Last month, we covered a number of red flags for factoring brokers to avoid when working with a prospect. Besides those “back away now” situations, there are other things that can complicate your efforts to find a factoring company to work with the lead. While these are circumstances that may be resolved favorably, it is still worth your time to gather all of the information you can before investing your efforts in placing the deal. If you encounter the following situations, proceed with caution: Bad personal credit (with or without liens) To place a deal where the prospect has poor personal credit, you have to know which of your funders is willing to work with those deals. Tax liens fall into this category as well: because the … [Read more...]
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...]
Factoring Business on the Go: 10 Essential Apps for Factoring Professionals
Savvy factoring professionals understand the shifting landscape of business. Customers use mobile technology to engage with your company at all hours of the day and night, from all over the world. Since these tools are readily available, it’s important to use them to your advantage. Below are ten essential mobile applications for staying connected to the most important parts of your business. Add them to your arsenal to take your factoring company to the next level. Stay in touch with clients and contacts. Communication is the key to building a factoring business and serving your clients, so use these apps to follow up even when your desk is 1,000 miles away. • Salesforce1: Salesforce’s comprehensive app puts your lead and customer … [Read more...]
Marketing The Right Way For Factoring Business
New clients, we all want them and we try everything in our power to find them. The internet along with social media has made it possible for almost anyone to get their message out to the masses at an extremely low cost. With an internet connection and a very small marketing budget you can create a web page, post content on Facebook, LinkedIn, YouTube and a variety of other outlets depending on your specific need or preference. Our position in the factoring business has always been to keep a lot of irons in the fire when it comes to marketing on the internet. As important it is to have a great website, it is just as important to create useful content to educate our audience about what we do and how our services can benefit their … [Read more...]
Is Invoice Factoring Becoming Mainstream?
Let’s say you are in business for yourself and begin your morning ritual. Coffee. Email. Facebook. You know…not quite ready to get into the day-to-day stress of work, employees, and cash flow issues. Then you see this on Facebook…. Invoice Factoring has entered social media…and in a BIG way. And when something enters social media…it becomes mainstream. And mainstream means, potentially, big profits. Fundbox.com is just one such factoring company* that understands the importance of social media, websites and online marketing. *[UPDATE: Tomer Michaeli, co-founder at Fundbox, was nice enough to contact us and give us a bit more insight to their business model. - "Fundbox is not a factoring company...We are a technology … [Read more...]
An Invitation to Connect With Factoring Investor on LinkedIn
We are excited to announce the new Factoring Investor Group on LinkedIn dedicated to providing information on the Factoring Industry. Whether you are a business looking for financing alternatives, a broker receiving commissions, or an investor seeking solid returns this group is here to help. The group is moderated meaning that members need to join and discussions must be approved. This helps reduce the spam and keeps the focus on invoice financing. We invite you to click here to join this factoring networking group today. If you are new to social media networking then we have you covered with... 7 Tips for Getting the Most Out of LinkedIn For Factoring Professionals 1. Use a Profile Picture Sorry but you don’t get to be the … [Read more...]
6 Online Reputation Management Tips for Factoring Brokers
Factoring brokers rely heavily on word of mouth and positive endorsements to drive business growth. No matter how large or small your factoring broker business may be, people are probably talking about it somewhere on the web. Potential clients are Googling your company name, commenting on your social media updates and blog articles and most certainly checking out any reviews that have been posted regarding your services (or leaving their own review). Any content posted online about your business makes the difference in gaining or losing clients. Regularly tracking what is being said about your company online is more important than ever. All it takes is one bad review, mock Twitter account or an angry blog post to go viral and your … [Read more...]
5 Traits of Highly Effective Factoring Salespeople
Anyone can get on the phone and talk to potential customers, but it takes a special person to excel at closing deals. Sales are a vital part of the factoring industry—without sales there would be no new customers, and therefore no growth. No factoring company wants to remain stagnant, so finding and cultivating highly effective salespeople is important. Using firsthand experience and the knowledge of experts, we have identified 5 traits to look for when hiring sales representatives for your factoring business. 1. Goal Orientation Success comes to those who want it most. Because sales are relatively objective and therefore easy to measure in the factoring industry, setting clear goals is a simple way to measure achievement. The best … [Read more...]
How I Sell. My Preferred Factoring Sales Technique
Selling factoring services can be very challenging, especially in this environment where there is very strong competition. Not only do you have to help clients determine if factoring is right for them, you also have to show them how your solution is better for them that everyone else’s. This may sound simple, but selling factoring services in this market is very difficult. It’s a crowded market with every factoring company promoting their benefits. You can expect that most prospects will be talking to four or five different factors. One simple approach is to match what they are saying. But if you do that, you become a “me too!” factoring provider that will only get average results. So, how do you break through that barrier? How do … [Read more...]