Two methods often stand out when generating small business loan leads: cold calling and email marketing. Both have strengths, but which works better for driving small business loan applications? The answer isn’t black and white—it depends on your approach, audience, and goals.
Let’s break down both strategies to understand which might be the best fit for your MCA lead generation efforts.
Cold Calling: Direct Engagement
Cold calling is still a popular way to generate small business loan leads. It opens the door to real-time discussions that email doesn’t always inspire. But before you put all our hopes in it, perhaps you should consider its strengths and limitations.
- Immediate Interaction: Talking to prospects in real-time provides instant feedback and the ability to answer any questions. This direct strategy can result in faster qualifying of small business loan applications. However, it requires skilled personnel to handle conversations effectively.
- Personal Touch: A phone conversation can build rapport faster than digital methods, potentially leading to higher conversion rates for small business loan leads. Yet, this method can be time-consuming and not scalable for larger campaigns. It’s essential to balance personalization with efficiency.
- Potential Intrusiveness: An unwelcome call can be seen as intrusive, and may terminate adversely or abruptly. This can impact your brand’s reputation and overall campaign performance. However, some challenges can be minimized with good training and scripting.
Email Marketing: Scalable Outreach
Email marketing makes it simple for you to connect with new clients in a more structured, methodical way. It’s particularly beneficial for businesses that want to help small business loan leads grow without spending too much. Of course, results depend on how well you craft and deliver your message.
- Cost-Effective: Sending emails incurs minimal costs, especially when dealing with vast volumes of lists. This makes it an excellent choice for any business looking to find small business loan leads without spending much time and money. However, the effectiveness depends on the quality of your email list and content.
- Scalability: Auto campaigns can potentially engage thousands of fresh leads at once. This scalability is convenient when promoting small business loan applications to scale. However, personalization plays a crucial role in preventing the use of general messaging that gets ignored.
- Non-Intrusive: The recipient can read and respond at leisure, minimizing inconvenience. This strategy prioritizes the prospect’s time and may lead to increased engagement. But to stand out in a crowded inbox, use engaging subject lines and valuable content.
Which One Should You Choose?
The best method is usually a combination of both. Cold calling focuses on instant conversions, whereas email marketing nurtures prospects gradually. However, there are ways to combine them effectively:
- Begin with an Email: Introduce the financing options you plan to offer and create awareness. An appropriately timed email can warm up the leads before you call. Such an approach only makes a favorable impression.
- Follow Up with a Call: Call the ones who opened or clicked your email. They’ve already expressed interest and are more likely to talk to you. This multi-step method increases conversion rates.
- Use Retargeting: If a lead does not respond, send them follow-up emails. Regular touchpoints guarantee that customers remember your proposition when the time is perfect.
There’s no one-size-fits-all answer. Only by testing both methods will you find the right balance for generating small business loan leads and increasing small business loan applications. If you want to invest in qualified leads, contact us today!