Did you know that the payday advance industry happens to take in about $7.4 billion on an annual basis? This is according to reports from 2014 by the Pew Charitable Trusts. Since that time, the state and federal governments have buckled down on lenders for payday advances, yet there is still a real for ethical lenders that work to serve about 12 million people in America that take out loans each year.
From the research done by Pew Charitable Trusts, typical Toronto payday cash advance customers are a female between the age of 25 and 44 that makes under $40,000 each year and does not have a four-year college degree. It is going to be important that this market is targeting if you are putting together a marketing strategy of any sort. When you want to have a storefront location, you need to make it easily accessible when you have this sort of customer. Think about a location that is close to traditional banks or large retail centers. It may also be a smart idea to look at public transportation hubs or areas where someone may be considering getting a payday loan to help get their vehicle out of the shop and so on.
Your Marketing Message
Customers that are looking at a payday advance loan to fix short term financial issues will respond best to marketing materials that emphasize a loan from your store for fixing their issues and keeping them from falling further behind in their bills. However, there are a lot of customers that may end up being embarrassed about visiting a location for a payday loan. This is why it is important that you are aware of the marketing language and the signage that you use to reflect your commitment to their privacy no matter what. Customers that want to have a payday loan will want the application process to be as streamlined and as quick as possible. You need to be able to offer the ability to submit both supplemental documentation and applications online, or be sure that you have a fax machine that customers can use if they do not have internet access. You should include information on the application process with each of the advertising and marketing items that you put out.
You should think about creating sort of a one stop shopping experience for you potential customers so that you can meet their financial needs to allow them to rebuild their lives for a better financial future. This is going to help both you and your customers moving into the future and solidify your payday advance store as a great financial service business rather than just another lender that could be taking advantage of customers in their time of need.
When you use direct marketing with fliers, posters and various printed items are going to be the most cost effective manner to advertise your payday loan service. Print and design advertisements are going to be helpful when distributed in areas that your customers are known to frequent often. Think of areas such as libraries, stores, laundromats, apartment complexes and more.