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I'm a part of a franchise that specializes in invoice factoring. This is where we buy a client's invoice(s), and their customer pays us. I'm looking for a way to market this sort of service. Seems to be the business we have right now is due to referral sources as opposed to marketing. Our clients tend to be those in the underground boring and telecommunication fields. I'm looking to extend to other fields to gain more clients/customers. Any advice on what avenues to take?
#advice #marketing
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  • Profile picture of the author savidge4
    Originally Posted by ifgmegan View Post

    I'm a part of a franchise that specializes in invoice factoring. This is where we buy a client's invoice(s), and their customer pays us. I'm looking for a way to market this sort of service. Seems to be the business we have right now is due to referral sources as opposed to marketing. Our clients tend to be those in the underground boring and telecommunication fields. I'm looking to extend to other fields to gain more clients/customers. Any advice on what avenues to take?
    Google "LinkedIn" and learn anything and everything you can.

    The idea would be to pump content out in a Wikipedia non profit kind of way.. don't sell, provide value to who ever is reading it.

    You then ight want to create separate targeted pieces of content directly related to specific industries... whom ever your ideal customer may be Doctors or Gyms, or who ever and either place ads targeting them specifically or join groups and drop the content or simple DM a link to the article to members ( last option is not overly suggested.. but I know I get offers like this all the time )
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    • Profile picture of the author ifgmegan
      Thank you for your advice! I do need to brush up on my LinkedIn and benefit from it in that way. Thanks again!
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  • Profile picture of the author ewenmack
    It's always going to help if you can reference
    others in the same industry who have benefited
    from your line of business before you go into new territory.

    Best,
    Ewen
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    • Profile picture of the author DABK
      Truckers seem to like to use factoring. Can reach them through their tax preparers.

      Anyway, like Savidge said, linkedin is a good place for you to be. Can make friends with tax preparers and all kinds of people.
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      • Profile picture of the author ifgmegan
        We tend to lean toward underground boring and telecommunications, but we are open to new industries.
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  • Profile picture of the author Yvon Boulianne
    [DELETED]
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    • Profile picture of the author ifgmegan
      The difficult part about cold calling in this industry is that both the client and customer must be willing to factor and must be willing to sign very specific forms regarding their invoice(s). In the industries we currently specialize in (such as underground boring and telecommunications) are already very familiar with these forms and the process.
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      • Profile picture of the author DABK
        You do not cold call. You meet them on Linkedin, start a conversation there. Much easier.

        Originally Posted by ifgmegan View Post

        The difficult part about cold calling in this industry is that both the client and customer must be willing to factor and must be willing to sign very specific forms regarding their invoice(s). In the industries we currently specialize in (such as underground boring and telecommunications) are already very familiar with these forms and the process.
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      • Profile picture of the author ewenmack
        That was my point, go where you already have
        traction in a sector rather than seek out new areas.

        Best,
        Ewen
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  • Think differently. Which client have you gotten the best results for? Focus on getting more like them.
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  • Profile picture of the author akshay7
    Every business probably needs it. However, I'm sure you can't service all kinds of businesses with this. If you guys are open to servicing startups, cashflow is an issue with them all the time.

    You are solving the cashflow problem of businesses. Target those which might have that issue, can be industry specific or stage specific. Good ways to market might actually be events and booths. Channel partnering with a company which provides loans to businesses might be a good idea too. The businesses seeking loans for cash might have invoices which they could factor instead for solving the problem.

    Online, I can see email marketing working if you plan to target startups. If not, it is all very industry specific.

    Good luck !
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  • I would say LinkedIn and connect with people in the financial profession as well as companies. This is an online avenue that is pretty well targeted.

    Offline marketing could range from promoting your service through some associations that are meant to support Small Medium Enterprises as they will probably need your services more to enhance their cashflow.

    Hope my suggestions help you and set you in a certain direction.
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  • Profile picture of the author trevordd
    Yes, LinkedIn is a really great tool for this purpose. You can find a lot of great people who will help you with this task. It is highly recommended that you use it too
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  • Profile picture of the author maryjfriedman
    For Marketing info, you can read the helpful tip from Linkedin and Wikipedia is the best source. Both platforms provide the best knowledge related to all kind of marketing.
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  • Profile picture of the author ninaholm05
    Thank You soo much for your advicing.
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  • Profile picture of the author jamesjcrane
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    LinkedIn is good tools yes. But please before doing something there check your phone it can run monitoring apps for iphone and that's should be a problem for you
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