11
Dec

Advertising-The Simple Methods Still Work with Payday, Car Title and Gold

Remember – the simple stuff still works! In the age of the Internet, IPads, smart phones, PPC programs like Google and Bing, text messaging, blogging, click-to-call, yada, yada, yada… the offline marketing channels still work great! This is true for both brick-n-mortar and online payday loan, cash advance, “pink-slip (car title) loans, scrap gold buyers and more.

Specifics? We have a location near a freeway off-ramp. We put up a highway billboard with a large graphic of one of our founders, a pot-of-gold and a simple call to action. After implementing the new billboard one week, we increased our weekly scrap gold purchases 30% and increased our store net revenue (on the gold side) from $4000/week to $5200/week. Scrap gold buys and revenues continue to increase! Our “out-of-pocket” costs are less than $300/month.

The point? Don’t forget the basics! Simple works!! Jer@PaydayLoanIndustryBlog.com
Leave a comment! What do you think? What’s working/not working for you?

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Comments ( 9 )
  • Cash and Check Advances says:

    My business is entirely online based, but I wonder how well posting an ad in my local paper with my web address would effect revenue. This article has given me good food for thought. I smell split test in the making! =)

    • Payday Loan Industry says:

      Michael,

      The use of ALL advertising channels- both online and offline – must be part of your game plan. We’ve previously written about using Craigslist, billboards, vehicle wraps, radio, local cable TV… What’s the life-time value of a new customer for your payday loan, car title, cash-for-gold… business? $5k? $10K? $20K? Pluse their friends, family and references?

      Online businesses really miss the boat when they fail to use every means possible to enable a new customer to do business with them! AND MOST IMPORTANTLY TODAY? Does your business look like crap on your customer’s phone? If your answer is YES, YOUR DEAD!

  • Liz Torres says:

    That’s a great idea about giving them a discount for mentioning the billboard! For car title lending since a lot of places offer an apply over the phone option you can have a 1-800 # used just for the bill board.

  • Liz Torres says:

    We were actually thinking about putting up billboards. Question for you, how did you track whether the increase in business was due to the billboards? Did you simply ask the customers that came in if they came in because they saw the billboard?

    • Payday Loan Industry says:

      Liz, yes that’s a challenge! The software provider (LMS) solution we use offers us the ability to input the marketing channel feeding the consumer to us; radio, tv, billboard, Internet, direct mail piece… I would guess this is perhaps 80% accurate with our payday loan products.

      On the scrap gold side, we’re in the process of actually designing a “bubble” for a test billboard to alert the customer we offer 10% more if they mention our “billboard discount.” This new version is not yet up so too early to tell.

      Regarding car title lending billboards, we put a bubble with a code, “123 TITLE” on the billboard. As I look at the stats, 27.6% of our closed car title loans originated from the billboard. Of course, how many times did they have to see it :o)

      Jer@TrihouseConsulting.com

  • Moses Isaac says:

    Offline methods still works very well in todays time aswell.

  • Leila says:

    WE do payday loans and scrap gold purchases. After placing a 4 color billboard ad on our main street at a freeway off-ramp, our revenue increased 26% month two and were ahead again the following month. This works!

  • Refinansiering av gjeld says:

    You know what they say. Advertising, Advertising, Advertising – no matter the cost almost

  • Samantha says:

    I found this site: http://www.businesssocialmediamarketing.com While billboards are working Social media seems to work as well. And a lot less expensive. Everybody is on the internet and when do a local search for payday loan or car title loan we come up first. Take a look.

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