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Convenience is Key to Online Brand

There are many start-ups that chose to be Internet-only companies. Some companies that were successful in establishing their online brand have become household names, (i.e., Match.com, E-LOAN, and Lending Tree) even though they do not have physical, brick-and-mortar locations. Lending Tree is a good example of quick to market and building a strong brand with the slogan “When banks compete, you win”. The brand perfectly empowers the consumer and puts them in control over the lending process. The consumer’s perception of having the control over the financing decision is very appealing to a large audience of new homebuyers and refinancers (Silverstein, 2008).

I do not think that Lending Tree would have been as successful in the crowded lending market as a physical location. The real edge they provided to consumers was convenience. The ease of access to multiple institutions was critical to their online success.

Silverstein, B. (2008, December 15). Lending tree: branching out. Retrieved from http://www.brandchannel.com/features_profile.asp?pr_id=417

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