#1 - NARROW DOWN YOUR TARGET CUSTOMERS. Determine what clients are best for you. Who do you get along with the most? Who have you given special attention to and gotten the best results? Look for more of those!
#2 - LEARN THEIR PROCESSES, THEIR SPECIFICS. Understand the payment processes and financial ecosystems of your target market and ensure it supports YOUR own processes and goals as well.
#3 - SIMPLIFY YOUR MESSAGE! Write how you talk. Short, direct sales copy can go a long way when you want to encourage your leads to buy your offers.
"Direct marketing is an outbound sales process to get an inbound response.
You must go after both your direct clients and the referral partners who service them."
Coaching highlights from our weekly Street Smarts MBA Live call...
To me, it would make more sense for you to narrow down a few of these that you think you have an affinity for. And then find out if they actually have the problems that you can solve.
Not all of them will have the problems, otherwise you're basically targeting everything and everybody and just a website's not going to help you because nobody knows you exist yet.
Commercial printing, that's interesting printers, you can see there's a lot like there's fertilizer's as pharmaceuticals, there's soaps, soap companies.
That's kind of interesting, private, small soaps, plastics like look, there's hundreds of categories of manufacturers that’s going to be appropriate.
And it's also about understanding their sales process. When they do get in order, how long does it take them to get paid and do they want to get paid faster?
So certain industries like in printing, it's usually we do the job first and then we do the job we deliver and then the customer pays.
And so if it's taking them 60, 90 days to pay, then that you have to think, is that too high of a risk between when the customer pays normally the client versus when you guys do the lending for it.
You also have to think about their sales and payment process as well, or accounts receivable process, because if it takes too long, that can interrupt the money that you guys eventually receive.
Because you don't want to be stuck holding the bag on an invoice that should have been paid in 30 days. And now it's 120 days.
Yeah, and I don't even know if that's the fastest path to your cash either.
And so right now you have a hot real estate market. Sounds like to me, that's what I heard from a realtor client of mine. She's like super busy. And prices keep going up, so that could be a better market.
That might be easier for you to identify real estate investors and then you can craft a very simple elevator pitch but also an outreach to the people who are interested in investing in real estate.
You have different types of people to go after.
There's those who own their own building, but they need money. You start thinking about, well, who can you talk to that can become a referral partner?
Where do you get your existing business leads from?
I have five hundred leads that came with the program I in.
And so I have a database that can go out and get the leads, but I don't want to get those leads yet until I find my market.
I want to make sure that I can do my homework and get the leads that will benefit me.
Yes, that makes sense. I think so because you can do so much.
I think the first problem you want to solve is to make a decision of which type of lending you want to specialize in so you get traction and you get revenue.
What's going to be the easiest wins for you?
That would be real estate.
So if you got people who are trying to flip who, where and how would you get found?
How did you get the first ones that you got?
They found you?
OK, but you want to do is ask them, how did they find you? What did they search?
In other words, why did they pick you over anybody else, that's number one.
And number two, what did they use to search?
And when we find out what their search terms are. Then you probably could consider a low cost SEO, but maybe Google ads to find those types of people who are actually searching.
And who would be a natural referral partner for you?
A commercial real estate person. Real estate broker.
So that makes it a lot easier to find a commercial real estate broker agent than it is to find the investor.
So it seems to me for you to create a campaign to get yourself in front of as many commercial real estate agents and brokers as possible.
I think that's your faster path to cash.
And from a time management point of view, then once you've got the WHO and the messaging that you're going to test in the marketplace, then you set aside like an hour a day.
Just reaching out to that marketplace to get the 15 minute calls and you want to be disciplined about that.
The number of 15 minute calls you get will determine how many other calls of actual presentations that you get which determines your income.
This is the same for almost everybody on this call, by the way.
Same process. OK, you want to identify who is the key target and referral target.
There's two. There's the direct customer. Sometimes it's really hard to get them.
And I like to have what I call direct marketing.
Direct marketing is an outbound sales process to get an inbound response.
I'm actually identifying people directly who then I can talk to or get a response from and I can measure it.
Like if I call ten people how many 50 minute calls do I end up scheduling and how can I improve it? Maybe initially I only got one out of 10.
Well, how can I improve that. Did I target the right people and did I have the right message?
So it's a combination of those. If I can always improve my messaging.
Here is the message I'm using and this is the result I got. OK, how do we improve that result then?
Then the next step is, well, I got this many 50 minute calls, but I didn't get the next step.
By measuring this, we can improve it where it's harder and takes longer to improve SEO and improve Google ads that we’re spending money on.
This smarter process is not spending money, it’s just taking up your time, which I'm assuming you have a fair bit right now because you're just starting.
I have more time than money.
There we go, so we're going to use your time that way. Which is better than spending money on advertising that we don't know is going to work.
You're going to be invisible unless you're one of the big lenders and have a huge budget. So don't compete against them at all. Just go direct.
This method won't cost you money.
Now, the other little thing is when you are crafting your messaging and you're going to go through many iterations of don't be afraid of making mistakes, it's just a marketing test.
Here's a secret. You want to write like you talk.
Write at a grade six or grade eight level so that people understand what you're talking about.