Being in the B2B finance industry, sometimes marketing ideas can feel limited. However, social media allows you to market to an audience creatively. With social media and mobile users increasing each year across all industries, it’s important for B2B companies, particularly those in the factoring world, to jump in and engage prospects. One way to reach a new audience, or keep in touch with your current one, is by creating videos. In fact, many marketers consider video as a leading form of lead generation. Even with all the numbers standing for video marketing, it can be hard to get started, especially for factoring companies. Here are some of the best video marketing practices to get your factoring business going. Step 1: Topic … [Read more...]
8 Email Marketing Tips For Factoring Brokers
8 Tips to Reach Your Prospects With Email Marketing For Factoring Brokers... It’s not easy to market to new factoring prospects. Many marketing tactics exist to effectively generate new leads including social media, blogging, paid advertising, direct mail and email marketing. While all of these strategies are effective and necessary forms of marketing, email marketing allows factoring brokers to reach prospects in seconds at a very low cost, with more personalization options. It’s an inexpensive and easy to use tool in your advertising arsenal. One of the greatest benefits to email marketing is personalization. It’s important to customize email messages to each prospect to increase open rates and responses. Factors can send … [Read more...]
10 Questions to Ask Before Signing a Factoring Contract
If you are considering factoring your receivables, you are probably already aware of its benefits. But other things are essential to know before you sign on the bottom line with a factoring firm. The most important is this: not every factoring firm is the same! Not only does every company have its own procedures and requirements, but some also have more experience in certain industries and factoring methods than others. Here is a list of questions you should ask before signing a factoring contract. 1. How many years has the company been in business? Over the years the factoring industry has grown considerably as more and more people realize factoring is an excellent method for increasing cash flow. However, with the increase in … [Read more...]
How to Get More Leads in the Factoring Industry
Looking to get more leads this year? We get it. The factoring industry is not always easy to promote. There are so many avenues a factoring company can take in order to appeal to potential clients. It is important to take into account all possible industries when you are promoting your factoring business. Every customer that comes to your site wants to feel included and have their voice heard. Just think if you were a small business owner looking for funding, what would speak to you the most? It might not always be easy to do, but it’s crucial to getting the leads that your factoring company wants. Don’t worry, you won’t have to think too hard. We have complied a list of best practices for increasing leads as clients come in … [Read more...]
Look Inside To Be Successful In Your Factoring Business
Whenever you watch a sporting event whether it’s baseball, football, hockey, basketball or some other sport, the objective is to score as many points as possible to beat your opponent. I usually score really high at my favorite sport--unfortunately it involves golf clubs and a little white ball. The same is true for the factoring business. Whether your company is a startup or a seasoned veteran your goal is to score points in the form of revenues while keeping expenses low and eventually turning a profit. There are tons of marketing strategies, that can range anywhere from hiring a salesforce to execute your game plan, internet marketing, social media, and a myriad of others that will best suit your company. Experience has taught us that … [Read more...]
Trade Show Tips and Tricks for Invoice Factoring Companies
Trade Shows: the business necessary-evil that you either love or hate. Whichever camp you’re in, trade shows can be an indispensable asset to growing your factoring business (and also where pens and office gadgets go to die). They offer the ability to reach a wide range of potential customers and truly connect with people who can benefit from your services. However, not all trade show exhibitors are created equal. Here are some ideas for having a successful trade show and how to convert the leads you meet! 1) Send your most outgoing people. This seems like a no-brainer, but you’d be surprised at how many businesses don’t factor personality into who they send to a trade show. Even if your social butterfly isn’t necessarily in sales, … [Read more...]
Factoring Concentrations – The Good And The Bad
Risk Management. Every factoring company in our industry knows the importance of properly evaluating their portfolios. Whether it’s factoring, insurance, mortgages or any other type of lending, mitigating losses is vital for every company’s survival. Just a few years ago we saw firsthand how the mortgage meltdown crippled the entire global economy due to lack of controls and poor risk management. In the factoring community the same holds true. Every factor conducts their due diligence using a specific set of guidelines that allows them to protect their security interest in the receivables of their clients while allowing enough room to generate new sales. In many ways it is a balancing act between sales and underwriting. The sales … [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...]
Fighting An Uphill Battle In The Factoring Industry
Have you ever heard the saying that perception is reality? Although I’ve written tons of articles, spoken at numerous SBA and financing workshops while preaching the benefits of invoice factoring, I’m still amazed about how our industry is perceived in the finance industry. Those of you in the factoring industry know what I’m talking about. It’s the negative stigma associated with invoice factoring. So often I’ll be attending a networking event where a CPA will tell me that he consistently advises his clients to stay away from factoring and that they should only use it as a last resort if they need cash. Then there are the small business owners who don’t even know what invoice factoring is or how it can benefit their cash flow. Invoice … [Read more...]
Invoice Factors and Banks
One of the most common slogans you’ll see on any factoring company’s website is how they are better than most banks in getting businesses working capital. Conventional thinking is that banks qualify prospective clients based on the financial stability of the company whereas invoice factoring companies focus more on the credit worthiness of client’s customers. Therefore a prospect with little or no credit or one that has been in business for a short period of time can qualify for a factoring line assuming they have strong customers. For example, many banks will ask for several years of tax returns, financial statements and sufficient collateral to offset the loan. When dealing with the SBA, new companies will have to submit a business … [Read more...]