As industries continue to grow and people have better purchasing decisions, micro lenders have become more in-demand. The number of lenders have increased, and the trend is still rising.
If you’re a micro lender and you want to reach more borrowers, you need to be fast and creative. You can try applying some modern strategies to improve your communication and grow your client base both locally or globally by following these easy tips.
Be heard on Facebook and Twitter
Facebook and Twitter are the leaders of the social media industry. In these platforms, thousands of micro lenders are vying for borrower attention. They apply all possible strategies to attract borrowers, spending many resources in the process. In Facebook, your online presence will increase. Twitter, on the other hand, can speed up transactions and enquiries. Rather than be a company answering all borrower queries, you should be seen as a ‘human’. Borrowers must know that your micro lending firm is truly a friend in need.
Concentrate on content distribution
The key to communicating with your borrowers is by reaching out to them. One way that you can do it is through constant content creation. This will allow you to tailor messages about your micro lending firm that will enable your borrowers to gain a better understanding of who you are as a brand and how you differ from others in the market.
When it comes to content creation, there are tons of content creation ideas that you can always apply to your business to connect with your borrowers. Some of these ideas include event formation, infographics, and even viral series. The main thing to remember is that you have to make positive noise, the type of noise that borrowers can notice. This will let your borrowers know that your business is current, accessible, and industry leading.
Create a strategy for your institution’s individual goals and unique borrowers
Every micro lending institution is different and in turn, every borrower is different. In order to cater to each and every borrower, a one-size-fits-all approach cannot be applied. Thus, it is essential that you create a custom strategy based on your individual goals and borrowers. Work with your team to analyse your borrower data to determine what you would like to accomplish with your borrowers and where you should focus your attention. This will allow you to better serve your borrowers based on their individual requirements.
Employ a variety of communication methods
Because each borrower is unique, you can’t expect to reach all of your borrowers in the same way. For example, you may find that communicating with your potential borrowers via phone calls is the most effective, however, not all borrowers are going to be available via phone, and you may not have current phone numbers for some borrowers. In that case, other mediums such as emails or social media can be an effective way to reach out and encourage the borrower to call you to have that conversation. Essentially, the goal is to have different communication methods in place so that you are in constant communication with your borrowers.
Timing is important
Anytime you are trying to contact a borrower, you need to consider the best time to reach out. Try out both mornings and afternoons and you will start to uncover what is the best time to reach borrowers on the phone or via email. If you are not having luck reaching borrowers during a specific timeframe, try changing up the time of day that you make contact to see if that makes a difference. Once you have successfully made the initial contact with a particular borrower, communication lines become a lot more flexible.
Make sure borrowers understand what you are telling them
When communicating with borrowers, really try to make sure they understand what you are explaining to them. Sometimes the information you are trying to explain to a borrower can be complicated if they aren’t familiar with the terminology. Therefore, don’t use industry jargon – you want to keep things as simple and as basic as possible. Check in during the conversation to see if the borrower is following what you are saying, otherwise, you will be left with a confused borrower that may then seek the business of another micro lending firm that can simplify things better for them.
Offer helpful resources
If possible, create a page on your micro lending website with resources on topics such as taking out a micro loan and micro loan options. You can also put information about your team and any activities your office wants to promote on that page. When communicating with your potential borrowers, you can direct them to that page to learn more. Having this resource page will also validate to the borrower that you are who you say you are. With so many micro lending companies out there, it is a good idea to let your borrowers know that you are legitimate.
Use a management software to keep track of your borrower data
Having a tool that can provide you with all the information you need when it comes to your borrowers can streamline your day to day efforts. You will have all of your borrowers’ data on hand, no matter where you are. This will enable you to monitor and analyse your borrowers better and allow you to be more informed when contacting them.
At Delter IT, we can offer a management software solution in the form of Delfin. It is a micro lending management software system that will allow you to manage all of your borrowers and loans, right through to your daily and monthly management reports, allowing you to have up to date information when communicating with your borrowers.
Let us assist you with the management of your micro lending business so that you are left with more time to improve your communication with your borrowers.