[vc_row][vc_column][vc_column_text]Isn’t it fun to be growing again!?! Leaders in the commercial finance business are positioning themselves to take new ground, expand into new asset classes or markets and grow the sales staff. But be careful Houston, you might have a problem.
Throwing people at a growth initiative can get it done. Man it’s expensive though. But even then, does it really provide the “market disruption” like event you are gunning for? What if we told you that most of you are only touching less than 25% of your potential origination market? What if we told you that growing direct originations by 10% requires you to DOUBLE your sales staff? Before you start hiring sales staff willy nilly, let’s do some math.
Let’s take middle market financial decision makers as a sample set, but if you call on small business or vendors these numbers only get more obscene. (This is a real example BTW)
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There was no money to double a sales staff. Hire more—sure, but double—no. There was no strategy to reach the 83% of their possible market they didn’t have access to.
So, that growth thing you were thinking of might just require more than the sheer magnificence of sales to be the mover and shaker you want to be. It might require…wait for it…Marketing.
Of all things, right?
The Commercial Finance business is so heavily sales driven Marketing is often reduced to sales material and a website you never visit. But marketing is the lowest cost way to drive awareness among a larger market opportunity and if you do it right…will reduce the amount of touches by sales required to bring the new relationship home. How do you do it? Call us. Oh ok…assuming you’re playing hard to get…
- Tell the market a story that is unique and different. Stop sounding like a finance geek all the time and speak to the people.
- End of term marketing (God given gift to all Finance companies that is rarely used)
- Paid Search to capture the masses researching complex financing issues
- Programmatic ads that chase people around in their digital life
- Targeted ads in targeted online industry focused pieces
- Be an expert and write about the stuff you’re good at. Get it published even if you have to pay a little for it. (marketing geeks may even call it an advertorial)
- Develop a web experience that might actually stimulate someone to connect with you rather than looking like a boring online brochure
And these barely scratch the surface. At Sawbux, we help commercial finance businesses do more deals. If you ever wanna chat…connect with me on this LinkedIn thingy…and get growing![/vc_column_text][/vc_column][/vc_row]