Question

Topic: Advertising/PR

How To Generate Leads For A Cash Advance Company?

Posted by Anonymous on 8/16/2013 at 2:34 PM ET 250 Points
I am trying to generate leads with a good ROI for my cash advance business. I have tried fax broadcasting, voice broadcasting (press 1 and voicemail), pay per call, adwords, and other methods.

Although these all bring me leads, the majority of them are, quite frankly, crap. I might pay $4-5 per call, but ultimately I may go through 11-12 calls before I get a qualified, interested lead.

I offer short-term business loans for businesses. It is a HOT product, but marketing it seemed a lot simpler when I was an employee, rather than the owner.

Can someone please offer some advice or wisdom on what I can do to help myself?
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RESPONSES

  • Posted by Moriarty on 8/16/2013 at 2:51 PM Accepted
    When you say you tried adwords, what keywords were you targeting - were they expensive - and what did you learn from the responses? Were any of your click through rates over 3%? Do the names Jacobson, Marshall and Geddes say anything to you?

    How is it that when you tried what is frankly the most easily optimizable system on the planet, were you still getting crap results? Could you not have discovered the quality of these rubbish leads using some split testing to weed them out before they ever got to see a telephone? The essence of adwords (and the display network) is that you can determine who is and who is not a good lead, and how to talk to those people who *are* whilst dissuading the poor ones. Having done this you can then use it in other media knowing you've honed the wording for the best ROI already.

    Did you have an email autoresponder set up to explain precisely what you do for those who weren't really sure - or might have needed it at some later date?

    Now someone needing a short term business loan will be needing it for a reason. I don't need you to go into details - although these are fairly well established and openly quoted - only were you speaking to their need or just presenting yourself as another lender jostling in the crowd? In other words, were you speaking to them or just holding up a placard saying "buy me"?

    My point in saying these things is that you have a business for which there is a need. All you have to do is find the emotional triggers* and you'll hit paydirt.

    (*easy to say, right?)

    Over to you.
  • Posted by Jay Hamilton-Roth on 8/16/2013 at 4:39 PM Accepted
    Right now it sounds like you're firing with buckshot - you're trying to contact everyone and ask them if they want what you're selling. Instead, can you focus on those businesses, in a specific region, that need a loan? Start by looking at your recent customers - what do they have in common? Have you tried joining your local Chamber of Commerce and talking with the membership? Are you deeply aware of your competition, and can clearly articulate why you're better?
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