After the Google ban, what marketing tactics can payday lenders still use?
Google recently announced it would stop allowing payday loan companies to place ads in its search results. It followed Facebook and others in stopping this gigantic industry from advertising their products.
While some question the morality of such products, this brings into focus important questions around the role of media companies in censoring advertising. Leaving this aspect and the implications on other industries (such as online trading) aside, it’s instructive to look at the advertising tactics those companies have left.
The majority of online payday lenders currently get business via lead generators. Companies that buy advertising or do ‘comparison’ sites to generate an basis.
Companies also buy email and general contact information databases to market to and some of the larger companies do substantial lead generation themselves. With Google and Facebook out of the picture, all of this got a lot harder, as many of the lead generators heavily relied on Google.
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