Comprehensive Digital Marketing Strategy for

Lending Club

Prepared by Team 4 Hayes Valley:

Daniel Lezama Narae Lee

Nishanth Bheemesh Sumithra Laura Catalina Cruz Vasquez

Peiyi Lei Vitaly Bulatov

Introduction

Lending Club - business loan Positioning statement, value proposition and differentiation Existing competition Main business objective Target market

Digital Marketing Plan 1. Content marketing - Blog

Why we chose it Micro goals The content KPIs

2. Email Why we chose it Frequency Content Segmentation Macro goal Micro goal KPIs Results

3. Social media Why we chose it: a. LinkedIn – to target entrepreneurs b. Facebook – To learn more about customers c. Twitter - To get real-time feedback about products or services

4. Search Engine Marketing Search Engine Optimisation

Keyword Strategy On-page optimization tactics Link-building strategies

Paid Search 5. Mobile

Mobile website Mobile ad Mobile app

6. Traditional channels

Introduction Lending Club - business loan

“Lending Club is the world’s largest online marketplace connecting borrowers and investors. We’re transforming the banking system to make credit more affordable and investing more rewarding. We operate at a lower cost than traditional bank lending programs and pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns.” (lendingclub.com, 2015) Lending club was founded in 2006, in the beginning they only focused on helping individuals

with their personal loan services. In March of 2014 they started providing small business loans. The business loan they claim is from 15,000 to 300,000. In December of 2015 the share of business loans were 0.99% of total loans. This accounted for $22M loans issued in Q3 of 2015 which is a 17% growth from previous quarter.

Positioning statement, value proposition and differentiation

“Grow your business with an affordable, easy business loan” is the company’s positioning statement for business loans. Here is their value propositions:

1. Cheap and transparent financial product - “No prepayment penalties or hidden fees” 2. Convenient application process through the Internet - “Apply under 5 minutes” 3. Have advice on how to make business decisions better from the Client Advisor - “You

are not a loan”

Existing Competition

Lending club has two types of competitors: conventional banks and other alternative lending platforms. Firstly, conventional banks such as Citibank, Bank of America or Wells Fargo are strong competitors simply because they are seen by business customers as more trustworthy partners. They are well known companies and entrepreneurs tend to reduce the risk as much as possible so they want to work with more reliable organisations. But these banks are demanding and it is difficult for a small business owner to get a credit from them. One of the drawbacks is that Lending Club has not built yet a strong brand image as the conventional banks have in the business loan market. Secondly, the other competitors such as Kabbage, OnDeck, and LendingTree are the lending

platforms which operate their business fully online. Except LendingTree, they are purely focusing on business loans and launched their businesses around 2007 to 2009 just like Lending club. All of these competitors claim easy, simple, and fast application process and demand minimum requirements. However, a 100% online and automated service gives quick and easy loans to customers but at the same time it can give weak credibility comparing to the conventional banks. And Kabbage is the strongest competitor because they are the top provider of small business loans and they ranked number one on Forbes “100 Most Promising Companies List”. Therefore, to expand the business, increase brand awareness and online

presence for Lending club, it is important to promote a variety types of online marketing channels and utilize different tactics for each channel.

Main business objective

Our objective is to increase the amount of business loans issued by 25% in the Q1 of 2016 for Lending Club.

Target market

Passionate Fred

Visionary Greg

Startup Gina Hardworking Cleo

Improvement Michael Passionate Chris

Position CFO Owner VP Owner partner partner

Description

Active entrepreneur, creates small businesses in non tech sphere

3 chains of food truck owner with the shape of a flying carpet

tech company, need money to pump up the producing of the good/service

Small restaurant owner

Renovation of machines

Printing Press Owner/family business

Geographic San Francisco. CA

New York, NY Austin, TX Chicago, IL Miami, Fl Greeley, CO

Reasons for credit

acquire better technology

acquire business location

working capital remodel expansion Equipment Purchase

Demographic 38 years old 28 years old 32 years old 31 years old 33 years old 35 years old

Income 60K/yr 250K 90K/yr 120K/yr 20K/yr 45K/yr

Sales 1 million 700K 600K 400K/yr 200K 500K

Amount of loan 200 K 300K 250K 185K 85K 120K

years on business 8 years 3 years 2 years 5 years 6 years 14 years

Industry design food technology food Fitness Print

Subindustry marketing food truck gadgets restaurants Gym Newspaper

Stage of development 90% 50% 60% 70% 40% 95%

Company stage expansion growth growth expansion expansion growth

Company Size 65+ 5+ 12+ 36+ 26 59+

Digital Marketing Plan

1. Content marketing - Blog

Why we chose it:

We chose content marketing to acquire potential customers and retain existing customers by helpful contents. Content is anything that communicates, it is a message to the audience. Without content we cannot optimize search engine keywords. Throughout the contents we will introduce our business loan services to small business owners and raise an awareness of our company. Also we will give them an impression that we are reliable and professional. We will help green hands entrepreneurs how to arrange the money also help them to use it effectively.

Micro goals:

● Increase customer retention/ loyalty ● Raise brand awareness ● Communication with customers ● Increase site traffic ● Sales ● Give helpful information to customer ● Lead generation

The content:

[Posts] ● Posts including the keywords such as business loan, small business, simple, fast loan,

etc. ● Tips from the successful entrepreneurs in different industries and successful female

business owners (for startup Gina and hardworking Cleo) ● ‘How to’ posts such as- how to expand your small business into big one, how to create a

business plan, top 20 online business ideas. [Video]

● Testimonials: interviews with our customers, talking about their satisfactory experiences with the company.

● Entrepreneurs’ lessons- successful stories of our loyal customers to encourage prospective customers to start their business (for startup Gina)

● Introduce the Lending club team to give trust to potential customers [Webinar]

● How to remodel your business step-by-step. (for hardworking Cleo) ● Small business funding options

● How to keep your business successfully (for Improvement Michael and Passionate Chris) ● Tax form guide (for visionary Greg and startup Gina) ● Useful technology trends in small business (passionate Fred) ● How to boost the sales during holiday season (hardworking Cleo, improvement Michael,

and passionate Chris) [eBooks]

● Small business loans 101- a free comparison hot sheet ● Small business content calendar template ● 50 small business resources to drive innovation and growth ● Ways to optimize your business success ● The business guide to crowdfunding

[Q&A Forum] ● Any subjects regarding loan or small business management- invited experts and any

user can answer the questions. [Infographics]

● Statistics- the number of accumulated customers, customer data of industry, geography, average years of business, and purpose of loan.

KPIs:

● Number of visitors ● Number of Comments per post ● Number of social media share per post ● Time on per post ● Conversion rate ● Number of subscribers

2. Email

Why we chose it:

Our target customers are not identical. Therefore we need to segment and target them in different ways. The reasons are:

● Customers do not have the same interests ● They do not come from the same sources, such as social sites, contests or in person ● They do not live in the same geographic location ● They do not belong in the same stage of your sales cycle

It means that we have reasons for segmenting the customers and make more “personalized” email but broadly without becoming weird as trust is gained with time, hence we cannot make really personalized emails. Therefore we will use email marketing because:

● It is easier to segment on single key variables ● One of the most effective online tactics ● Highest return on investment ● Spend little amount of money and time with optimum result ● we can use triggers from our own website

Email marketing is crucial for developing a contact strategy. This will be useful for us to collect demographic data- who is where, what and when are they looking for loans.

Frequency:

Two times per week: Monday morning for the west, noon for the east.

Content:

● We will create newsletters for first engagements with the customers. ● Our content needs to be engaging, we will use freebie templates to be more attractive

to the customers and make a higher click through rate. Our research showed that useful templates create a 26% to 66% click through rate.

● Also we will have expert interviews sent by mail (videos, links or very short stories) so they can be more trust our services.

● We will raise awareness for our product and the benefit our product can give customers. ● We will include detailed information about our product including what interest rates we

have or how big a loan the customer can get. It can be in infographic style so it will be instantly attractive and appealing for the customer to read data.

● We will ALWAYS include a call to action button with the contact information of our company (links, email, telephone) to encourage customers click for more information and re direct them into our website.

Segmentation:

● Geography ● Age ● Gender ● Interests

Macro goal:

● To attract our target customer know about our product and take action.

● To gain customers that will transform to loyal recurrent loaners throughout time and come back to get another loan with us in a 10 year period.

Micro goal:

● Get customers, 30 customers ● Write different newsletters surrounding loans or how to improve your business ● Make customers click more mails to reach the page ● Get connected with more customers ● Have less bounce rate

KPIs:

● Total sales- how much an email campaign sold in total ● Total conversion ● Open rate ● Unique open rate- to find the unique open rate, an email service provider should first

take the number of email messages sent and subtract any bounced emails to get the total number of delivered messages.

● Click rate ● Number of subscribers ● Unsubscribe rate (unsubscribe rates per campaign should be no more than about one

percent for a well-maintained and properly used email subscriber list) ● Bounce rate ● Spam complaint rate ● Site Traffic

We received:

N Conversion rate

Emails sent 183,006

Open rate 39,401 22%

CTR 1111 3%

Calculator use/Registrations 500 45%

Transaction 30 6%

Source: Mailchimp statistics of Average open rate and CTR in Finance and Business industry

3. Social media

Why we chose it:

We chose social media as a marketing strategy because it is the platform that increasingly accessible to users. We intend to increase communication between organizations and us to raise brand awareness and to improve customer service and loyalty. The outcomes we expect to see from using social media are:

● Drive traffic to the website ● Increase the ways to reach and attract new customers ● Learn more about the profiles of customers ● Create engagement with our target audience ● Receive on-time feedback about products or services ● Improve customer loyalty and amplification- how customer’s expand our message to

their contacts

a. LinkedIn – to target entrepreneurs

We chose LinkedIn because it is one of the best leading generation tools for B2B in social media also we want to drive customers into our services. It directly engages with entrepreneurs or well-established businesses. Segmentation:

● Geography ● Age ● Gender ● Interests ● Business

Content:

● News regarding business and financial information ● New products of our company ● Relevant information for companies so they can better manage their business ● Receive feedback from our community ● Create engagement with video clips, images, financial graphics, infographics, etc. ● ‘How to’ videos that will help businesses to learn how to expand, use their loan

correctly, when and how to spend it, etc Micro goals:

● Increase the number of people to reach ● increase shares and comments ● Increase click rate ● Increase followers

● Retain existing customers ● Increase prospects ● Increase connections ● Increase profile views

KPIs:

● Number of post performance ● Number of page reach (impressions and unique people reached by any given post) ● engagement rate ● Number of followers and demographics (people following our company page and who’s

connecting with our content and visiting our website) ● Number of first degree connections ● Number of prospect companies followed ● Number of requests to connect sent to prospect customers ● Number of clicks from lead generation marketing campaigns ● Number of industry niche groups joined ● Number of updates/posts per week ● Number of shares and comments on updates/posts ● Number of connections to prospects and clients ● Number of profile searches ● Number of profile views

b. Facebook – To learn more about customers

We will use Facebook because it is the most visited social media platform, so we can attract prospective customers by this platform. Facebook has huge traffic numbers so that we can segment the target audience who we are intended to attract and to become more aware to those potential customers with our services. There are 2 billion connections made between local business and people, it means that we can create more B2B connections targeting those local business and companies. Also it is more likely that new and young business purchases a company’s goods through a Facebook page- those who are millennials. Segmentation:

● Geography ● Age ● Gender ● Interests ● Business

Content: ● Posts- highly visualized contents that catch the attention from users ● Valuable information such as useful financial data ● Each post is intended to create audience response, so each post will be answered when

comments are being made, therefore we will propitiate interaction between us and the businesses.

●

KPI’s: ● Numbers of followers ● Numbers of links, shares, and likes ● Number of comment ● Clicks redirect to the page ● Growth in per period, whenever a marketing campaign is launched ● Number of mentions ● Traffic

c. Twitter - To get real-time feedback about products or services

We will use Twitter as a way to promote, connect and enhance the branding the company. We will create, discover and share ideas including valuable information, and answer customer’s inquiry immediately. Using Twitter will generate more customer feedbacks instantly. Segmentation:

● Geography ● Age ● Gender ● Interests ● Business

Content: ● Infographics- information that our target customers want to know ● Posts about financial data or relevant data ● 3 times a day we will post the facts about our services and link to our website, so it will

allow to measure them in click rate metrics and further into conversion rates. KPI:

● Number of followers

● Number of retweets

● @connects: both @replies and @mentions

● Number of brand mentions

● Click through rates

4. Search Engine Marketing

Search Engine Optimisation

Keyword Strategy

We developed our keyword strategy based on the benefits that are offered on the landing page for business users.

Also we used some keywords that have high monthly searches but a short tail keywords. These are needed to generate traffic to the website. They still include “business loan” keyword, but do not contain a lot of modifiers. In this industry the competition level is very high for most relevant keywords. We tried to select the ones with a bit lower competition, but we could not avoid some high competition loans too. Finally, we looked at CPC of these keywords to estimate their perceived value. The keywords with higher CPC could result in higher conversion. Here is the list of keywords we chose to use in SEO:

Ad group Keyword

Avg. Monthly Searches (exact match only) Competition

Suggested bid / CPC

Short / long Intent

Decision for SEO

Loan Calculator

small business loan calculator 1300 94% 20.06 Long

Commercial investigation Y

Loan Calculator

business loan calculator 6600 94% 9.89 Middle

Commercial investigation Y

Quick Business

quick small business loans 90 96% 54.25 Middle Informational Y

Quick Business

quick business loans 1900 96% 46.19 Short Informational Y

Quick Business

quick loans for small businesses 10 85% 85.55 Long Informational Y

Online Small

small business loans online 260 97% 39.21 Middle Informational Y

Online Small

small business loans online approval 20 95% 72.71 Long

Commercial investigation Y

Fast Business

fast small business loans 880 97% 41.37 Middle

Commercial investigation Y

Fast Business

fast business loans 1000 96% 44.17 Short Informational Y

Calculate Business

small business 1300 94% 20.06 Middle

Commercial investigation Y

loan calculator

Calculate Business

business loan calculator 6600 94% 9.89 Short

Commercial investigation Y

Quick Business

quick business loans 1900 96% 46.19 Short Transactional Y

Quick Business

quick small business loans 90 96% 54.25 Middle Transactional Y

Apply Loan

apply for small business loan 170 95% 51.4 Middle Transactional Y

Apply Loan

how to apply for a small business loan 390 95% 30.35 Long

Commercial investigation Y

Apply Loan

how to apply for a business loan 480 96% 31.39 Middle

Commercial investigation Y

Apply Loan

apply for a business loan 170 96% 38.01 Middle Transactional Y

Apply Loan

apply for business loan 170 96% 39.77 Middle Transactional Y

Apply Loan

where to apply for a small business loan 20 91% 27.49 Long

Commercial investigation Y

Quick Loans

quick small business loans 90 96% 54.25 Middle Transactional Y

Quick Loans

quick business loans 480 96% 49.55 Short Transactional Y

Quick Loans

quick business loans online 20 90% 61.79 Middle Informational Y

Interest Small

small business 320 94% 33.76 Middle Informational Y

loan interest rates

We estimated the results of our SEO activity and we expect to receive 16 transactions as a result of this activity:

N Conversion rate

Quarterly searches 72,780

Impressions 29,112 40%

CTR 582 2%

Calculator use/Registrations 262 45%

Transaction 16 6%

On-page optimization tactics

● Title tag “Small Business Loan: Fixed Rate Financing Up to $300,000” The title tag is good because it explains the service very clearly. It contains our main keyword “Small Business Loan” and convey our benefit - transparent business loan.

● Headings

The heading contains the primary keyword too. The body text provides specific numbers: the maximum amount of the borrowing as well as the lowest interest rate. It contains clear call to action - “Apply online today”, which also implies very quick application process (which is one of the benefits). This explanation satisfies the user’s investigational intent because he is able to receive important information right from the description.

● URL https://www.lendingclub.com/business/small-business-loans?utm_source=LC&utm_medium=link&utm_campaign=pl_top_nav&u=1 The URL of the landing page contains main keyword “small business loans”. But it is not optimised well and contains some symbols which do not improve the SEO process.

● Text

The page contains a lot of relevant keywords regarding the benefits, requirements and conditions of the business loan seekers. First it has a line “A good loan is fast and easy to get with transparent, affordable rates”, which contains the keywords related to the main benefits of the product: easy, affordable and fast. In the explanation of these benefits below the company should use more synonyms such as quick, convenient, online, low interest rate, etc. Then the page explains the requirement for getting a loan from Lending Club. This improves the user experience as well as the SEO. This passage contains different purposes for a loan (Expanding a business, buying inventory, working capital, purchasing equipment, refinancing) which people could look for. Though the average monthly searches for these purpose related keywords are relatively low, it still could generate additional traffic. Moreover, this passage includes more benefits, such as “no collateral” or “no appraisal”.

● Links The page contains links at the top that allow the user to jump right to the place needed, for example eligibility requirements, competitions comparison and reviews. It improves the customer experience and makes it more convenient. But it doesn’t provide some links to other pages (except reviews) so people won’t be able to find out more about the company. In case people would like to find out more about the company they won’t have the opportunity to do so and this could result in higher bounce rate and time on site. Also, Lending club could add the links to the media that talk about them. It would build trust and could improve the perceived image of the company.

● Images The website contains main header image of a business lady. It is used as a background for calculator field and gives the user the feeling of trust. He or she starts associating Lending Club with the success of his business. Moreover the web-site uses pictures to illustrate the benefits of Lending Club’s business loan. It gives the user a clear explanation of what are the benefits (Relatively cheap credit, fast speed, trustworthy organisation and support with your business). It also helps the person remember them better and share these benefits in future.

To sum it up, the page has good optimisation. The information is well structured and the content is appealing. Lending club can think of links leading to other pages on the website and the media sources that promote Lending Club’s benefits. During the research process we found out that Lending Club performs an A/B test of their landing page for business loans now. The new design suggests their new service - line of credit for companies. Also it has more flat design which is becoming the standard for the websites now. But the speed test revealed that the new site with a flat design actually has lower score than the previous one. Moreover, for both websites the mobile version has really low score in the mid-60s. Nevertheless, the user experience score for both sites is 99, which is really good.

Link-building strategies

We thought of the following web sites to partner with. Firstly, we would like to partner with https://www.score.org/ They provide mentorship and advice to small business owners. We know that we provide better interest rate than other online lending platforms due to the fact that we operate longer and has the scale which allows us to reduce costs. This could be shared on score.org to help entrepreneurs that cannot qualify for a bank loan but need financing. We believe that their audience is relative to our business and we can provide real benefit for the people, mentored by score.org. It has 340k of visitors, from which 77,76% are from the United States. Secondly, we will also place our link on http://www.kauffman.org since this is an organization that has among its goals to provide education for young people and enterpreneurs. It has 71K of annual visits and 67,2% of its viewers are from the United States. Thirdly, http://www.entrepreneur.com/ contains information relevant to entrepreneurs and its website is very active. It has 16.30M of annual visits and the 46,5% of its viewers are from the United States, which is the target that we want to address.

Paid Search

Sample ad groups and ad copy Based on our target business company and the product Lending Club provide, we focus on three main Ad groups. Since the objective of small business loan project is to increase revenue rather than build awareness of company brand, we focus on keywords that are more likely having the high conversion rate to ensure that our ad budget could make a profit. As a result, we don’t use the broad match to do the paid search campaign. The first group of keywords target the customer who wants to get a small business loan shortly. This kind of customer usually needs loans within a limited time, so they are more likely take actions after they see a fair small business loans ad. The keywords we selected for this ad group are:

● [fast small business loans] - Exact match This phrase includes keywords “fast” and our project “small business loans”. When potential customer search this, the most important need customer consider about is “I want to get the money as soon as possible.” So we decide that use this phrase as an exact match to avoid irrelevant clicks.

● +quick+small business loans - Broad match modifier It has the same meaning with our first words. According to our research in Google keyword planner, we notice that user use the word “quick” more flexible than “fast”, and they like to add another adjective such as “easy” to describe their need. So in this AdWords, we choose broad match modifier.

● +small+business loans+days - Broad match modifier “fast” is not the specific word to describe the time that our customer what. They could search in without the word “fast” but have the same needs, such as “apply for small business loans in 10 days” or “get small business loans in 7 days”. However, the different customer would like to search different limited time, so we choose the broad match modifier to track the time but not the one specific time.

● Ad copy for first ad group: We need to create an effective Ad copy for Lending Club because they don’t have ads showing

their benefit fast in Google. The problem of Lending Club ad copy is that only when users search “Lending Club” can Google show their website in high rank.

● Headline: Fast Small Business Loans Description line 1: Fast streamlined approval process Description line 2: Apply now for your loan up to $300K The second group of keywords target the customer who wants to get a small business loan in an easy way. Applying online is the most convenient way to get their loans. If our ad can show simple logical steps of applying process, we can convince our potential customer who will think less to trust our company. Then, they would be more likely to take action on our ad copy and to increase our conversion rate. The keywords we selected for this ad group are:

● +online +small +business loans - Broad match modifier We choose this phrase mainly because the customer would like to take action after they found a suitable website. Consider it as a broad match modifier is that users do not have the specific sequence for this phrase. They could search this need for “online small business loans” “small business loans online” or “small business loans online approval” that is better because this phrase shows the customer want to take action to the website, and we do not want to miss this search require.

● +easy +small +business loans - Broad match modifier Some customer wants to find an easy way to apply for their loans, but they have no clear

idea that what is the most convenient way. We can lead them through this broad match modifier to our website in case they add other stuff.

● Ad copy for second ad group: Whether searching “online small business loans” or “easy small business loans” on Google, we still cannot find the ad copy from Lending Club. It seems that Lending Club does not pay too much attention to the small business loans ad copy campaign.

● Headline: Online Small Business Loans Description Line 1: Advisor helps you get approved easily. Description Line 2: Get your loan instantly!

The third group of keywords focus on the customer who wants to get a small business loan with a low interest rate. For our target customers, they consider the low interest rate as one of the most important criteria to apply for a small business loan. So we choose low-interest rate as our ad groups to attract potential customers. The keywords we selected for this ad group are:

● “small business loans low-interest rates” - Phrase match Some customer is looking for small business loans with low-interest rates. So we choose

low-interest rate as our keyword. They could add more word such as “small business loan interest rates today”, which means user just want to search the information about the rate. It is irrelevant to our ad aim. So we choose the phrase match to narrow down our target customers.

● +small + business loans +interest rates +under - Broad match modifier Low-interest rates could be more specific for example “small business loans rate under

6%”. We could focus on this idea, but we could know the number people want, so we use broad match modifier to target our ideal customer.

● Headline: Low Rate Small Business Loans Description Line 1: Low interest rates starting at 5.9% Description Line 2: Find your low interest rate today! Based on our customer segmentation, we consider three negative matches that are: -bad credit, -no credit check, -start up. The reason is that our project only accepts company business beyond two years, and they are not allowed to have recent bankruptcies. Our potential customers required to keep at least fair personal credit. Using negative matches will narrow down our right customers and decrease our worthless spending of budgets.

5. Mobile Firstly, our company provides loans to run a business. Considering our personas, distinct businesses take loan according to their needs. Usually, loan period varies with respect to nature of a business. For example, if a small restaurant owner needs a loan to run his business, he approaches either company directly or looks into company website to get a loan. Moreover loan period given by company will be more, 2-3 years. So considering nature of business and loan period, a company can fulfill its requirement with website access to customers. On the contrary, the mobile application helps long-established customers to see their monthly, quarterly or yearly testimonies related to their account transaction.

Mobile website

Today mobile traffic exceeded desktop traffic according to search engine watch. The mobile website has many advantages over the desktop website. Mobile websites are designed to fit on smaller screens and allow users to navigate and find the information they need. Mobile websites allow to reach their customers easily where they are. Moreover, we can advertise our product and service information instantly. This is an additional platform to market our business.

Also, we can instantly post information such as offers, promotions and many more considering this platform.

Mobile ad

There are many ways in which mobile ads help businesses to function. Efficiency and real time tracking is one of the advantage of mobile ads to advertise our service. With the help of mobile advertising we can target potential customers with the help of keywords and geographic location. Also we can look for location and feedback from mobile devices. Businesses that can profit from mobile ads are banks, restaurants, retailers and many more which helps their customers to look upon geographic area.

Mobile app

Mobile applications are programmed to run on iOS or android devices. Mobile applications provide a form of advertisement which can be carried out in pockets. Moreover, internet connection is not always required, you can also provide offline access to content. However, from startups to well-established companies, use of mobile applications has become a mandatory platform to run their business to reach the target audience. When we consider our company (Lending club), it provides lenders to view the following functions:

• Adjusted Net Annualized Return

• Net Annualized Return

• Adjusted Account Value

• Account Value

• Interest Received

• Notes Not Yet Issued

• Notes Issued & Current

• Notes In Grace Period

• Notes Fully Paid

• Notes Late 16 - 30 Days

• Notes Late 31 - 120 Days

• Notes Default

• Notes Charged Off

• Available Cash

• Committed Cash

• Outstanding Principal

• Account Value

• Adjustment for Past-Due Notes

• Adjusted Account Value (Source: https://www.lendingclub.com/)

6. Traditional channels

When we consider direct mail, which is one of the traditional channels, often people think it as annoying letter and end up with throwing away without opening. Considering trade shows into the picture, it forces salespeople to travel from their region to large shows where they cannot capture their target audience in spite of spending time and money but results are not guaranteed. So traditional channels like direct mail and trade promotions do not help the company to attract the customers who are interested in business loans.