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by James Robert Lay on November 9, 2021
Brief Summary of Episode #141
If you're not making any loans, you're not earning any income. If you're not earning income, you're not returning value to your shareholders or members.
Those balances are the driver of the business, and you must measure their costs. All growth begins by knowing the truth.
How does your financial brand measure cost per acquisition?
If it isn’t per funded loan…
Well, it’s not telling you what you need to know.
Carlo Cardilli, CEO at Alpharank, helps financial brands remove the unnecessary friction driving their would-be customers away.
Alpharank built technology to measure the cost of acquisition. With the right feed from the website, the account opening, or loan origination system, Carlo's team can give the institution the complete X-ray.
Let's say you've originated 500 funded vehicle loans out of maybe 800 completed applications. That means 300 unfunded people are still in your funnel.
You want to track those people. Some of them are closed, sure, and you could speculate about why. But…
The person running the race cannot be the one holding the stopwatch.
Who holds the stopwatch at your bank? And what are they measuring?
Key Insights and Takeaways
- Why measuring per funded loan is the only true way to gain insights into your marketing costs
- The easily-avoidable friction driving customers away from financial brands
- Why compliance isn’t an excuse for poor customer experience