The payday loan business has benefited many, from the lenders to the consumers. Starting your own payday loan business can be difficult when there are thousands of similar businesses in the market. You will have to beat the competition in order to get some customers and rate higher. The best marketing strategies will help you gain the attention of the consumers in this market. You will need to target low income individual who are in constant need of financial aid. If some loan settlement services are available in the area, it can be great to help those consumers who have fallen into a debt cycle.
Here are some innovative marketing ideas that will help make your business more credible, expand it and generate more revenue
Find the best location
For a loan business like this, the best location could be the key to a prosperous business and marketing strategy. Setting up your store in commercial centres near other financial businesses like banks and bill payments could be the market exposure you are looking for. These areas are common for people involving themselves in financial transactions. Locations that are near shopping centres, power companies, banks and employment facilities should be perfect to se t up your business.
Create a business network
A business network is one of the most useful marketing tools when it comes to financial and business dealings. You should form a strong business network with investments companies and companies with client who could potentially be payday loan service customers. Special offers like points and free purchases will help you bring more customers to the business. Your affiliates can help you distribute some brochures or fliers about your services to their customers and people from the targeted locations.
Have multiple services
Since you already have one financial business, why not incorporate others? You can offer more than one financial service for your customers. For instance, you could have a payday loan service, money writing and bill payment services all under one roof. Each business will market itself and the others while also providing you with endless revenues for your business. Other financial services you could add to your business include; credit counselling services and financial literally services.
Take advantage of direct marketing
One of the most convenient and cost effective way to advertise your payday loan services is through direct marketing. You can print posters, fliers and business cards that you can put up or hand out to potential customers in your target location. Ensure you include your contacts, location and service description on those printed advertisements. Assemble and pay a team of individuals to put up the advertisement posters in the area.
Millions of people have access to the internet or at least own a social media account; you can use this to your advantage. If you own some social media accounts with a huge following you won’t need to pay for your advertisements. If you do not you can pay for pop up advertisement where potential customers get a pop up every time they sign into their social media account.