The world has changed a lot in the past few decades. Jobs are becoming scarce because of the increasing number of fresh graduates each year. This has led to the rise of entrepreneurship. Entrepreneurs usually need loans to start a business and most of them can’t access them at banks. This is where money lenders come in. It’s not only entrepreneurs who need cash-it could be people who need cash for a project or those looking to solve an urgent issue. In this article, we will discuss how to market a money lending business in Singapore.
Starting and running a money lending business can be a daunting task if you don’t do your due diligence. First, a background in finance is vital in order to prevent making huge losses. Remember you are not the only one who has discovered the high demand for loans. There are many other entrepreneurs who want to make money through money lending. You’ll need to study how they operate in order to get insights on how to run your own business.
After doing the necessary industry analysis, you’ll be ready to grow your business. One of the best ways to build this kind of business is through marketing. If you have an effective marketing strategy in place, you will make it.
Be mindful of the law
You wouldn’t want to be found on the wrong side of the law in you want to start a money lending business. Take note of the guidelines on the Monetary of Authority of Singapore (MAS) as you market your business. First, company representatives aren’t allowed to product-push/misrepresent you as they market your business to prospective clients.
Most representatives do this so as to gain more commissions. Problem is, customers won’t understand the charges and risks involved. The MAS also advises business to conduct surveys on their customers in order to find out if they are satisfied with the agreement. There are many other guidelines which you have to adhere to in order to promote your business the right way.
Having said that, let’s now look at some strategies you can employ as you market a money lending business in Singapore.
Attend fairs
Many people overlook this method when conducting marketing for their money lending business. Check to see if there are any fairs, seminars, and expos in your local area or any part of Singapore.
When you attend these events, you gain lots of insights about how to market your business from other entrepreneurs. Another benefit is that you can meet many prospective clients who you can convince to get a loan from you.
Build a website for your business
The internet is a blessing to anyone who is or wants to become an entrepreneur. There are nearly 4 million internet users in Singapore, meaning you can easily find clients online. The first thing you need to do is to set up a website for your money lending business. It should be a simple website that contains everything a prospective customer would want to know about you (contacts, your offices, terms of agreement etc.).
Having a site is important because there are thousands of internet users who look up money lending companies on the internet. You probably want your company name to pop up when a Singaporean conducts a search.
You will face one problem though. There are hundreds of other money lender sites out there, so how do you beat the competition? You can use search engine optimization (SEO) and search engine marketing (SEM) to attract more visitors to your site.
SEO
SEO is basically a process that enables your website to rank higher on search engines. First you can do this by including relevant industry keywords in your posts. This way, users are likely to find you when they type certain keywords. Secondly, post fresh content regularly because sites which are regularly updated rank higher. You can also achieve SEO by having other reputable websites link to yours.
SEM
This method achieves the same results as SEO though you need to pay for it. SEM involves paying to have a link to your website show up in the sponsored part of search results. You target certain keywords and when users search them, your ads appear first. It’s a great way to drive traffic to your site.
Use traditional media
Almost every company is developing an internet marketing strategy because of the high number of internet users in Singapore. As you sharpen your digital marketing skills, do not forget that you can promote your business using traditional media.
By this I mean TV, radio and print. You could have the local radio station promote your service when popular programs are on air. Details about your business can also be printed in finance magazines.
- Network
There are hundreds of business people you can network with. They don’t have to be in the same industry as you. The more you network with other entrepreneurs and organizations, the more you spread word about your services. This way, you will get many referrals coming your way. Many smart entrepreneurs use this strategy.
Boots brand awareness
All large companies have one thing in common-they dedicate huge amounts of time and money building brand awareness. This is because they understand the long-term benefits of a strong brand. Chances are you want your business to go national or global so boosting your brand is vital.
You can use various channels to achieve this. One is by promoting your business on social media platforms like Facebook and Twitter. Traditional media (print and electronic) can also help promote your brand to the public. Installing billboard and banners in major towns and cities also helps a lot. Do not forget to distribute flyers to prospective clients. This will strengthen your brand and attract more clients.
All the strategies discussed in this article will help speed up the growth of your business. It is up to you to put in the effort and wait for the benefits. Online marketing techniques can easily be learned on the internet. You may find it difficult to reach your target audience through digital marketing strategies such as SEM and SEO. If you find yourself in this situation, contact MediaOne, a top online marketing agency in Singapore.
