As known by those in the licensed Moneylending industry, the Ministry Of Law has set in place strict regulations prohibiting these businesses from promoting their services through online advertisements, and unsolicited calls, emails and messages. Under this law, licensed moneylenders can only publicise their business on their websites, at their premises, or by listing their company in directories (online or print).
How then can you, as a licensed moneylender in Singapore, effectively market your services despite these advertising restrictions? In this article, we share 3 marketing strategies that you can consider implementing if you are in the licensed moneylending business.
Using high-impact advertisements at your premises
A social stigma commonly associated with the moneylending industry is that all moneylenders are “bad guys”. Stereotypical beliefs include moneylenders taking advantage of borrowers through ludicrously high-interest rates, and moneylenders using scare tactics by shady debt collectors to get their money back. While such forms of unethical behaviour were pervasive among moneylenders in the past, they have decreased after rules put in place by the Singaporean Registry of Moneylenders to regulate moneylending business operations. Thus, as a licensed moneylender that only engages in ethical business practices, you should aim to foster feelings of professionalism and trustworthiness among the public. Treat your windows and office front as an advertising platform and cover your space with enormous banners depicting compelling imagery that promote transparent loan processes and reasonable interest rates. By gaining the trust of viewers at the street level, your advertisements may increase foot traffic to your premises.
While borrowing money is not always the best solution to get out of a tight financial situation, sometimes we do need a bit of cash to get out of financial distress. For smaller loans, borrowing from a licensed moneylender may be an alternative to borrowing from banks. As a licensed moneylender, investing in customer experience and long-term relationships with your clients is hugely beneficial to your business. Borrowers who are satisfied with your service will willingly do word-of-mouth marketing by recommending your company as a trustworthy and reputable moneylending service.
Search Engine Optimizing (SEO) your website
SEO is the process of optimizing your website’s online content so that it ranks on the top of Search Engine results (Google, Yahoo, etc.) for targeted keywords. As a licensed moneylender, you would be targeting high volume search keywords (using Google AdWords Keyword Planner) related to your business.
Some suggested keywords that you can use include:
- “personal loan Singapore” – 5400 average monthly searches
- “loan Singapore” – 1600 average monthly searches
- “licensed moneylender Singapore” – 1300 average monthly searches
- “legal money ender Singapore” – 190 average monthly searches
- “legal loans Singapore” – 140 average monthly searches
*Information is taken from Google AdWords Keyword Planner and is accurate as of August 2018
Optimizing your website content for these keywords will allow your website to rank on the top results of search engines, promoting your licensed moneylending service to potential consumers who are already searching for an ideal solution to get out of a tight financial situation.
So, how do you start implementing SEO on your website? Contrary to a common belief by many businesses, SEO is not a one-time act. It is a long-term process that takes time to build. If you lack experience, you can always engage a professional Digital Marketing Agency for your moneylending business. A professional agency will have the resources and team to hire experts who will focus on each area of the SEO process. They will also come out with a data-driven SEO approach to help you drive more clients to your business.