Over the last several years it seems that competition among factoring companies has increased dramatically. The supply and demand between invoice factoring companies and qualified prospects has tipped to the point where too many funders are chasing too few deals. Just look around at some of the social media boards where a broker posts a potential lead and ten different factoring companies respond to it. Economics 101 teaches us that a perfectly competitive market structure is one where there are many buyers and sellers, homogeneous products and relatively free entry and exit in the marketplace. I will be the first to go on record to say that I believe that competition is the cornerstone of our economy which makes us the great … [Read more...]
Archives for July 2014
Factoring Leads: Shifting from Marketing to Sales
Marketing is the key to generate leads, identify future prospects and convince others of the value of working with you. It follows that most articles on marketing focus firmly on getting the most benefit from your marketing methods – should you purchase pay-per-click ads? How should you incorporate social media? Do email blasts really work? However, once your marketing is successful – as measured by a prospect reaching out by phone or contact form – how do you transition from marketing to sales? Sales strategies vary greatly between different companies, between prospects working with the same company, and even at times in working with a single prospect. With that in mind, below are several questions (and a few suggestions) to consider … [Read more...]
10 Ways To Start Marketing A Factoring Business Online
You know you need to start marketing your factoring business online but where do you start? The time, cost, and sheer volume of information can be overwhelming – paralyzing even! Don’t despair, here’s your... Ten Step Online Marketing Plan for Factoring Companies Step 1 - Build A Factoring Business Website In the U.S. alone there are over 250 million people or 80% of the population using the Internet (Source: Internet Live Stats) and the first place they go to check something out is an online search. In 2014, websites are the new storefronts! The good news is a website is much cheaper than retail or office space, with great web design options available for under $500. And let's not forget mobile users! A website should be … [Read more...]