To LendingTree, Consumers Are Winners

With anxiety about debt amid rising interest rates, record-high inflation and general economic uncertainty, LendingTree is trying to calm consumers with levity as it touts the new look and tools of its online marketplace. The tense investment and borrowing environment serves as the backdrop for LendingTree’s decision to tap into the spirit of its late 1990s/early 2000s marketing tagline, “When banks compete, you win”—with a twist. The message now is "LendingTree. You Win." The idea is given form by Molly Shannon, the former Saturday Night Live cast member and author. She’s the 26-year-old loan and insurance fin-tech brand’s first celebrity spokesperson. Infographic: How Inflation Is Changing Americans’ Spending Shannon stars as Linda in the ad campaign crafted by San Francisco-based independent shop Mekanism. Linda is a typically brash, high-energy, down-to-earth Shannon character. In the spots, Linda encourages friends and family to connect with a LendingTree “lenda.” The pronunciation—and the ad itself—isn’t simply about conveying casualness. By softening the “r” with “lenda,” Shannon and LendingTree are attempting to similarly soften the intimidating concept of a “lender.” For LendingTree's Shiv Singh, the best way to get that softer point across is with a louder message. “After being fairly quiet on the marketing front for the past few years, it was important for us to come to market with something that would be memorable, that could resonate with people, and deliver the message that LendingTree makes finding the right financial products easy,” said Singh, the Charlotte, North Carolina-based brand’s chief marketing and customer experience officer. “LendingTree brings the ‘lendas’ to Linda.” Once consumers get to LendingTree, they’ll find a mix of the familiar and the new. Molly Shannon is Linda, who wants to connect you with a "lenda." Tagline renewal LendingTree’s earlier, memorable tagline took hold of the public’s attention during the 2008-'09 Great Recession. Lately, LendingTree’s messaging was the much less dynamic “You to the rescue,” while its most recent tagline was the ambivalent “May the best loan win.” The tone of LendingTree’s messaging was among the first items Singh wanted to tackle when he took on the role in January, following his departure as Expedia’s brand lead after two years. “We spent the last several months conducting deep research and listening to tens of thousands of consumers to better understand—and address— their needs today,” Singh told Adweek. “We tested new taglines, but the original always seemed to resonate the most with consumers.” His marketing team seized on the idea of the consumer winning by pitting financial offers against competing offers. Yet the original tagline wasn't comprehensive enough, Singh said. It didn't clearly encompass all the financial categories in LendingTree's marketplace. The goal was to communicate the same ethos, but with a more expansive view of why people should trust the brand compared to established and upstart financial services providers. “The updated tagline, ‘LendingTree. You Win,’ combined with the flipper of ‘When banks/lenders/credit cards/insurers compete, you win,’ still has that central message but better encapsulates what LendingTree offers its customers today,” Singh said. This Platform Is Stopping Consumers From Skipping YouTube Ads Competing for the big prize Inspired by what its foundational tagline communicated, this current campaign draws on the idea that the consumer is the "prize," Singh said. The financial services industry tends to perpetuate the notion that consumers somehow "win" if they manage to qualify for a loan from a typical banker. “This campaign hopes to shift that mindset a bit and put the power back into the hands of consumers, who can shop and compare between multiple lenders, banks, insurers, etc. to find the best fit for their financial goals,” Singh said. The new ad is just one piece of the package. In addition to reintroducing Americans to the LendingTree brand, the company is hoping to garner attention for what Singh called a “more supportive, seamless and holistic customer experience.” New consumer context That experience includes looking back at what LendingTree said is $260 billion in loan funding and helping more than 111 million customers obtain financing over the past quarter-century. Looking at the context of the present, LendingTree’s internal research found that 83% of Americans are feeling the negative effects of inflation on their monthly budgets and expenses. And they’re borrowing to make ends meet. Nationally, rising rates are causing new mortgage payments to increase by an average of $250 per month, or more than $100,000 in interest over the lifetime of the loans, according to the company. A new survey by LendingTree found that 70% of Americans believe a recession is looming—yet more than two-thirds (68%) don’t feel financially prepared for a downturn. Looking forward, LendingTree is launching a series of tools designed to capture that unguarded segment of consumers. On top of the redesigned homepage, which puts rates at the forefront and makes it easier to see LendingTree’s product offerings, new additions to the site include an Insurance Check-Up that compares a consumer’s coverage with other insurers using real-time market data. It also has more content and portals to guide consumers through other aspects of their financial holdings and needs. “We're viewing every touch point with consumers through a different, more empathetic lens, focusing on delivering a delightful customer experience and becoming a trusted partner to help guide customers throughout their financial lives,” Singh said. “This is the first step of becoming the ultimate consumer champion in financial services.” Airbnb’s ‘Work From Anywhere’ Policy Is Both an Internal and External Marketing Strategy

Branding

LendingTree Updates Old Tagline—This Time, Consumers Are the 'Prize'

SNL alum Molly Shannon offers to find borrowers a 'lenda'

David Kaplan

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