In 2017, SoFi spent $170 million on marketing and paid $756 to acquire each customer; in 2018 the company plans to spend $200 million; in comparison LendingClub and Prosper spent between $350-$450 to acquire a customer; back in 2015, SoFi spent $30 million on marketing and $375 to acquire a customer; at the time marketing spend as a percentage of originations was 0.6%; SoFi’s marketing strategy is different than other fintech firms who often show up on rate comparison sites. Source
While on the surface Affirm’s business may appear to be focused on lending and payments, the company can also help merchants in marketing; the company has large amounts of data on who is buying products, what they are buying and where they are buying; with this information they plan to offer their merchants more services in the future; Tearsheet shares more on Affirm’s plans. Source
A new report by BNY Mellon and the UN point to flaws in design and marketing that make financial products less available to women than men; the report finds financial firms are missing out on $7bn in credit card revenue, $14bn in personal loans and $4bn in housing; TearSheet sat down with a former financial services marketer in their latest Confessions series to talk about these issues; the interview covers the misconceptions in marketing to women customers, why women are still viewed as a niche customer when they are the majority and that banks don’t really understand their customers. Source.
SoFi has already done two Super Bowl commercials but has also become a sponsor of numerous sporting events; The company most recently sponsored the Big Ten men’s college basketball championship final last week; SoFi finds that sporting events are a great way to reach their target audience and build the SoFi brand. Source