Part 2: Payday, Car Title & Installment Loan Marketing Ideas
This is a short followup to our previous email/Post entitled:
Every lender is whining about how to get more customers and fund more loans.
The truth is there is no magic! To scale your loan portfolio requires you to get-off your butt, do something, test your efforts and MEASURE the results.
As a result of our previous lengthy Post on “Marketing 101 Ideas,” dozens of operators called and emailed with questions and comments.
The #1 question posed to me by storefont lenders? How do I find potential referral partners?
You may recall this idea from the Post:
“Referral programs with businesses that service our demographic and need to be made aware of how we can help the merchant make more money. I’m referring to lawyers, bail bondsman, mechanics, Aamco transmission, brake shops, tire and rim companies, other PDL/title loan stores that employ different loan criteria or don’t service the same loan areas we do, tax preparers… GET CREATIVE!”
My answer? Google it!
https://www.google.com/maps [See image bottom of this Post.]
Search for “bail bonds service los angeles 90057”
Click on each of the red icons
Enter the Company name, address, phone number, website [if they have one] etc. in a spreadsheet.
Depending on your circumstances, pick at least one day every week to do the following:
- Arm yourself with some of your company pens, pickup some donuts and GO VISIT THEM!
- Introduce yourself
- Share how your loan service can help them make more money.
- Discuss your paid referral program with them. [IE: Offer them $25, $35, $50 per funded referral.]
- Suggest they have a potential referral customer mention the Bail Bonds Company for a 10% discount on their first loan with you.
- Pick up their business card and leave; after you leave them some of your company pens and the donuts.
- Document who you met, what was said, what you promised… on a yellow pad while in your car before hitting your next bail bondsman.
- Visit as many of these potential referral parners as you can that day.
- Return to your office and enter your notes from these meetings into your spreadsheet.
Now, make certain that during EVERY inbound phone call you receive or customer walk-in, your Team asks “How did you hear about us?” [BEAT THIS INTO YOUR ENTIRE TEAM!]
Be MANIC about paying your referral partners their fees. Deliver the CASH to them IN PERSON!
Rinse and repeat… Bail bondsman, lawyers, auto repair shops…
FOLLOW-UP & PERSISTENCE will increase your income! Get organized.
This is not rocket science!
Now go make some MONEY!