Pub. 1 2013 Issue 3

summer 2013 7 to be working. • Online PPC (Pay-Per-Click): You’d be surprised at how many potential small business customers are looking online before they see their local banker today. PPC is another way banks reach out to potential borrowers. An online ad that appears in search results (and across web networks) is some- times an effective way to find new customers. The major platforms for PPC are Google Adwords and Bing Ads. • SEO (Search Engine Optimiza- tion): SEO is about optimizing your website for organic Google search. For example, if you were to write a web page about “busi- ness financing options in Vernal,” you might use SEO to ensure it appears at the top of a search. Google’s keyword tool helps iden- tify the monthly search volume on terms relevant to your bank. • Affiliate Marketing: Online affil- iates are individuals or companies that are in a related industry and sell the contact information of people who frequent their site. They charge a commission per lead delivered, and the amount you’re willing to pay largely deter- mines the quality of the lead. • Content Marketing: Most people use the Internet to find informa- tion—to learn. A blog, newsletter, white paper, or e-books give your potential customers a place to learn, search, and inquire about you and your products. Regularly publishing educational informa- tion (not sales information) online builds trust with your audience and identifies your bank as the small business lending thought leader. It’s also valuable from an SEO perspective. • Lead Generation Companies: Companies like Lendio deliver leads on a pay-per-lead basis. We target potential borrowers that match your “sweet spot.” Identify the profiles of people just like the customers you’ve identified in your analysis and a good lead gen- eration company combines years of marketing experience with channels like SEO, PPC, affiliates, and others to deliver contact infor- mation for the potential borrowers you really want to meet. Close more loans Building the right culture within your bank and among your loan officers is critical. Successful banks across the country have discovered that a more sales-driven culture makes loan officers more successful at “selling” a small business loan to the bank’s “sweet spot.” Here are four best practices that will help your loan officers close more loans: 1. Contact Leads Quickly: Once a potential borrower is identified, time to contact is paramount—best practice is minutes rather than hours or days. Finding new cus- tomers is expensive; it doesn’t make sense to allow any to slip through the cracks. 2. Understand Borrower Needs: Ev- ery potential borrower is different and one-size does not fit all. Too often, loan officers don’t know enough about a potential bor- rower’s business and promote the wrong type of loan or the wrong terms—which can mean rejection in underwriting. 3. Sales Assets: All the content your bank produces—blog posts, white papers, success stories, etc.—are valuable assets your loan officers can use to help borrowers through the loan process. 4. A CRM/Lead Management Tool: A CRM (Customer Relationship Management) tool enables loan officers to track every contact they make and every customer they acquire. Many loan professionals still rely on spreadsheets or other documents to do what a CRM tool makes very simple. The way small business owners interact with the bank is changing. They’re going online, they’re shopping around, and they have more options for financing than ever before. While the parade float in the local 4 th of July celebration demonstrates a bank’s tie to the community, it’s likely not the most effective way to fill your bank with small business borrowers who match the profile you’re looking for—borrowers who will ultimately leave your bank with a loan. n Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business best prac- tices, tips and advice accessible by weaving personal experiences, historical references and other anecdotes into relevant discussions about leading peo- ple, managing a business, small business financing, and what it takes to be successful for Lendio. Ty also shares his passion for small business every week on Forbes.com.