Want to know what’s REALLY going on in “The Business of Lending Money to the Masses?”
Installment loans, payday [single payment] loans, car title loans, personal loans, cash advances… call them what you like, here’s a free method you can use to find out exactly what’s happening in our industry without having to deal with the BS a vendor might feed you.
Yeah! Just walk into a local payday loan, car title, pawn shop,check casher, gold buyer store or whatever and ask the employee, “How’s business?”
Yep, it’s really that simple!
You maybe surprised at how candid these clerks and owners can be.
You can portray yourself as a customer or as a fellow business owner depending on the situation as you enter the location.
If it’s really busy in the store, just lurk! Watch! Listen! Learn!
When appropriate, approach an employee and ask open-ended questions:
~ How’s business?
~ Would you like to own a business like this? If yes, why? If not, why not?
~ What’s your biggest problem right now?
~ What’s your greatest opportunity?
~ How did you get started in the business of lending money?
Learn to ask a few questions and then just LISTEN!
Don’t interrupt or butt-in.
You’re not there to display your knowledge and virtues.
You’re there to learn; to gain insight.
What loan products and services are being offered? Anything you should add to your arsenal?
What’s the condition of the location? Is it clean and orderly?
What about signage and lighting? Any ideas YOU should implement in your lending business?
Is it what we refer to as a “No” store?
You know what I mean! Signs plastered all over the place saying”No” this and “No” that. As if management is LOOKING for any excuse NOT to do business with their customers.
Don’t forget to make it a goal to insist that not only you, but your entire team perform this task regularly and consistently.
Pay your employees to visit your competition on their turf AND and call Online money lenders for information gathering as well.
After your employees perform these “reconnaissance missions,” take them to Starbucks, sit down with them, and review their experience!
Probe. As you discuss their findings and observations, train them to get better at this in the future. Alert them TO THE FACT that this research will be a continuing part of their job in the future.
We insist each of our employees perform this task once each month. We systematically map out our competitors and schedule our employees to visit a different competitor’s location and to call the dominant Online lenders in our geo area.
It’s not uncommon for us to pay the fees for a $100 loan for our employee at a competitor. We reimburse our employee, pay for their time and make copies of all the loan documents, pamphlets, brochures, flyers, etc. that they’re given.
So… get the idea? If you want to know what’s going on in your market, JUST ASK! GET OUT THERE!
And if you’re not yet in a niche you’ve been thinking about entering, VISIT those locations that are already in the space you’re interested in. Take cash for gold buying for example. You want to learn about this niche? Hit the road! Visit 10 stores today, ask a few open-ended questions, then SHUT-UP and LISTEN!
What do you think? Let me know: Jer Trihouse
“The Business of Lending Money to the Masses!”
Installment, payday, car title, cash advances, personal loans & line-of-credit lending EXPLAINED.
Make Money by Lending Money
Jer Trihouse 702-208-6736 Cell
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