How to Generate Business Loan Leads?
Here are 7 Marketing Methods which can help ISOs to Generate Business Loan Leads
Generating Leads is the most challenging part of any Business whether it is Leads for Restaurants or even Business Loan Leads. But to bring customers to a restaurant is a thousand times easier than bringing Merchants to an Alternative Lending Company. As most of the ISOs or Alternative Lending Companies run their Operations online, clients those who need a Business Loan are required to find the best Private Lending Company Online which will fit his needs. But because of the highly competitive market, it’s quite impossible to for 70% of the private lending companies to be visible on Top of Google or any other search engine online.
So, how do they get their service visible to the Merchants looking for Loans? How do they find the Business Loan Leads for their Alternative Lending Companies or ISOs?
Here are some tips to help you find the best ways or methods to generate Business Loan Leads–
1. Identify Your Target Market-
As this is a huge industry and the target market is massive, its a must to limit the target audience to Generate Top Quality Business Loan Leads. Its always better to start with one niche loan service for a Small ISO. You will have to decide whether you want to stick to Traditional Merchant Cash Advance or any other type of term loans. Traditional Merchant Cash Advance is better for startup ISOs to make instant ROI as it pays better. Though comparing with term loans it’s a bit tough to get Merchant Cash Advance Leads but as it pays good, it should be the first priority for any new ISO. For term loans, as these are flexible loan programs with long term payback with the better interest rate, this is what most of the Merchants look for. But the approval rate for term loans is way too lower than Merchant Cash Advance.
2. Find the Best Marketing Method-
There are a couple of types of Marketing Methods available for generating Business Loan Leads-
How do they work?
- Google Adwords:
Google Adwords is one of the most popular Leads Generating Methods. But to generate Business Loan Leads, Google Adwords is a bit competitive and expensive.
These pictures show the monthly search volume on certain keywords, Cost Per Click and Competition out of 1 where 1 is extremely competitive and 0 is no competition.
- Search Engine Optimization:
Search Engine Optimization (SEO) would be the most effective and long term marketing method if the competition was less. SEO helps you to bring your Landing Pages or Websites on the top or first page of google. As a result, if somebody searches with certain keywords they will see your website or landing pages on top. But with this competitive market, it’s quite impossible to stay on the first page on google on Business Loan related keywords. The first page is already occupied by industry leaders.
- Social Media Marketing:
Social Media Marketing includes marketing through Facebook, Instagram, LinkedIn, Reddit, Twitter, Pinterest, etc. SMM generates effective results to generate Business Loan Leads. Though its a bit costly but it works a lot better than SEO and Google Adwords. It also has a competition issue but it still is not that competitive yet.
- Email Marketing:
Email Marketing is one of the best & cost-effective marketing methods. But to get great ROI of it, you need to find the best email list and email marketing tools. A great email marketing script can help you generate a lot of Business Loan Leads. It requires less hassle and less investment. But you definitely need a professional to build you a great email marketing campaign.
- Ringless Voicemail:
Ringless voicemail, also called a voicemail drop, is a method in which a pre-recorded audio message is placed in a voicemail inbox without the associated telephone ringing first. This practice is commonly associated with spamming and debt collection services. (Ref.: Wikipedia)
- Press 1 Campaign:
Press 1 Campaign is also known as Voice Broadcasting. It broadcasts a pre-recorded message including an Interactive Voice Response (IVR). Ex. It broadcast a message saying, “This is Brandon from ABC Capital. If you are looking for working capital for your business, press 1. Or else press 2 to put your number on DNC list”. As soon as someone press 1, it connects to your phone or your live agent.
- Cold Calling & Telemarketing:
Out of all these Marketing Methods, Telemarketing or Cold Calling is the most cost-effective and popular lead generation method to generate Business Loan Leads. BLLeads.com has a team of highly experienced Telemarketers those who are doing lead generation for business loans for years. They have been cold calling US-based Merchants and seeking for their interest in Business Loans. If they show their interest in Business Loans, they go ahead and qualify the merchants for the type of business loan which will fit his business. Once a merchant is qualified, the Caller or Telemarketer Transfer or Schedule a Call Back for the closer with their proper consent. BL Leads only charges for Qualified Live Transfers, which means you are not going to pay any single penny for any bad lead which doesn’t qualify. That’s how Cold Calling & Telemarketing has become the most cost-effective Business Loan Leads Generations Method.