Results of market research announced Thursday show that adults have three times more awareness of LendingTree Inc. than its online competitors. People also have more awareness of the Charlotte-based online lending exchange than of the nation’s top retail banks.
In a nationwide brand tracking study conducted by Boston-based Chadwick Martin Baily, LendingTree’s total brand awareness exceeded 67 percent of adults aged 18-54 and was more than 77 percent among frequent Internet users.
The survey also demonstrated the success of LendingTree’s advertising campaign, with 53 percent of the consumers surveyed having seen or heard a company ad. Its tagline, “When banks compete, you win,” was recognized by 49 percent of the consumers.
LendingTree also got high marks for customer service. More than 80 percent of the customers who closed a loan through LendingTree described themselves as “highly satisfied” with the process, and 98 percent were moderately or highly satisfied.
The results were announced at the third annual LendingTree Lender Summit. Said President and COO Tom Reddin, “This is an important distinction for LendingTree as we progress toward our mission of being the dominant lending exchange generating $100 billion in closed loans by 2006.”
LendingTree (Nasdaq: TREE) is the leading online lending exchange that connects consumers, lenders, realtors and related service providers, and offers at its site home mortgages, home equity, automobile and personal loans, debt consolidation and credit cards. The exchange is made up of more than 170 banks, lenders and brokers, and has facilitated nearly $26 billion in loans since it was founded in 1996.