The Free Toaster – Details, episodes & analysis

What is Congruence? Aligning messaging from your ad, to your landing page, to your final conversion steps creates lift in your marketing funnel, reducing your CACs and increasing your customer acquisition volumes. It sounds elementary. Yet many organizations forget to do it.

Today we dig into examples of marketing from Wells Fargo and Discover to illustrate what it means to be Congruent across your marketing funnel.

The visuals from our Newsletter will help: https://www.thefreetoaster.com/p/congruence

A word from our sponsor, Spinwheel:

Streamline your lending application pages with 2-fields.

To see a demo, click below to chat with their Head of Growth.

https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=feb

 

Subscribe to the Free Toaster Newsletter:

www.thefreetoaster.com

We chat with Kevin Bennett, a successful entrepreneur who helped grow Caribou to a billion-dollar company. Now, he's back with Further, a platform focused on helping people afford their first homes. Kevin shares important lessons for early-stage founders and gives practical advice for growing a business.

 

We Discuss:

Product vs. Distribution: Kevin explains why both product development and getting your product to customers are equally important.

Experimenting with Marketing: Kevin talks about the need to test different marketing channels and how to do it quickly.

Evaluating Marketing Channels: Kevin shares a simple framework to decide if a marketing channel is worth investing in:

Does it resonate with your audience?

Can it scale as you grow?

Are the economics (costs and returns) good?

How stable is the channel or partnership?

Speed and Cycle Time: Kevin emphasizes the need to test ideas fast and make decisions quickly.

Strategic Partnerships: Kevin talks about the value of finding strong partners who can help your business grow.

A word from our sponsor, Spinwheel:

Streamline your lending application pages with 2-fields.

If you’re anything like us, friction on application pages makes you nauseous.

It makes your CACs go up. It makes your volumes drop. It causes your CFO and CEO to say mean things.

The trouble is, application friction isn’t easy to fix. Your prod/eng is busy. We get it.

Spinwheel’s APIs streamline a lending application form with just a phone number and a birthdate - like magic (but it’s really just smart tech)! Then you get a 20-30% lift in your application rate.

Additionally, they can give you real-time, verified consumer credit data and seamless payment processing, which can help you serve customers beyond the initial application.

To see a demo, click below to connect with their Head of Growth and see this thing in action.

https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=jan

Subscribe to the Free Toaster Newsletter: www.thefreetoaster.com

 

Today, we continue to discuss the 4 levels of Operational Maturity in affiliate marketing for lenders. We’ll go deep on 301 and 401 levels and wrap up with some tactical things you can do to land at the 401 level.

 

Summary of the 4 levels:

 

𝟭𝟬𝟭 - 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗹 

We're focused on the volume of leads and the cost of acquisition. The rest of the operation looks a lot like affiliate programs in other industries. There's not much attention placed on the quality of accounts that we acquire.

 

𝟮𝟬𝟭 - 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗔𝘄𝗮𝗿𝗲

We learn that not all leads are created equal and not all lead sources are created equal. We pay more attention to what happens to a customer post-booking. 

 

How much revenue are they driving? 

What are the delinquency rates? 

What are the loss rates? 

 

We start to think about the relationship between LTV and cost of acquisition.

 

𝟯𝟬𝟭 - 𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗹𝗼𝗼𝗽 𝗮𝘄𝗮𝗿𝗲

We learn that when we make a change to our business, the affiliate reacts in a certain way, and that in turn has a knock-on effect on our business. We also start to overanalyze why volumes dropped and why applicant quality is changing. We often get distracted by a lot of these questions as there are often no actions we can take as a result of our curiosity.

 

𝟰𝟬𝟭 - 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗙𝗶𝗿𝘀𝘁

We learn that our success relies on delivering exceptional products and exceptional buying experiences for our affiliates' customers. Under this frame, we recognize that each affiliate's a little different. They all have different buying experiences, data assets, customer types, and integration capabilities. We try to reverse engineer our business to best fit each partner. We notice that we were overanalyzing the volatility in our programs, and conclude that our investigations were often unproductive.

 

Timestamps:

(00:00) 301 Intro

(04:20) 301 Strategy

(15:55) 301 Challenges and realities

(18:43) Recap of 101-301

(21:48) 401 Deep dive - becoming leaders

(30:48) Model alignment

(41:48) Wrap up

 

Where to find Carlos:

• LinkedIn
• Twitter/X

 

References:

A written summary of the 4 levels of Operational Maturity: https://www.linkedin.com/posts/the-carlos-caro_operational-maturity-affiliates-activity-7204481122464907264-f_hC

 

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

Today, we introduce the 4 levels of Operational Maturity in affiliate marketing for lenders. We’ll go deep on 101 and 201 levels. The 301 and 401 levels will be covered in our next episode.

 

Summary of the 4 levels:

 

𝟭𝟬𝟭 - 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗹 

We're focused on the volume of leads and the cost of acquisition. The rest of the operation looks a lot like affiliate programs in other industries. There's not much attention placed on the quality of accounts that we acquire.

 

𝟮𝟬𝟭 - 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗔𝘄𝗮𝗿𝗲

We learn that not all leads are created equal and not all lead sources are created equal. We pay more attention to what happens to a customer post-booking. 

 

How much revenue are they driving? 

What are the delinquency rates? 

What are the loss rates? 

 

We start to think about the relationship between LTV and cost of acquisition.

 

𝟯𝟬𝟭 - 𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗹𝗼𝗼𝗽 𝗮𝘄𝗮𝗿𝗲

We learn that when we make a change to our business, the affiliate reacts in a certain way, and that in turn has a knock-on effect on our business. We also start to overanalyze why volumes dropped and why applicant quality is changing. We often get distracted by a lot of these questions as there are often no actions we can take as a result of our curiosity.

 

𝟰𝟬𝟭 - 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗙𝗶𝗿𝘀𝘁

We learn that our success relies on delivering exceptional products and exceptional buying experiences for our affiliates' customers. Under this frame, we recognize that each affiliate's a little different. They all have different buying experiences, data assets, customer types, and integration capabilities. We try to reverse engineer our business to best fit each partner. We notice that we were overanalyzing the volatility in our programs, and conclude that our investigations were often unproductive.

 

Timestamps:

(00:00) Why maturity matters

(04:36) The 4 levels

(10:18) 101 deep dive

(17:56) 201 deep dive

(26:15) Wrap up and next steps

 

Where to find Carlos:

• LinkedIn
• Twitter/X

 

References:

A written summary of the 4 levels of Operational Maturity: https://www.linkedin.com/posts/the-carlos-caro_operational-maturity-affiliates-activity-7204481122464907264-f_hC

 

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

Episode 005: Today, we discuss the marketing levers lenders have at their disposal to improve the performance of their affiliate marketing campaigns.

 

We’ll discuss levers in the following categories:

• Eligibility
• Impressions/placements
• Click-through rate
• Application rate
• Approval rate
• Funding rate
• CPA/Payouts

 

Timestamps:

(00:54) Recapping previous episodes (01:50) A big misconception (03:02) Key levers (09:30) CTR (18:37) Application rate (21:35) Approval rate (27:09) Funding rate (29:49) CPAs / payouts (31:43) Conclusion and final thoughts

 

Where to find Carlos:

• LinkedIn
• Twitter/X

 

References:

Click-through rates by ad rank/placement on Google: https://firstpagesage.com/reports/google-click-through-rates-ctrs-by-ranking-position/

Outline of levers discussed in the show

https://medium.com/@newmarketgrowth/your-affiliate-marketing-levers-9f98092ab37b

 

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

Episode 004: Today, we tackle two simple, but important questions. The first: “What affiliates should I partner with?” And the second, “Where should I host my targeting model?”

 

We cover:

• How to build a list of potential affiliate partners
• Why “getting in” isn’t an easy as you think
• How to build a pitch for potential partners
• Where to host your targeting model
• Guiding principles for targeting model development

 

Timestamps:

(00:43) Outline of today's episode

(04:25) Building a list of potential partners

(09:25) Why getting into publishers isn't easy

(14:15) Crafting your pitch 18:18 Hosting your targeting model

(18:18) Hosting Your Targeting Model

(22:20) Targeting model platforms

(36:56) Guiding principles

(41:45) Wrap up / final thoughts

 

Where to find Carlos:

• LinkedIn
• Twitter/X

 

References:

Credit Karma Lightbox

https://www.creditkarma.com/about/commentary/credit-karma-welcomes-team-bitmatica

Monevo

https://www.monevo.com/us

Eagle Data

https://www.eagledata.biz/

https://medium.com/@carlos.ny/a-chat-with-travis-broad-ceo-at-eagle-data-a6409c6683a7

MoneyLion

https://www.insidermonkey.com/blog/moneylion-inc-nyseml-q1-2024-earnings-call-transcript-1299056/

 

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

Episode 003: Today, we tackle a big, foundational question. “Why should I bother promoting my lending products in affiliate channels?”

 

We cover:

• Size of publicly traded affiliate networks
• How many consumer loans are opened per year on affiliate networks
• Why your CMO, CPO, CRO, and CFO should care
• A 60-second elevator pitch for your CEO

Timestamps:

(00:43) Why Invest in Affiliate Marketing? (01:22) Affiliate Channel Scale From Public Filings (05:08) What % Of Acquisition Volume Comes From Affiliates? (06:14) Convincing Your Org to Invest in Affiliate Marketing (08:01) Benefits for Different Departments (13:06) Selling into your CPO or Strategy Head (14:44) Selling into your CRO (16:42) Selling into your CFO (18:15) Building Exceptional Buying Experiences (20:42) Conclusion and Summary Pitch

 

Where to find Carlos:

• LinkedIn
• Twitter/X

References (affiliate marketplace public filings):

 

Credit Karma

https://investors.intuit.com/_assets/_719de469f18090d69a0faddc62c8f705/intuit/news/2024-05-23_Intuit_Reports_Strong_Third_Quarter_Results_and_1188.pdf

Experian

https://www.experianplc.com/content/dam/marketing/global/plc/en/assets/documents/results-and-presentations/2024/experian-roadshow-jan-to-mar-2024.pdf

NerdWallet

https://investors.nerdwallet.com/news-releases/news-release-details/nerdwallet-reports-first-quarter-2024-results

Lending Tree

https://investors.lendingtree.com/static-files/6091a1b9-f0c2-4d4e-b6c0-990085edb7a5

QuinStreet

https://investor.quinstreet.com/static-files/726eb814-7f4e-47ee-9d01-5a200817a027

MoneyLion

https://investors.moneylion.com/news/detail/122/moneylion-announces-first-quarter-2024-results

 

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

 

Episode 002: In this episode, we describe affiliate marketing for lenders with tangible examples. From there, we talk through the dynamics of the affiliate game and how affiliate partnerships are structured. This provides a baseline 101 for anyone unfamiliar with the topic, and a recap for those who are more familiar with this space.

 

Additionally, we discuss:

• What mindset to bring to the game
• Our super-lever: approval rate
• Notes for performance marketers new to affiliates

Timestamps:

(00:00) Introduction   (01:04) Exploring Affiliate Coverage In Google Results (03:15) Behind the Scenes of Affiliate Marketing (05:49) Affiliate Deal Structures and Dynamics (10:40) Optimizing Conversion Rates (17:09) Our Super-Lever: Approval Rate (24:00) Cautions for Performance Marketers (26:55) Recap and Final Thoughts

 

Where to find Carlos:

• LinkedIn
• Twitter/X

Find Us:

Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions you'd like me to address in a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

What we learned about brand marketing from New Balance's turnaround.

 

TL;DR - For 15 years, New Balance watched its revenues decline. Consumers saw its sneakers as “dad shoes”—safe, comfortable, but uncool. Traditional direct-response marketing wasn’t reversing the trend. In April 2020, a new CMO, Chris Davis, arrived with a bold idea: flip the marketing mix from a 70% reliance on direct-response ads to a brand-led approach. It was a big gamble that took nearly 19 months to pay off, but when it did, New Balance emerged as a revitalized global brand.

 

Written version: https://www.thefreetoaster.com/p/how-new-balance-s-cmo-turned-around-a-15-year-decline

 

About Us:

The Free Toaster is a newsletter for at the intersection of marketing, lending, and fintech. We deliver news, data, and insights (like today's episode) to help you acquire more customers. Sign up to get it shipped weekly to your inbox.

 

www.thefreetoaster.com

 

This show is produced by Ghostmode.co, a media production studio for B2B Newsletters & Podcasts. To discuss how we can help with your show, contact us at nick@ghostmode.co. 

We sit with Tomas Campos, CEO at Spinwheel. Spinwheel’s product caught my attention because affiliate marketers could use their product to reduce the friction in their application processes. 

 

Timestamps:

(00:00) Meet Tomas Campos, CEO of Spinwheel  (02:30) Ideal customers and use cases (06:30) Success metrics (12:35) Challenges building the business (15:37) Partnering with lenders (22:41) Uplift from pre-filling application forms (28:12) What holds lenders back from buying (34:10) The NerdWallet integration (36:05) Other challenges lenders have (46:52) Bank account verification (47:10) Wrap up

 

Where to find Carlos:

• LinkedIn
• Twitter/X

 

Where to find Tomas:

• LinkedIn

 

Find Us:

Don't forget to subscribe and review our show. If you’re interested in being a guest, email me at carlos@newmarketgrowth.com.