Challenge:
Pandemic Surge Overwhelms Operations
The sudden influx of millions of new contacts during the PPP program forced Lendio to re-evaluate its entire communication and lead management strategy. With a small database marketing team and manual workflows, effectively nurturing leads and converting them into deals became a major challenge. Disengagement due to lack of personalization and misaligned sales and marketing efforts further hampered efficiency.
Fix
Embracing Automation and Segmentation with HubSpot
Lendio's foresight in implementing HubSpot CRM prior to the pandemic proved invaluable. Stephanie Randle, VP of Lifecycle, knew they needed a scalable solution and found HubSpot's capabilities, cost-effectiveness, and ease of use perfect for their evolving needs. By leveraging Marketing Hub's automation and segmentation features, they embarked on a transformation.
Solutions
- Intelligent Email Nurturing: Utilizing Marketing Hub's automation, Lendio identified drop-off points in the loan application process and triggered personalized email sequences addressing specific concerns at each stage. For example, automated emails tackled the common anxiety around providing social security numbers, offering reassurance and alternative contact options.
- End-of-Funnel Conversion Boost: Personalized email sequences were implemented to re-engage prospects nearing loan acceptance deadlines. These automated series reminded customers of their waiting offers, freeing up the sales team to focus on high-potential leads.
- Targeted Lead Warming: Lendio expanded its database marketing team to actively nurture leads, alleviating pressure on sales. Segmented emails tailored to specific audience concerns, like economic inflation, kept users engaged and prepared for sales outreach.
- Streamlined Workflow with Drag-and-Drop Templates: HubSpot's user-friendly interface allowed Lendio to efficiently create beautiful email templates and manage segments without requiring HTML knowledge. This empowered new team members to quickly become productive.
- Scaling Beyond Corporate: Seeing the success of Marketing Hub, Lendio implemented it across four separate instances, including partners, franchises, and the PPP loan forgiveness program. Some, like the partners group, even adopted Marketing and Sales Hub as an all-in-one solution.
- Data-Driven Insights with Operations Hub and Snowflake: Integrating Operations Hub with their Snowflake data lake ensured consistent, clean data across all instances. This provided a robust foundation for effective automation and informed decision-making.
- Personalized Outreach with Twilio Integration: Recognizing the importance of reaching busy small business owners, Lendio leveraged HubSpot's Twilio integration to send personalized and relevant SMS messages alongside emails.
Results
- 58% More Deals Closed: Lendio witnessed a dramatic increase in closed deals from 2019 to 2022, thanks to automated nurturing and targeted communication.
- 618% Surge in Loan Applications: The streamlined application process powered by HubSpot automation led to a staggering rise in completed loan applications.
- 65% Increase in Lead Reactivations: Effective email sequences successfully brought stagnant leads back into the conversion funnel, increasing engagement month over month.
- Empowered Teams and Scalable Growth: HubSpot’s platform enabled Lendio to expand its database marketing team, create targeted campaigns, and seamlessly onboard new users, paving the way for future growth.
"HubSpot has been instrumental in helping us navigate our exponential growth. It's a powerful, scalable platform that has dramatically improved our efficiency, conversions, and overall reach. We're incredibly impressed and wouldn't hesitate to recommend it to others."
- Stephanie Randle, Senior Marketing Director of Lifecycle, Lendio
Conclusion
Lendio's story stands as a testament to the power of leveraging technology to adapt and thrive in challenging times. By embracing automation, segmentation, and a data-driven approach with HubSpot, they managed to transform their lead management, close more deals, and empower their teams. This case study serves as an inspiration for businesses facing similar challenges, demonstrating the potential for increased efficiency, conversions, and ultimately, the ability to fuel even more small business dreams.