I recently received a piece of mail that had come to my home, offering me a small business loan. I suppose because it wasn’t sent to the Skytop Business Loans office, they simply assumed that because I was an owner of a business that I was guaranteed approved. I was very excited to read that I’d been pre-approved for my business for $180,000! As a direct funding source I just found the whole thing rather curious, but there is a little bit to be learned from this marketing approach.
I was told from an early age that every single day you are in a classroom, and you are learning what to do; and sometimes the lesson is simply what not to do. I like the idea of direct mail, regardless of what kind of service that you have if it’s small business loans, to a pizzeria Direct Mail has its place. This isn’t some sort of pitch for Direct Mail, nor am I claiming to be an expert with marketing ; the fact remains however, that that piece of mail made its way to my coffee table where it sat for a day, it’s cellophane windowed envelope showing what looked to be a check underneath. I know essentially the marketing effort worked on me, therefore I would say the lesson here is filed under “What To Do.”
There’s also a lesson here in what not to do. The most obvious being that the marketing though it was fairly creative totally lacked direction, totally lacked focus, and totally wasted their money by not making sure who they were reaching out to or qualified for their services. I hear about these situations all the time, and I am not too proud to admit that I have done the exact same thing in the past. It’s funny that back when we officially started and sent a very strong Direct Mail campaign out across the entire country I’ll never forget my first response. I actually saved the first response, perhaps all submit a photo of it if there’s any interest – it was another postcard! That’s pretty cool it was one of the first real pieces of mail we got besides lending Partners tax forms, invoices for furniture, and all the other things that go into those first few months where you’re burning through start-up Capital faster than you can imagine. This postcard was something different, it said on top and bold letters and I quote please take me off your mailing list! It goes on to request we are not interested in your services and would prefer you would put us on your do not contact list and never send another message again. They really took it home with the ending which red thank you so much! At least they were polite at the end, one they knew they weren’t looking for small business funding, lines of credit, bad credit business loan approvals, or anything that we have been known to send materials out on.
I framed the postcard I received back as a reminder of what not to do. I save that postcard as a reminder that if a marketing effort is not calculated of course it will not work. The small business climate right now is increasingly competitive regardless of what industry you are in and that is why we have to pick and choose very carefully what we’re going to do to stay ahead of the curve, and stay ahead of the competition. Skytop business loans offers the working capital to do just this. Are dedicated agents will assist you from beginning to finish in a multi-phase process ; this means we maintain ongoing relationships. We talk to our clients about their industry, we share them what we have heard what we read, we truly work together with our clients to help their business grow. If we were not so Hands-On with every single small business loan opportunity that came across our desk our renewal rate simply would not be over 85% which is a statistic that we are very proud of.
In merchant cash advance, term loans, small business loans, there are always the lessons that I learned with the postcard – there is always going to be an example of what not to do. The very simple examples of what not to do that I see from our competition every single day would be don’t pay outrageous fees on top of outrageous rates. Another example of what not to do in small business financing would be not having a reason to borrow, and borrowing anyway. An example of what to do in business funding would be to always be honest with the agent you are working with. If you have a good relationship with an agent if you can talk to them conversationally, if they take an interest in your business rather than just the deal – be honest with that individual. Positioning and creativity can come into play before a deal is declined but it does not do much good after the fact.
I would love to hear about your examples of two things what to do, and two things what not to do that you have learned either in business Lending – or more interesting to me, in your industry. Submit your facts or stories directly to us at www.Facebook.Com/skytopbusiness through direct message, and we will share the ones we like the best! In the meantime, try to practice more WHAT TO DO, rather than WHAT NOT TO DO! I know we will be.