On May 14, 2018, Tom Gricka and John Lynch of Babylon Solutions attended Broker Fair. Broker Fair, presented by debanked, is a gathering of MCA and business loan brokers, funders and service providers. At the event, attendees are able to share knowledge, listen to speakers, network, and inspire each other.
Tom Gricka, the founder and president of Babylon Solutions (a marketing and technology company with over 10 years of experience in the alternative lending and merchant services space) was one of the presenters at Broker Fair. He shared his tips on overlooked marketing strategies in the alternative lending space.
Here is a summary of his presentation:
Diversification
- No more than 1/3 of leads should be coming from a single source
- If your budget is greater than $10k per month, you should have at least 2 sources
- Average test budget is $5k
Drip Marketing
- Differentiate your messages
- Don’t just pitch capital
- Test your subject lines
- Open rates can vary from 5% to 30%
- Have multiple Calls to Action
- Take a multi-faceted approach
- Incorporate social media and calls
Customization
- Don’t just use a single landing page
- Customization can lead to double digit increases in conversion rates
- Social media imagery should align with targets
- SEM ads should always include a variation of the keyword in the headline and/or first line
- Targeted direct mail should be customized to the specific industry when applicable
Communication
- Marketing and Sales traditionally have an antagonistic relationship
- Sales needs to know where leads are coming from
- Live vs Aged data must be treated differently
- Sales must understand if there is and how much competition exists per lead
- Sales must understand if leads are coming in from a brand other than their own
- Marketing can learn from the intangible data that the sales team experiences
- Disposition of leads must always be entered CRM
- Marketing must know the hurdles experienced during the sales pitch
If you would like to learn more about the strategies and concepts in this presentation or how Babylon Solutions can help you with your marketing and technological efforts than please contact us at info@babylonsolutions.com.