You may know that business lending is a profitable business, but lead generation is a tough quest. As an MCA provider, you may need the right MCA marketing strategy, which creates new opportunities and attracts small business owners. Also, you should have an existing pool of business funding leads to get started.
As an MCA industry leader with years of experience, we understand the unique challenges your financial institution may have. That being said, this blog post will walk you through some major factors that make lead generation tricky. Let’s get started!
Ineffective Lead Generation
It is true that an effective marketing campaign contributes to business growth. Inversely, an ineffective marketing strategy reduces the chances of lead generation and conversions. So, if you are having difficulties acquiring leads for small business loans, then this might be due to the lack of proper MCA marketing. Make sure your marketing efforts are personally customized to the needs and problems of your target customers.
Not all leads are genuinely interested in your merchant cash advance services. Unfortunately, MCA companies are often targeting the wrong leads, which are extremely difficult to convert. Here, quality leads are more likely to become your clients than other leads. So, choose quality over quantity. Don’t waste your time and money on poor/outdated leads for small business loans.
Tight Marketing Budget
Lead generation tools and technologies can balloon the overall cost of marketing. With a tight budget, you may find it difficult to use these tools and technologies. As a result, they may affect your marketing expenditure and hinder your lead generation efforts. So, be sure you have a clear marketing budget before kick-starting your business loan marketing campaign.
No Search Engine Optimization (SEO)
As a location-based business, you don’t want to attract a worldwide audience, right? Instead, you just want to boost business funding leads on a local level. This is where search engine optimization (SEO) becomes an ideal strategy for banks and credit unions. This strategy can help you optimize your website for local commercial clients who are looking for the services you offer.
Wrong Marketing Solutions
MCA companies often use different tactics to boost their lead generation efforts. Unfortunately, most of these tactics do not work the way they desire. Here are some of the most common strategies that tend to yield minimal results:
- Doubling down on failing strategies
- Following a non-human attitude
- Using outdated technology
- Trying to have everything in-house
Lead generation strategies come in digital and physical forms. They begin with solid marketing through social media, SEO, and word of mouth. With the above strategies in mind, you can avoid making the most common MCA marketing mistakes.
If you need help, reach out to us today.