel marketing and building trust in your brand, amongst other topics. Just a portion of what is covered is summarized as follows:
Follow the digital footprint: Steven explains how to use martech tools like Optimizely to test and prove hypotheses about what will work. He reveals the three ways SoFi collects data on buyers and “follows the digital footprint” through the marketing funnel. Not only that, but he explains how SoFi “tie it back to spend in order to see where we should be investing more heavily and where we should be cutting.”
Be user experienced: “One of the advantages of building a company that’s really new is you’re not encumbered by some of the legacy technologies and processes,” says Steven. He talks about how to build a user experience that is “seamless” for this target audience, including a mobile first strategy and the right way to construct referral programs. SoFi, which announced it will no longer use FICA scores in its underwriting, is even incorporating new operational methods in its go to market strategy.
Build your brand: “Those really big investments that you make to raise awareness and drive consideration …ultimately lowers the acquisition cost across all channels in the long term,” says Steven, predicting more martech tools to merge brand building with customer acquisition techniques, “it’s more than just getting people who are on Google to come to your site…it really is building trust and a relationship with the customer.”
Steven Dupree leads direct marketing and growth at SoFi. His responsibilities include overseeing cross-channel marketing such as referral marketing, email, search, display, mobile, direct mail, and out-of-home campaigns across products.
SoFi is a leader in marketplace lending, with over $6 billion dollars in loans issued. SoFi is transforming financial services for financially responsible consumers with student loan refinancing, mortgages, mortgage refinancing, and personal loans.
Read the full transcript here
Glenn Gow is an expert in marketing performance, Coach, Board Advisor, Author, Speaker, Podcast Host and Founder & Advisor of Crimson Marketing. Follow me on Twitter, LinkedIn, Google+. To get a free copy of Crimson’s One-Page Marketing Metrics Funnel, visit here.