Over the last few years, the vehicle title loan industry has experienced increasing rivalry as various new players, such as banks, have entered the market. Still, the basis of the Ngern Tidlor brand rested on inventive techniques, technology, and an imaginative entrepreneurial strategy. As a result, Ngern Tidlor can readily adjust. By implementing marketing approaches that cater to the immediate requirements of customers while simultaneously enhancing services to improve the overall customer experience, the brand can stand out and be unique among its competitors in the industry. These factors have contributed to Ngern Tidlor winning the 2023 Thailand's Most Admired Brand, resulted by a consumer choice survey in the banking and financial services category for vehicle title loans business for five consecutive years.
Bernard Tso, SVP Marketing and Business Development and Information Technology, Ngern Tid Lor Public Company Limited, or TIDLOR, discusses the key to maintaining this position as the number one admired brand: “The establishment of Ngern Tidlor brand originated from a benevolent desire to provide financial prospects to clients, especially those encountering difficulties in obtaining credit from banks. Ngern Tidlor's emphasis on innovation and IT is critical to its success. By continuously developing products and services that meet the evolving needs of customers, the brand is able to improve its offerings and maintain its position as a customer-centric company. Ultimately, this commitment to excellence is a testament to Ngern Tidlor's dedication to meeting the needs and expectations of its customers.”
Ngern Tidlor is renowned for its vehicle title loan services under the management of Ngern Tid Lor Public Company Limited. or TIDLOR. It still operates an insurance brokerage business under the brand TIDLOR Insurance Broker, which provides personal insurance advice (face-to-face marketing) through over 5,000 professional licensed insurance brokers at service points spread across 1,600 locations nationwide. Since Ngern Tid Lor Public Company Limited has two main businesses, namely Vehicle Title Loan and Insurance Brokerage, the comprehensive implementation of our portfolio management approach is crucial in building brand awareness and fostering strong customer relationships. By doing so, both businesses can achieve sustainable growth while developing products and services that promote financial opportunities and promote insurance coverage for Thai people:
“Being the first to provide various services, there were plenty of memorable milestones at Ngern Tidlor. We were the first to offer TIDLOR Card, a revolving cash card which, according to the credit limit, allowed customers to withdraw cash from over 50,000 commercial bank ATMs nationwide 24/7, with interest only charged on the amount withdrawn. No interest would be charged on the card balance, if unused. This is like giving a customer a wallet to use in case of emergency. By the end of 2022, we had issued over 490,000 cards to customers. Also, as part of the insurance brokerage business under the TIDLOR Insurance Broker brand, we were the first company to allow customers to pay insurance premiums in installments but with immediate coverage upon the first installment. As the first to launch many of these services, we observe customer needs to find fresh solutions to their problems at all times,” Bernard said.
Furthermore, it is crucial for the brand to concentrate unequivocally on delivering convenient services that facilitate customer experience. Ngern Tidlor continues to expand its network of branches, with a total of 1,628 nationwide at the end of last year. Additionally, service channels are upgraded (based on the Omni-Channel approach) for a variety of customers, both online and offline i.e. Ngern Tid Lor Facebook Fan page, official Line account @TIDLOR, and 24-hour call center, along with the continuous development of features in the Ngern Tidlor mobile application to help increase convenience for customers. Currently, the application has over one million users.
Bernard concluded: “The key factor which has driven Ngern Tidlor to succeed as the most trusted vehicle title loan brand is trust. We are a brand that cares about its employees and their families. We believe that happy employees will impart happiness to customers in the form of good service and help them solve problems. Those good feelings will return to us in the form of trust in the Ngern Tidlor brand.”
To maintain its position as the number one car title loan brand in the hearts and minds of consumers, “Ngern Tidlor implements a strong brand marketing strategy while cultivating people in the Company to provide good services to customers (mind strategy) through the application of digital technology that enables customers to access Ngern Tidlor services more conveniently. This includes launching new products that address the needs of other consumer groups in order to achieve organic growth.” Ngern Tidlor will face new challenges in 2023, including changes in consumer needs according to the economic situation and prevalent behavior related to use of digital technology. This is a great opportunity for Ngern Tidlor to innovate and leverage new technologies.
Source: BrandAge
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