Social Media: Worth the Time for Factors?

Social Media Factorig BusinessFactors and brokers know that time is everything when it comes to factoring. In order to find and close deals, connecting and following up with a lead quickly is essential. Marketing is an important part of growing any business. That’s why factoring companies often devote a substantial amount of time to marketing, advertising and branding efforts.

Social Buzz

Social media seems to be the new hot thing when it comes to online marketing—after all, there is a huge audience available, it’s targeted, and it is about as cheap as it gets. Current marketing research from HubSpot shows that social media produces double the leads of trade shows or pay-per-click advertising. Also, companies that generate over 1,000 Facebook likes are also likely to receive 1,400 website hits daily.

B2B Social?

However, for B2B industries like factoring, the question about the efficacy of social media is raised. After all, we have a niche industry with a limited audience—and let’s face it, invoice factoring is not the most scintillating of topics! Of course we find it interesting, but don’t expect to see #factoring trending on Twitter anytime soon.

So, is social media worth the time and effort for factoring companies?

How You Use it Matters

Well, there are no fast answers to that question because the return on social investment depends entirely how you use it. According to social guru Ted Rubin, many small businesses expect too much too soon from social, and their expectations of Facebook or Twitter being a constant source of lead generation is usually off. Instead, social is more of a waiting game where “return on relationship” may take a long time. It is important to remember that B2B marketing does not actually mean one business to another—it means one living, breathing person to another. Developing real business relationships takes time in the social sphere, just like in the real world.

Profile Your Clients

The cardinal rule in marketing is to know your audience. For factors, this means having a handle on what type of content will best appeal to potential clients. Brokers should concentrate on topics that factoring professionals and other brokers want to know about and run with it. Creating conversation is great, but don’t be discouraged if it doesn’t always work—factoring is an extremely niche industry. Marketing through social media is a way to address the needs of your audience, while not coming across too “salesy.”

Factor Finders Factoring Broker Program

Takeaways

Time is precious for factors and brokers, but time spent on social media is not wasted. Unfortunately though, to see any returns you can’t go halfway. A staff member or intern should be dedicating time to researching the interests of your current and potential clients. What does your target audience want to hear about? How will they benefit from your social media efforts?

Although we do not have the same opportunity for mass appeal and engagement like B2C marketers, we have something they do not: a small, unique audience that can be catered to directly. Start researching the best social media sites for your company, because the time has come to be social.
Factor Finders Helps Factoring BrokersAbout the Author: Factor Finders specializes in finding factoring companies that can fund difficult-to-place deals. Our services help other factoring brokers capitalize on commissions that might otherwise be lost.

If you have a prospective transaction that you cannot find a funder then contact us at FactorFinders.com. We’ll find the factor for you and split commissions 50-50.