If you have been running your car title loan business for a while and are concerned about retaining your customers, your answer might lie in redefining your business.
Redefining means that you have assessed the way your business runs and have identified existing problems and inefficiencies that hinder connecting with customers.
Once you redefine your business, you should aggressively promote your new customer-centric approach.
Redefining your business includes the below:
1. Create an inspiring vision
When you started your company, you were probably bogged down with details and you came up with a vision merely as a procedure for getting your business plan in place.
Recreating your vision should to be inspiring. Let it be driven by something that touched you as a person.
For instance, you may have fallen on hard times in the past but couldn’t get help from financial institutions because your credit was bad. At that point, you made yourself the promise that when you got back on your feet, you would start a business whose vision is to help people access money to help them from one day to the next.
Such a story is moving, it makes you appear to understand the plight of people and it will resonate with your customers.
If you want to see what similar businesses have as their vision, you can search online for businesses dealing in title loans in San Jose California.
2. Repackage your loan products
You need to look at what products and services you are offering and then repackage them better. You may even need to get rid of some of the services.
For instance, the typical way of operating a car loan business is to repossess the vehicles immediately upon default. Consider giving a grace period at the start of the loan or allowing your customers to get into a repayment plan once the payment period has expired.
Such ideas will also give you the added benefit of gaining trust from your customers.
Discuss such ideas with your financial controller and implement them if there is no risk exposure to your business.
3. Change how you market
Gone are the days when the only form of marketing was bill boards, TV, newspaper and magazines. Not only are these methods expensive, they also tend to be poor at reaching their intended target. Use the social media to market directly to customers.
Majority of people have access to a Smartphone. Connect with them on the various social media platforms available today and conduct your marketing activities and surveys.
The social media is also a good place for viral marketing and can help you conduct certain activities such as:
• Giving free gifts and holding contests. Just remember to design the contests in such a way that will promote the direct use of your service.
• Give incentives for direct referrals to your business.
• Upload short promotional videos.
• Invite people to comment on issues that you discuss.
At the end of this process, your business should have no problem maintaining its old customers and gaining new ones.
About the author
Jack Dawson worked as a customer service relationship manager in the banking industry for 2 years. He later joined a marketing firm based in California where he held a position as a brand portfolio manager for credit businesses such as those giving title loans in Sunnyvale. His experience has taught him a lot about the need to rebrand in order to regain customer trust. Visit his site to read his views.