As the various forms of social media become more and more important to business success, auto lenders are going to be forced to come up with new ways to compete. One of these may be the paid tweet.
The paid tweet is already being used by at least some businesses. Kim Kardashian makes a good bit of waxing-money through her tweets by charging up to $10,000 per tweet when she is endorsing a service or product. When one remembers that millions of people follow her tweets, this is not necessarily money wasted.
How about subprime auto loan lenders? How can they incentivize people to tweet about their rates and terms? Well, the average consumer could be enticed to share the good word about a particular lender through the offering of lower interest rates, skipped payments, cash back and discounts on future services.
Of course, the tweet of someone with five followers is not worth much, so lenders will have to work out the incentive schedule along with some way to measure the effectiveness of these newer forms of marketing plans. However, there is no denying that for many businesses social media will become a staple of future advertisement campaigns.