There’s not enough innovation in our industry

The short-term lending sector has grown consistently over the past 15 years. While the bridging loan market was certainly not in its infancy when the credit crunch started in 2009, the years that followed really saw bridging come into its own, and it’s never looked back.

A casual observer might look at bridging loan market growth statistics and conclude that it must be pretty easy being a bridging lender: as long as you have money to lend, then surely you can turn a tidy profit?

The reality is very different. There are more lenders than ever, all competing for the same business. The intermediary base isn’t anything like as large as the mainstream residential mortgage market or even those serving the buy-to-let sector, and again, lenders are all fighting to get the intermediaries’ attention and their clients’ business.

Product Design

Product design is of course a key way in which providers operating within financial services typically try to differentiate themselves from the competition, but in the bridging market, there is a limit to what you can do with a short-term loan. That’s not to say that it’s impossible: at Alternative Bridging Corporation, we’re very proud of our innovative products. The Alternative Overdraft, PartX Property Finance product and Alternative Term Loan are three examples of how we’ve listened to our introducers and borrowers and designed products that suit property investors operating in today’s market.

Innovation in marketing

But in a crowded market where everyone seems to be saying the same thing, how do you distinguish yourself?

I firmly believe that a big contributor to our success alongside our outstanding service and innovative proposition lies in our marketing strategy and the pioneering approach we take to showcasing our business, people and products.

For example, Alternative Bridging was the first lender in the industry to release a short film, setting a new standard for marketing in the sector. Our ‘Dealmakers’ video pushed the boundaries and set us apart from the competition, establishing our unwavering commitment to innovation and how our people are the brand.

Of course, a top-quality video presentation comes with high production costs and it’s probably a key reason why none of our competitors have followed suit.

First to the market with new product innovation

Our PartX product has been replicated after we first went to market with such an initiative. And even straplines used in our marketing campaigns have been ‘borrowed’ in other providers’ PR missives. However, our Alternative Overdraft remains a USP in the market, with nobody able to come close to replicating this innovative drawdown facility in terms of both product and marketing.

In essence, we’re not overly concerned as it shows that what we do is having positive results. We will continue to implement innovative, fresh campaigns supported by both offline and online marketing efforts.

We fully utilise each marketing channel at our disposal and carefully craft our campaigns accordingly. Our website’s home page is our shop window: we continually monitor our site metrics and roll out enhancements to ensure a smooth user experience. Indeed, following our last major website overhaul and marketing efforts we achieved a fivefold increase in monthly traffic, consequently boosting completion conversions.

Getting results

Our ingenuity and creativity in marketing remains a continuous standout. Through the introduction of captivating mini-campaigns, we’ve showcased that innovation transcends mere product offerings; it passes through every area of our enterprise. These bursts of creativity not only distinguish us from the competition but also strike a chord with our client base and partners, solidifying our reputation as pioneers in the field.

Amidst the uncertainties of 2023, we didn’t merely survive; we flourished, boldly pushing boundaries, and redefining the benchmarks of success within our industry. These accomplishments aren’t just markers in time; they stand as testimony of our dedication to excellence and forward-thinking.

Alternative Bridging is committed to staying one step ahead, keeping our approach fresh, exciting, and engaging. In 2024, we’re geared up with fantastic plans, featuring a line-up of thrilling and captivating launches ahead.  Stay tuned for what’s in store