This brings up an interesting question in the merchant cash advance community – how valuable is social media?
At first glance, you’d have to say that social media is important for all businesses.
Is it really a viable way to find companies that may be looking for capital, or not?
The answer is both ‘yes’ and ‘no’, and here’s why:
Something to Ask – Are Your Competitors Using Social Media?
In a nutshell, the answer to whether or not to use social media to generate leads for your merchant cash advance business is, ‘yes, do it.’
This reply is based mainly on your competitors.
If your competitors are using social media to gain leads then you should use it too for keeping up with the competition.
If your MCA rivals aren’t using Twitter and Facebook, it presents a great platform to get a leg up on them.
Social media is networking and for the merchant cash advance industry, it’s gravely important because most companies have their respective social media accounts.
Even if you’re just at first reaching out to a social media coordinator, it’s a way to get in touch. Contacts or ‘impressions’ are huge in the sales game.
Here’s a detailed guide on how to generate MCA leads through Facebook ads.
Even just ‘liking’ a business page creates the early stages of a rapport. This relationship has huge pay-offs attached – either for this company or a network.
Social Media is ‘Free’!
Another reason that you should be taking advantage of social media in your MCA lead generation is that it’s a free resource.
The ability to reach out to thousands of potential customers would cost hundreds of dollars in print or other advertising.
- Some merchant cash advance companies struggle with adding overhead to their business.
- You can choose to hire a social media director which will cost money, but otherwise, there is no reason not to take advantage of this free resource.
A potential merchant cash advance client might not always log in to Facebook or Twitter for lenders, but it's good to maintain a presence there; moreover, social media marketing is free.
In the case of social media, however, the only investment is time.
Having Social Media Creates an Online Presence
We've stated before that it doesn't hurt to have a social media presence mostly because it doesn't cost you anything.
That being said, on the flip side, it might hurt you to not be active.
When you get in touch with a contact from lead generation, they're going to do their research to make sure you're a legitimate business.
- Social media offers much more than just an opportunity to 'get in touch' with potential merchant cash advance customers.
- Satisfied customers can leave positive reviews on your social media and potential clients can view them.
- Merchants can do their own research and make their decision to lend from you without even personal contact.
They'll look at online reviews, web pages, and of course social media activity.
If there is no indication of a Twitter or Facebook presence it might raise some red flags for a potential borrower; therefore, also serving as a real-time review portal.
In this regard, social media can serve almost as a passive income generator.
Social Media Expands Your MCA Lead Generation Reach
In the pursuit of MCA lead generation, it's all about expanding your reach.
This involves web pages, inbound and outbound marketing, e-books, and basically any type of marketing that can put you in touch with merchants.
Obviously social media would also be included in that campaign strategy.
Any potential customers gained from a social media presence are essentially a bonus.
- It's important to think of your social media accounts as part of your overall marketing strategy.
- When you consider the fact that creating a Twitter or Facebook page is free, the return on investment is incredible!
- Traditionally approaches such as e-mail marketing have led to a better conversion rate than social media.
You might not be able to attract customers strictly from Facebook or Twitter, but an email contact may look you up for judging your credibility factors.
Any Reason for Not Being Active on Social Media?
Our customers rely on us due to our consistency as well as the commitment we have always maintained throughout.
Our leads are verified and vetted and lead to a higher percentage of conversions than our customers.
It's the quality of our MCA lead generation that has led to many customers relying less on their social media accounts.
To Wrap it Up:
One thing that we always recommend is to at least try and create a social media presence. Having a Facebook or even a Twitter page gives legitimacy to your MCA lending business. The last thing you want is a competitor creating social media in your name trying to slander your company.
It sounds crazy, but it happens. Feel free to give us a call for more information on how to integrate social media into your MCA lending business.
