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From a dismal 9% towards the end of last year, India’s loan growth rate has shot up to 11% in 2016.
What does this mean for you, as a person selling loans in India?
It means that the market appetite for loans is rising, and if you’ve ever wanted to outdo your sales targets – now is the perfect time to score those brownie points!
And to help you put that dream in action, here is a complete guide that you can use to sell more loans in India :-
Go where your prospects search for the product you give loans for
What is common to a real estate developer and a home loan sales manager? The customer!
This means that your market falls within the market of the product that you’re helping people buy.
So if you’re selling home loans, keep a track of any home buying requirements posted on QuikrHomes, Sulekha, OLX, Mitula, etc. Advertise on portals like 99Acres and MagicBricks, or try to strike partnerships with them.
In short, try all the tactics that real estate agents and developers use to get leads, because many of those leads will be relevant for you!
Similarly, if you’re selling education loans, advertise on sites like Shiksha.in, Pagalguy, CollegeSearch.in, etc. Keep track of the education related questions posted on Quora and Reddit. Try all the tactics that colleges use to get leads, because of many of those will be relevant for you!
The same principle can be extended to car loans, marriage loans, etc.
Partner with the sellers/agents of the product your loan is for
Since you share your target market with them, building alliances with the sellers/agents of the product that you provide loans for is an all-important strategy. It isn’t a tough nut to crack either, as it benefits both parties.
If you’re selling home loans, reach out to real estate agents and developers and strike partnerships with them. Depending upon your relationship with them, you could go for arrangements such as referrals, commission-sharing, lead-exchange, etc. You can also request them to distribute your flyers, pamphlets, or contact numbers to prospects, and do the same for them (co-marketing)!
Similarly, if you’re selling education loans, try to develop such relationships with colleges, schools, coaching institutes, etc. Whatever type of loan you sell, you need to forge partnerships with others on the supply side of your market, to get access to as many leads as possible!
Partner with e-commerce marketplaces
Apart from sellers and agents, you can also tie-up with e-commerce websites that sell the product you finance. For instance, if you sell vehicle loans, you can approach Snapdeal (which has recently started selling bikes), to see if you can offer your loans (as EMI options) in partnership with it.
Network in or tie up with offices, societies, clubs, and other communities
Taking a loan is a decision that takes time and trust. When your prospect knows you, or someone who knows you, your become a lot more credible in their perception!
This is why having a large personal network of friends and acquaintances is a must for any person selling loans (or any high-value, high-risk product, for that matter).
You can cultivate this network by :
1) Identifying your buyer persona
2) targeting the spaces that your buyers are most likely to frequent.
For example, if you sell home loans, you are probably targeting office-goers who can pay EMIs and are from middle to upper-middle class backgrounds.
To develop a network of such prospects, you can reach out to corporate houses and ask them to distribute or showcase your marketing materials (such as brochures, visiting cards, etc.). You can also request them to let you conduct a free session on home-buying tips or other related, popular topics. You can also strike similar partnerships with societies/apartment complexes, social and hobby clubs, etc.
Go for online marketing
For loan salespersons, this includes :-
- Content marketing – Building your own website and capturing leads through sign-up forms, building your own blog to rank higher in searches as well as capture leads through downloadable content, and running your social media pages, participating in platforms like Quora, Reddit, etc.
- Digital marketing – Running ads through Google (as top search results, on their partner website through adsense, on YouTube) and other search engines, running ads on social networks like Facebook and Twitter, running ads on other websites which cater to your market, etc.
- Online loan marketplaces – These include BankBazaar, LoanCircle, ApnaPaisa, RupeePower, etc. They help customers view loans available from different vendors, with complete information, in one place. Typically, they take a cut from their partner vendors based on the loan amount processed. They may also offer advertising options.
And that’s all – I hope you found this checklist helpful! What other lead gen tactics do you use? Do let me know in the comments!
FAQs
Compliance is crucial. Here’s what to keep in mind:
1. Data Privacy Regulations: India has data privacy regulations like the Information Technology Act (ITA) that govern the collection, storage, and use of personal information. Ensure your lead generation practices comply with these regulations to avoid legal issues.
2. Telemarketing Restrictions: Telemarketing calls for loan products might be restricted during certain times or require prior customer consent. Research and adhere to these telemarketing regulations to ensure ethical lead generation practices.
Partnerships matter. Consider these factors:
1. Target Audience Alignment: Choose partners whose target audience aligns with your ideal loan borrower profile. This increases the quality of leads generated and ensures a higher conversion rate.
2. Reputation and Credibility: Partner with reputable businesses or organizations that share your commitment to ethical data collection and responsible marketing practices.
3. Transparency and Communication: Maintain clear communication with your partners regarding lead generation strategies, data sharing practices, and compensation models.
The digital landscape is vast. Consider these options:
1. Search Engine Marketing (SEM): Target relevant keywords related to loan products and geographic locations to attract potential borrowers searching online for loan options.
2. Social Media Marketing: Utilize social media platforms to build brand awareness, engage with potential borrowers, and generate leads through targeted campaigns.
3. Content Marketing: Create informative and valuable content (articles, infographics, etc.) related to personal finance and loan options to attract organic leads and establish yourself as a trusted resource.
