Generating MCA Leads
Generating leads is a core component of any sales business. Even though it is a necessity, many companies struggle to find the leads they need in order to generate sales. There are always going to be businesses in need of merchant cash advances (MCAs), and there are always going to be lenders available to provide that money. So why are there any difficulties connecting the two?
What are MCA leads?
MCA leads are businesses or individuals in need of cash advances for their companies. There are a number of reasons they may want an MCA (such as they have been declined a traditional business loan, or they simply prefer the efficiency of an MCA). Regardless, they are looking for investors to help support their business. Once this interest has been identified, the lead can be transferred to the sales team to begin the process of converting them.
Generating MCA leads
The process of generating MCA leads is very similar to the process of generating any other form of lead. The best methods involve a wide range of sources, and focus on warm and cold leads for the best results. Here are some of the most common ways that businesses try and connect to leads:
This is perhaps one of the original methods of generating leads, and it has withstood the test of time because it works. Cold calling people simply involves contacting potential leads and asking them if they may be in need of some form of MCA. This can help to connect you with people who do want an MCA but were not aware of your business, as well as those who perhaps were not aware
Similar to cold calling, this involves contacting people via email to see if they are interested in the service that you can provide. This is a great opportunity to retain relationships with cold leads – people who were interested enough to provide their email address, but haven’t yet progressed any further down the sales funnel. You never know – the next email might be the one that helps them change their mind. This is also a great opportunity to get repeat clients interested.
SEO (search engine optimization) is the practice of making your online presence as Google-friendly as possible. This means that when potential leads google (MCA lenders), your business is one of the first few that pop up. This will naturally direct more traffic to your business, allowing your leads to grow. You should focus on optimizing your website and all related social media, so that no matter where the lead is looking, their chances of connecting with you are increasing. This can include creating more online content to share, so that more traffic is directed to your website. This may be about your business, about MCAs, or even just general information that people can look for. Once they become familiar with your services, they are more likely to come back to you when they need an MCA.
Social media advertising
One of the most important aspects of advertising is knowing where your potential market is, and making sure the adverts are visible there. Social media is a great way to advertise to generate leads, but only if you are doing it correctly. First, understand what platforms are going to generate the most successful leads. Then you can begin an advertising campaign specifically for these platforms. Most social media platforms will also allow you to tailor your adverts to specific demographics – if you know enough about your idea lead, you can easily make sure they are included in your advert rollout. By engaging with the adverts, potential MCA leads can then be redirected to your website for further information about the services that you can provide.
The best way to generate MCA leads is to maintain relationships with all the potential leads you come across. Some may be cold, but may change their minds in the future. It’s important to keep that line of communication open, so that you can support them as soon as they are ready. It’s equally important to maintain relationships with existing or previous customers. You never know when someone may require another MCA, and if they have previously received an advance from you, they are already a very high quality lead, so your chances of converting to another sale are now much higher than average.
If a potential lead has been referred to you, they are more likely to trust your business, and are more likely to convert into a sale. It’s important to nurture the relationships of your current and previous clients, so that they organically recommend you to others. When engaging with your existing clients, ask them if they know of any other businesses that might benefit from the support of your MCA service. Now when you reach out, you already have a connection with this referral, making your business more favorable among all the others providing the same service.
Outsource lead generation to a third party
Generating leads can be difficult, which is why some people would just prefer to leave it to the experts. There is a wide range of agencies out there whose sole purpose is to generate leads for you and your business. They have greater experience and knowledge on how to source MCA leads, and there is minimal trial and error when needing to establish what generation methods work and which ones don’t. Good lead generation companies are willing to share data and insights, so that you understand where your best leads are being sourced from, to help develop your marketing strategies to yield the best results.
Understand your competition
There are a number of different companies on the market today that can provide MCAs to businesses in need. So why should leads come to you specifically? It’s important to remain up to date with the wider market and see what works and what doesn’t for other lenders. By maintaining an awareness of the businesses around you, your company can become flexible to the needs of the market, allowing you to become more appealing to potential leads.
As with any form of lead generation, your MCA leads will need to be verified before they can be transferred to your sales team. Not all leads will be eligible for an MCA, but the earlier you establish this within your generation process, the more efficient your sales funnel will be. The eligibility requirements for an MCA are less strict compared to a traditional business loan, but there are still some requirements your leads must meet in order to be considered for the sales team. This includes income levels, credit card payments, and sometimes a credit check. A significant portion of leads that are transferred to the sales team is invalid, so ensure that a core component of your lead generation process is also lead verification.
Don’t neglect cold leads
Cold leads are people who previously expressed interest in your service, but were not wanting to convert to a sale. Although they may not convert to a sale immediately, they can still be of great value to your company. In the future, these cold leads may change their mind and be ready to become a sale. They may become organic recommenders, suggesting your business to others who require MCA leads. It is important to dedicate time to cold leads as well as warm/hot leads, as they offer significant potential long-term gain.
Still, need help? Let MasterMCA find your MCA leads for you
Obtaining MCA leads is a time-consuming and resource-intensive task for many companies. If you find that you are struggling to locate leads, or the leads you do generate are all low quality, you may want to consider partnering with a lead generation company such as MasterMCA. We can provide you with a diverse range of leads that have been sourced from a number of different locations, online and offline, for the best results for your lending business.
MasterMCA has over 10 years of experience sourcing MCA leads for a wide range of industries and companies. This experience has enabled us to hone our skills to ensure that our leads are high quality and genuine. We develop long-lasting relationships with lenders and we communicate to ensure that leads are legitimate, and meet your criteria for an MCA. We understand that one size does not fit all, so we work with you to determine what lead generation methods are going to yield the best results for you. This also helps to ensure the leads we transfer are able to fit into your existing pipelines.
We understand the frustration of receiving a lead that has not been properly vetted, but only finding out once they are transferred to the sales team. Before transferring leads we check to determine their eligibility, so we can provide you with the full context of the lead, and up-to-date data that will allow you to make a sale. This way, your team is not spending hours on a call that will not work out. Instead, you can focus your time and energy on the right leads who are more likely to successfully convert. We utilize the latest in technology to ensure that the data we collect is accurate and up to date, making your work easier and more efficient.
Part of our service also involves ongoing support after the lead has been transferred to the lender. We have a team of experts ready to give support where needed, to increase the chances of converting a sale. This team is available for any questions you may have, and to provide immediate and ongoing feedback. We are here to provide the best service possible for you, and this doesn’t stop at the point of handover.
What is the difference between warm and cold MCA leads?
Warm MCA leads are people who have expressed interest in obtaining an MCA lead in real-time. After they have announced their interest, they are immediately transferred to the sales team to begin the process of converting them to a sale and closing the deal.
Cold leads are people or businesses who may have expressed interest in the past, but for whatever reason chose not to follow through with the sale. There is still significant value in maintaining a relationship with cold leads, as they may change their mind and wish to move forward at a later date.
Do online or offline lead tactics work best?
We have found that a combination of online and offline methodologies yields the best quality results, and the greatest quantity. However, different tactics work better for different fields/industries, so it’s important to understand your own data, as well as general trends.
How often do leads convert to sales?
On average, MCA leads are converted to sales at a rate of 5-15%. This will depend on your industry, lead preparation, and generation method. If you want to increase your chances of converting, it helps to partner with a lead generation company that specializes in obtaining high quality MCA leads.
What happens after a third party agency generates an MCA lead?
After a lead generation agency has sources your MCA leads, they will hand these over to you. This handover should include up-to-date information about the lead, and any further data that may help to convert them. These handovers can be live or aged, depending on your contract.
Can MasterMCA help generate leads for me?
Yes, MasterMCA is able to provide your business with top quality MCA leads. These are generated from a wide range of sources, including warm and cold leads, as well as live and aged opportunities.
How does MasterMCA source leads?
We utilize a range of methodologies to ensure that we are connecting with all potential leads. The specific methodologies used will vary depending on the company we are sourcing for, their existing criteria, and what type of leads they are looking for. All of our services are tailored to our clients, for maximum success.