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How To Generate Business Loan Leads

Definitive Guide to generating your own business loan leads, merchant cash advance leads, or any kind of loan leads

If you have ever asked yourself “how do I generate my own business loan leads” this guide to how to get business loan leads is going to help. This is the definitive guide to how to generate business loan leads, merchant cash advance leads, and business funding leads.

1. Pick a Target Market

One of the hardest things to do is the comment to a target market. You can’t be everything to everyone. The key to generating your own business loan leads is to create separation from the big guys like Paypal and Wells Fargo. You can do this by dominating a target market. When it comes to business loan leads the best way to choose a target market is by industry type. Examples would be coffee shops, auto detailing shops, or sawmills.

 

2. Pick the right audience

After you pick a target market, you need to make sure you can find the audience that needs business loans. You can research on Facebook, LinkedIn, and Google to find the audiences that you can market to. If you can’t find the audience then it’s not going to work, so do your research up front and avoid any headaches down the road.

 

 

3. Use the tribe methodology

This is going to be an essential mindset to have. The tribe mentality works, probably too well. You only have to look at today’s politics to understand how effective this is. People want to do business with others that are like them. An example is when a coffee shop wants to work with the coffee shop financing expert rather than a big bank. Use this to your advantage when you are picking your target market and creating the content for your business.

 

 

4. Focus on solving a problem

Most lenders like to brag about how fast they can fund a loan or how much money a business they can get can get the business. You have to be different and create separation from the rest of the lenders out there. You can do that by solving the borrower’s problems.

The truth is the business owners you talk to don’t care about you; they care about themselves. They have problems that need to be solved, and if you can give them a solution, you will win the business.

An example of a problem is getting the money for equipment so they can win a bid for a government contract, or perhaps it’s to purchase new furniture for their restaurant. Whatever the case is make no mistake about it the borrower is not going through the loan process because they think it’s fun, they are doing it because they have a problem that needs to be solved.

 

 

5. Customer focused website

We have already talked about solving a problem, and now it’s time to create the content around that concept. You simply make the website about your customer and not about you.

Many lenders brag about how they have been in the business for a long time, all of the significant accomplishments they have achieved, and all of the outlandish loans that they have done to people with only one name. How fast and how much they have done. Really it’s just bragging and promising, that no longer works.

Make your website about how you will serve the customer and how you will solve their problems. Do that, and you will have created a position in the market that separates you from all the other lenders out there with websites that focus on themselves and not the customer.

 

6. LinkedIn for free leads

Linkedin is one of the best places to make connections, and you can do it for free. If you have followed the steps before this one, you will have content and a website that is focused on solving your target markets problems.

Now you can start to build your LinkedIn profile, so it reflects your customer focused lending business. You know what problems you can solve and whom you can solve them for, right?

Search for people that fit your target audience and start to invite them to your network. Not all will except but the ones that do send a private message telling them what problem you solve and how you can help them if they ever need a business loan.

 

7. Create a CTA

Nothing good is going to happen if you don’t have a call to action.

First, what is a call to action? Its when you ask a visitor to do something or take an action. Simple, right!

Not so fast. You are going to find many people out there telling you that you need funnels and popups and fancy stuff that takes money and time. Please don’t spend much time at the beginning on all of the plugins and expensive software solutions to a simple problem, getting a visitor to give you their name, email, and phone number. You can start MailChimp and a few free plugins and accomplish what you need to achieve.

You could take it one step beyond that and ask them to schedule an appointment with you using a free Acuity Scheduling program. 

 

8. Use the bulls-eye framework

What is the bulls-eye framework? It’s straightforward, work on one or two, no more than three, marketing tactics at one time. Let’s look at an example. Let’s say you want to generate business loan leads from LinkedIn and Facebook. If you are following the bulls-eye framework that is as far as you will go with marketing tactics.

Why? Because if you focused all of your marketing efforts on a small set of tactics, you would get terrific at those tactics. If you took the opposite approach, say you advertised on Twitter, LinkedIn, Facebook, Instagram, Google PPC, and sent postcards, passed out flyers at the local chamber of commerce, and ten other things, you would be jake of all trades and a master of none.

 

9. Create a Business Page

You are going to need a business page on Facebook and LinkedIn. These two platforms are a must for small business. Facebook is a necessity because everyone is on it and many business owners will want to communicate with you through Facebook.

LinkedIn is also a must. It’s known as the social media platform for business. Some people will look you up on LinkedIn to see if you are a real person with an actual business page. Don’t let this step go undone. It’s essential for credibility and generating leads.

 

10. Market on Facebook

This is somewhat obvious, and we already talked about how everyone is on Facebook, well not everyone, but close.

This is where all the hard work you have done so far pays off. If you made sure you could find the audience on Facebook and built everything around that, then you are good to go here.

Take some time to learn the AdManager platform and start to create ads and test them out. Keep in mind it is a learning process, and it will take a little grit and determination to master the art of Facebook ads.

 

11. Use Google PPC

If you have been around a while, you already know that Google PPC is out of reach for most business lenders. The cost per click on head terms for business loans can be 50, 75, or even 100 dollars.

However, you are not like the rest of the lenders out there. You have picked a target market and are focusing on an industry. When you use a modifier the cost per click drops, a lot. What is a modifier? It’s when you take a major keyword, like business loans, and modify it to your target market. Her is an example, if your target market were used car lots, the keyword would be business loans for used car lots. “Used car lots” is the modifier, “business loans” is the head term.

When you use modifiers, it drives the cost per click down to the point where it could be very profitable to run a PPC campaign.

 

12. Create a sales script

Don’t forget to create a sales script. I know what you may be thinking, “I’ve been in sales all my life, I don’t need a script to talk to people.” If you take that approach, you will most certainly lose out on many sales.

Take some time and create a script, and then practice it. Keep track of what works and what doesn’t. Believe me; this can make all the difference in how successful you are in this business.

 

13. Track everything with GA

GA stands for Google Analytics. It’s a free program and is vital to keeping up with how your website and conversions are going. You will want to do this before you start to advertise.

If you are not accustomed to using analytics, start by keeping things simple and learn as you go.

Keep in mind that even if you never look at the numbers, someone in the future will. Not having this analytical setup and tracking could cause you headaches down the line.

 

14. Set up a CRM

Let’s be clear; you need this!

If nothing else you should have a way of storing everyone that has filled out a form on your website so you can send emails to this list. So many lenders don’t send out newsletters or keep in contact with potential borrowers that it does affect the bottom line.

An email list should be your bread and butter, a way to generate new leads from work you have done in the past. When things get slow, and they will, you will have a list of past customers and potential borrowers that you can reach out to for next to nothing that will generate interest.

 

Conclusion

If you spend some time upfront and follow these steps, you will set yourself up for success. Contrary to popular belief, the business loan space is competitive. You have to create separation and do things differently than everyone else. You can dominate your target market and create a highly successful business if you learn to generate your own leads.

In fact, we created a program that will help you accomplish setting up a system that will produce leads for you and help you bypass the learning curve.

Watch this video to learn more about generating your own leads using the eBusiness Loan Leads Growth System!

Few tips on how to work with an underwriter. 

Here is a video on the reasons business lenders fail. These will be things that you should not do!