Category: Payday Loan Marketing

16
Mar

Time to Use the Power of Text in Marketing and Collections for Payday Loan, Car Title…

It’s time to use the Power of Text in Marketing and Collections for Payday Loan, Car Title, Check Cashers, Pawn & More

Here is the how and why Text Messaging can help your Collection efforts INCREASE up to 25% or more and your payment defaults DECREASE by about 40%, as well as generate new leads and create repeat customers.

Our payday loan customers are inundated with “noise” from competitors and others screaming at them for their attention. Print, radio, TV, email, direct mail, billboards, phone calls, magazines… on and on and on. Every company in the micro-lending space is focused on our customer.

Now, it’s “Text Messaging” referred to as SMS. The explosion of cell phone use has brought the newest marketing and collection channel to us.

Personal cell phone use has become essential to virtually EVERYONE. All of us rely on our mobile device!

Mobile text messaging can connect you to your customer. Mobile text messaging offers a powerful alternative to all the other marketing strategies.

Those of us in the micro-lending space, that includes payday loans, car title lending, scrap gold buying, check cashing, rapid tax refunds, etc., must enter this mobile marketing and mobile collecting arena to communicate with our customers immediately.

The heaviest users of SMS are ages 18-34 at 80% and 35 -49 at 63%. Those are our demographics! 97% of all text messages are read!

So, what’s this all mean to us? INSTANT COMMUNICATION! SMS dwarfs all other features on a cell phone today!!

Reach your customer anytime and anywhere, with the Power of Text.

Why is Text Messaging SMS so successful?
More than 265 MILLION Mobile Phone Users
Easy to use
Available on 99% of all cell phones
Cheap
Instantaneous
Everyone has a phone
Direct link to your customer
Able to launch a web page
Specifically target messages to your customer
Messages to your customer are permission based; CAN-SPAM Compliant
Your customer can act on your message instantly
Present your customer with a coupon
Remind them of a payment due
Contest announcements
Announcements of sales, promotions and events

Additionally…

Text messaging is personal
Cell phone users keep their phones with them ALL THE TIME
90% of Text Messages are read within 8 MINUTES!
Bulk SMS is economical and you can send thousands of text messages to consumers at wholesale rates
One SMS message can be created and sent to a large group of customers
Tracking of SMS delivery and customer response is simple

It’s not uncommon to improve your collection efforts 25% or more by using SMS

A 40% increase in “on-time” payments is possible by using SMS to notify customers of their upcoming payments and appointments.

Transparent integration with your software is easy or you can use a web-based gateway.

Are you ready for more info to learn how you can get instantaneous communication with your customer AND increase your collection results?

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04
Mar

Payday Loans Video Advertising and Youtube

As video becomes more and more pervasive, payday loan companies are figuring out how to use the Internet to get their messages in front of consumers. Receiving fair treatment from the media is virtually an impossibility for the payday loan industry. The bias exhibited by newspaper and television reporters is so blatant it sickens me! Thus, every opportunity and method of getting our message out must be explored and utilized. This includes Youtube, Facebook, Twitter, MySpace…

Here is an example of some video work by Check-n-Go:

There are many free methods of advertising your payday loan web site or your brick-n-mortar. YouTube.com is just one. Craigslist.com is another. And as mentioned earlier, Youtube, Facebook, Twitter, MySpace… and new ones entering the marketplace everyday are great ways to get in front of your consumers.

When planning to use video, simplicity is the key to success. I suggest you start with the a simple, inexpensive stand with a remote for your smart phone like this one:. It’s EXTREMELY simple, it offers great quality, it comes with super, easy to use, built-in software enabling you to upload your video to Youtube in minutes WITHOUT the need to read an owners manual! Here’s a link:
I bought mine at Amazon with free shipping and we were using it within just minutes of it’s arrival!

Keep in mind, not only can you create video of your customers but you can focus on your location, your employees, maps, your products, your services… You’re only limit is your creativity.

Finally, if you’re not really into this new media, tap the talents and hobbies of your children, your employees, your spouse… We’re experimenting with having our customers submit videos for a $500 prize! The best one will be posted on YouTube. We’ll run the contest for several months and hopefully receive 1000’s of views and some notoriety.

So… what do you think? Can this strategy make you some money? Let us know your results!

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