LendingTree's "When Banks Compete, You Win" Campaign Launched
28 February 2000
LendingTree's "When Banks Compete, You Win" Campaign Launched by Mullen Agency
CHARLOTTE, N.C.--Feb. 28, 2000--LendingTree, Inc. recently introduced its first advertising campaign with the unique brand positioning - "When Banks Compete, You Win." The advertising idea of "turning the tables" on the traditional loan process is a result of extensive market research, brand exploration and creative development, conducted by LendingTree and the Mullen Agency.LendingTree, the Internet-based loan marketplace for consumers and lenders, enables the consumer to apply for mortgages, home equity loans, car loans, personal loans, and credit cards by filling out one simple form online at the LendingTree Web site (www.lendingtree.com). Within 24 hours, qualified applicants receive up to four competitive loan offers and choose the one that is best for them.
"Unlike a lot of other dot com advertising, our campaign is based on extensive due diligence in consumer research and brand development," said Tom Reddin, chief marketing officer of LendingTree. "This platform provides us with the key messages necessary to communicate LendingTree's core benefit and focuses on both the functional and emotional benefits experienced by a consumer when the "tables are turned" and they become empowered in the lending process."
"It became very clear during our brand exploration that potential consumers really connected with the idea of controlling the lending process," said Chief Creative Officer Edward Boches. "With such strong consumer evidence, we focused on the concept of role reversal and developed creative scenarios that directly addressed the feeling of being in control when seeking a loan."
Our extensive research showed that the LendingTree advertising campaign resonated with consumers across every income bracket and loan scenario," added Boches.
LendingTree Redefines Lending
In order to emphasize LendingTree's revolutionary concept, various lending scenarios are presented with the consumer ultimately driving the process.
"While the various scenarios may appear extreme, we executed them realistically, and in fact, consumer interviews revealed that the scenarios are totally believable, " said Boches. "We reveal the bankers paying a house call to the consumer. Bankers wait in line for the consumer. The loan officer faces impending rejection."
One TV spot shows an applicant pleading with a loan officer for a lower interest rate. It evolves into the applicant hoping that the officer will do a little bit better in order to avoid the rejection she'll have to impose on him.
In another spot, bankers wait solemnly in the hallway outside a family kitchen as the homeowners call in one lender at a time only to scoff at their offers.
In a third spot, yet to be aired, bankers rehearse their "this is my final offer," lines at the bottom of the stairs before being summoned to an upstairs den where they have to endure everything from mispronounced names to nerf darts being fired at them by the kids."
The print and outdoor executions adhere to the "When Banks Compete, You Win" campaign platform. Headlines include:
| - | "Lenders competing to win your business?. . .It's so crazy it just might work." |
| - | 100 Lenders competing for your business. . .Well aren't we Mr. Popular." |
| - | "Banks fighting to lend you money. . . You Go Girlfriend." |
On Media
Broadcast media for the $40 million launch includes placement on cable, spot TV and network radio. The print placement includes full-page ads in the New York Times, Wall Street Journal and USA Today, as well as local newspapers and outdoor advertising.
About LendingTree, Inc.
LendingTree is the Internet-based loan marketplace for consumers and lenders. LendingTree collects consumer credit requests and compares those requests and related credit information to the underwriting criteria of more than 100 participating lenders in the LendingTree network. Consumers can receive multiple offers in response to a single loan request within hours and then compare, review and accept the loan offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at reduced acquisition costs. The LendingTree marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards and personal loans. For more information, please go to www.lendingtree.com or call 704-541-5351.
About Mullen
Mullen, based in Wenham, MA, is a $340 million, full-service agency with a reputation for creating, building and repositioning brands offline and online. The agency employs an interdisciplinary brand team approach, offering clients a range of services, including advertising, direct marketing, interactive services, and public relations. Mullen's client portfolio includes LendingTree, Inc., L.L. Bean, General Motors, Monster.com, Oxygen Media, Nextel Communications, Swiss Army Brands, The Stanley Works, Money Magazine, NorthernLight.com, Dexter Shoe Company, and Agfa-Gevaert. For more information on Mullen, contact www.mullen.com.
This press release may contain forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. For a detailed discussion of these cautionary statements, risk factors and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission