Tag: Merchant Cash Advance software

The Role Of An MCA CRM Administrator While Using This Business Growth Tool

Talking about the rise of burgeoning use of cloud-based Merchant Cash Advance software systems over the last few years in the Alternative Financing companies, there has been a steadily growing necessity to find qualified and well-trained people who are capable of taking care of this business growth technology and perform the duties and responsibilities of CRM administration consistently for keeping it out of the harm’s way. Even though for larger organizations the job of the Administrator of a CRM is in most cases a full-time work. Ne, for startups and small or medium businesses, the job of a CRM administration can be just one of the many areas of responsibility for the employee assigned to the role.
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However, what set Merchant Cash Advance CRM apart are those functionalities that cater to MCA industry for meeting with their unique purposes.  MCA CRM is designed to help Cash Advance businesses run their front-end operations and at the same time improve their customer lifecycle management for retention of the clients by providing unsurpassable services.

CRM gives businesses a 65% boost in sales quotas- Innopple Technologies Click To Tweet

Apart from this Merchant Cash Advance CRM also enables the lenders to keep detailed client data and maintain timely customer follow up with loan pipeline management to stay in control of the business.

Comparing Merchant Cash Advances to Traditional Business Lending

MCA or Merchant Cash Advance are gradually becoming more mainstream as several small and medium businesses that are not being able to secure a bank loan are turning to alternative funding sources. This is because; a merchant cash advance can be availed by a business quickly and that too with minimal paperworks. Hence, as banks continue to be very tight with their loans; merchant cash advance is becoming extremely appealing to small business owners over time.

How MCA works?

To illustrate in layman’s terms, Merchant Cash Advance, or an MCA provides purchases a pre-defined amount of a business’s future credit card receivables in one lump sum in return for the receivables, which is paid back to the lending organization over a certain period of time, which is usually calculated as a daily percentage of the customer’s debit/credit card totals. This is the key benefit that distinguishes MCA from conventional loans.

In other words, Merchant Cash Advance is not loaning a business any money, rather it is a simple process of buying a portion of the customer’s future business revenue.

Advantages of MCA Borrowings Over Bank Loans

The primary advantage of MCA over bank loans is that Merchant Cash Advance, in general, does not require any collateral, and liens (although this is always subjected to certain conditions). Apart from this, the other ranges of benefits that small businesses receive from choosing this kind of funding are:

  • No rigid monthly payments
  • No upfront fees
  • No UCC-1 (Uniform Commercial Code-1) at the time of funding
  • No collaterals (subjected to certain conditions)
  • No limits on how you spend the fund
  • Minimal approval time for disbursement of the fund

Therefore, the greatest advantage of MCA is that the amount, which the business pays, is based on the sum total of the credit card transactions that the borrower receives every day. As there are no set fees that must be paid every month, so small businesses taking merchant cash advance still have an access to a greater portion of their own revenues. This implies, if your sale drops for a specific month, your MCA payment will also become low to reflect that change.

Why use a Merchant Cash Advance CRM?

While all CRM may work for any business, Merchant Cash Advance CRM is specially designed for MCA businesses, as it not only helps in easy collaboration with the funders but it also helps MCA business in the following ways, which include:

  • Find a central repository for merchant contact information, related documents and underwriting information
  • Escalate the power of communication by integrated with DocuSign, Email, and Fax application templates for merchants and funders
  • Track deals from underwriting to funded stages
  • Syndicate and track approval numbers, management fees and commissions
  • Increase agent’s productivity by using quick lead capture form, easy edits, 360-degree merchant profile view and one-click deal conversion
  • Multiple fund submission and tracking

Takeaway

Therefore as a small business owner, if you find that you have the opportunity of expanding your business, but you do not have the time for traditional funding to come through, it is the perfect time to consider Merchant Cash Advance to get the finance you need, especially just when you need them.

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Talking about the rise of burgeoning use of cloud-based Merchant Cash Advance software systems over the last few years in the Alternative Financing companies, there has been a steadily growing necessity to find qualified and well-trained people who are capable of taking care of this business growth technology as an MCA CRM administrator and perform the duties and responsibilities consistently for keeping the CRM out of the harm’s way.

Even though for larger organizations the job of the Administrator of a CRM is in most cases a full-time work. Now, for startups and small or medium businesses, the job of a CRM administration can be just one of the many areas of responsibility for the employee assigned to the role.

43% of businesses applied for additional financing over the past 12 months - Federal Reserve Survey (2019) Click To Tweet

Nevertheless, for either case, the job of CRM administrator in alternative financing business can be a set of new responsibilities for many people using Merchant Cash Advance software .

Therefore, here are a few vital best practices to consider for anyone new to this role among hundreds of our MCA CRM users in the Cash Advance business.

Best Practice #1

Perform Habitual CRM Database Cleaning

CRM database can very quickly become dirty within a few months. Errors like creating duplicate records and entry of loose data both contribute to the escalation of this issue.

Therefore, juxtaposing ongoing MCA CRM training for the users of the platform and the use of (technically imposed) data entry formats and necessary protocols can aid in ensuring that proper information is placed in the right fields inside the Merchant Cash Advance software.

Like, never enter add-on notes or other information into an address or phone number field.

If you are a user of MCA CRM, you can use its native CRM database cleaning functionalities, duplicate avoidance capabilities, or even a third-party tool to periodically scan for supposed duplicates in the CRM to stay on the top of your data cleaning process.

Best Practice #2

Make the interface of the MCA CRM appropriate to each user

We from our experiences as one of the most popular vendors of MCA CRM software in the US have found that one of the many factors that help in user adoption of CRM solutions is the relevant and clean user experience of the CRM.

For each group of users (marketing, sales, operations, support, and finance) remove the fields and tabs that do not apply to the people in that functional role.

This is because a ‘less-is-more’ approach to screen layouts of the Merchant Cash Advance CRM software will keep the user’s attention riveted on the main information they require to view and maintain in this cutting-edge business growth technology and tool.

Moreover, doing this will also make information easy to find through search functionalities, in the easy to use CRM whereby reports will be more meaningful and complete, making your CRM an easy to work with software.

Best Practice #3

Take Written Consensus Before Adding New Fields

As the adage goes ‘with great power comes greater responsibilities’, therefore, it is very easy for an MCA CRM administrator to add new fields in the MCA CRM software. However, owing to this, fields can be at times added to the CRM platform, with no internal discussion or a little forethought.

Therefore, before adding any new fields in the Merchant Cash Advance software, it is most important to run the rationale for the new field and obtain buy-in from the manager whose teams will be responsible for maintaining that field in the CRM system.

Best Practice #4

Obliterate Old CRM Users and Create New Ones

Like all other businesses, when a user of your MCA CRM software leaves your alternate funding organization and a new user record is subsequently needed to be added to the Merchant Cash Advance software, the record of the previous user ‘SHOULD NOT’ be simply updated with the name of the new user and his/her email address.

This is because; doing so will make all the previous users’ past emails and activities to get associated with the new user’s profile in the CRM database.

Therefore, it is extremely important that your CRM administrator should deactivate the old users so that their licenses are freed up and their name remains associated only with erstwhile past activities.

Best Practice #5

Annotate Your MCA CRM Configurations

Whether you are creating an email template, adding a new custom field, or setting up a new workflow process in your MCA CRM, ensure that you as the CRM administrator must key in the purpose of the modification or addition that you have done in the associated notes or description field in the business growth tool.

This is because, although the reason for this addition or modification may be clear to you and obvious in the moment, however, down the road you may forget the exact reason or purpose which made you do so, and then if the reason is not apparent to you as an administrator of the CRM, it will also not be clear to the other stakeholders using the software in your organization.

Now, if your CRM does not have the required annotation field, create another parallel document in your system, that will take a note of these modifications and the reasons for performing these activities.

Best Practice #6

Never Forget to Create Backups of Your MCA CRM Data

Finally, as an MCA CRM administrator, what will you do if a user of your Merchant Cash Advance software deletes a vital company record accidentally, and along with all its related contacts, historic activities, and also the emails?

Even though most popular cloud-based Salesforce Alternative CRM vendors much like Salesforce creates backups of your data, however, if your CRM database ever needs to be restored you would lose all the changes that were made by the users of your MCA CRM since the most recent backup occurred, and so use an export service in your CRM and create consistent backups of your most important information in the CRM database, before it is getting too late.

Takeaway

The role of a CRM administrator involves a range of very important responsibilities. Hence, using this set of best practices, which if followed up on a regular basis, will for certain optimize the user experience of your MCA CRM software, which will even increase the user adoption rate of this cutting-edge business growth technology and result in more meaningful reporting of information from your preferred CRM that you use for your alternative funding businesses.

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The Utility Of Facebook For Lead Generation In MCA Businesses

Finding MCA (Merchant Cash Advance) leads for Merchant Cash Advance software has become a challenging task nowadays with the rise in demand and competition especially by owners of small businesses. This is over here the requirement for Merchant Cash Advance lead providers for MCA CRM software comes to play with high-quality leads that have the highest conversion rates. These MCA leads providers make use of various marketing techniques for harvesting a pool of reliable leads under one roof. Among these lead providing platforms for Merchant Cash Advance CRM software, Facebook is a wonderland for connecting and bonding with prospects to create a sense of trustworthiness that is capable of converting them into customers at some point of time.

Finding MCA (Merchant Cash Advance) leads for Merchant Cash Advance software has become a challenging task nowadays with the rise in demand and competition especially by owners of small businesses.
This is over here the requirement for Merchant Cash Advance lead providers for MCA CRM software comes to play with high-quality leads that have the highest conversion rates.

According to the Federal Reserve, 59% of business owners applied for financing to grow and expand their company - 2018 Click To Tweet

These MCA leads providers make use of various marketing techniques for harvesting a pool of reliable leads under one roof.

Among these lead providing platforms for Merchant Cash Advance CRM software, Facebook is a wonderland for connecting and bonding with prospects to create a sense of trustworthiness that is capable of converting them into customers at some point of time.

Are you aware of how many users log in to Facebook across the globe every day?

Well, according to recent statistics published by Hootsuite 1.47 Billion people log in daily on this social media platform, with over just half of them those that check-in even multiple times every day.

Therefore, with such a great number of daily users on this social media website application, Facebook since the last couple of years has grown to become the ‘numero uno’ choice and destination for marketers worldwide nowadays.

This is because using Facebook; you can generate high quality and authentic leads, increase web traffic to your alternative financing business website and thereby become the MCA market leader in your business space.

Now while there are several businesses that are still unaware of the true potential of Facebook for generating leads, there are also, on the other hand, many businesses that have tried their luck with this platform but hopelessly failed to find the returns the desired, with their Facebook lead generation strategies.

Hence as one of the award-winning vendors of Merchant Cash Advance CRM software for small businesses here are the basics that will certainly help you to execute marketing campaigns of your alternative funding business on Facebook to generate the best quality leads that can aid you in achieving rapid business growth.

Sharing Posts On Merchant Cash Program

The fastest and the easiest way to spread the word about your Merchant Cash Advance service is sharing it on the social media platforms.

This is because, the moment people comment, like, or share your posts; their activity automatically and instantaneously appears of their friends’ news feeds.

Therefore, social media is one of the most effective ways of promoting your alternative financing services and generate leads for your MCA CRM as it will be automatically referred to your social networks on the website.

Hence Facebook helps to easily promote your business and get referred to potential customers in your friends’ circle, which provides the prospect to generate more solid and reliable MCA leads, as well as secure new customers.

This is because, you can use ‘Page Insights’ to track your posts and shares on Facebook and thereafter learn more about your prospects.

Website Traffic Equates To Customers

Several companies use Facebook to increase their web traffic. Hence by posting engaging and appealing contents you can generate highly targeted web traffic and drive visitors who are genuinely interested in learning about your alternative financing services.

To generate high-quality leads for your MCA CRM software, create posts that provide information related to your Merchant Cash Advance business and share useful offers and advice on your services.

Additionally, as pictures catch more attention of the social media users which can help in finding a boost in share, comments and likes; it is advised to post contents with high-quality images.

Now, all website traffic that you get can be tracked and view in Google Analytics.
Hence always remember to keep an eye on the stats that are shown by this analytics tool to boost your posts for increased engagement and generating a way higher conversion rate.

Lead Generation Through Insights

It is equally important to add an appealing CTA (Call to Action) with all your Facebook posts. Since, with the help of this modern marketing strategy, potential customers can click on the provided link that will redirect them to your MCA businesses’ landing page which may provide complete information on your MCA offerings.

Moreover, you can even benefit from an increase in the number of article subscriptions by asking your visitors to fill in a short contact form for their respective names, email addresses and other information needed for providing financial services whom you can later on email at least once or twice every week to remind them of your offerings.

Easy Data Processing

One major benefit of using Facebook for generating MCA leads is the endless treasure of data available online.

Being a free social media platform Facebook is a place where you can find information from thousands of active users without much hassles, data that you marketers can use for trimming the niche of your target customers and thereby bring more business for your MCA firm.

This is because using Facebook Insight tools you can gather useful data about your audience, such as their age, language, gender, location, and others that can help in creating targeted email marketing campaigns on the right audience for improving your business growth .

Paid Ad Campaigns

Finally, paid Facebook ads are an extremely powerful marketing tool that can generate a very high number of qualified leads.

One major advantage of paid Facebook ads is that they are highly cost-effective and are priced much lesser than Google Ads, or any other traditional marketing campaigns on paper, media or TV.

As one of the most popular vendors of MCA CRM software for small business, there are several MCA businesses that we know who have earned millions in return after investing on Facebook ads as social media is the best place for finding an awesome return on investments.

Conclusion

Therefore to establish your brand image as one of the best MCA firms in your marketplace, you must opt for social media, since with so many available business owners surfing Facebook on a regular basis, it will not take long for your brand to create its awareness in the marketplace and thereby stand apart from the rest.

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How to Create a Comprehensive Buyer Persona with Your MCA CRM Software

In any business be it in Merchant Cash Advance or any other creating buyer personas are one of the main keys to business growth. Buyer personas which you can easily create using Merchant Cash Advance Software help understand who your ideal buyers are for your cash advance business, what they require, and how you can best sell your services to your customers. In fact, an elaborate buyer persona aids businesses to zero in on the challenges, pain-points, and needs of your customers. Buyer personas also help you to understand how you should appeal to your prospective buyers and make them generate interest in your offerings.

In any business be it in Merchant Cash Advance or any other creating buyer personas are one of the main keys to business growth.
Buyer personas which you can easily create using MCA CRM Software help understand who your ideal buyers are for your cash advance business, what they require, and how you can best sell your services to your customers.

In fact, an elaborate buyer persona aids businesses to zero in on the challenges, pain-points, and needs of your customers.
Buyer personas also help you to understand how you should appeal to your prospective buyers and make them generate interest in your offerings.

Using a CRM can lead to sales conversation rate improvements of over 300%- Cloudswave Click To Tweet

Therefore, in this article let us find how we can effectively use buyer personas and evaluate how you can leverage them to increase your sales and revenue.
So, let us dig into this topic and start with the basics:

  • Their position in the company
  • Department which they represent
  • Their biggest challenges and pain-points
  • Their future goals and aspirations
  • Their gender, age, and personality types
  • How you should communicate with them
  • And finally, how your offerings can solve their challenges

What are the reasons for creating a buyer persona?

Mapping a detailed portrait of your most common and ideal type of buyers you can market to those prospective customers in a more personal and relevant way.
You can speak with your ideal buyers directly about their challenges and pain points and then present to them how your offering will help solve those issues.

You can use buyer personas in your MCA marketing efforts for:

  • Explaining to the prospective customers that they already have a problem and are not yet aware of
  • Reach out to your prospects in a manner that resonates and can engage them effectively
  • Kindle their interest in your offering
  • Provide knowledge about how your offerings will be able to solve their issues
  • Present real-life examples, how your offerings have helped their peers in MCA business
  • Convince the customers so that they use your offerings to solve their issues

Why buyer personas are so important?

Buyer personas are important since they allow you to deliver the right message to the right person, and not make the mistake of using assumptions about knowing your customer to drive outreach.

It also bars your sales and marketing teams from sending irrelevant messages to the wrong people, and therefore by delivering the right information to the right decision maker help to increase engagement and interest in your offerings, leading to more wins and growth in revenue.

To create a great buyer persona in any business, firstly you need to do a lot of research. Now, as mentioned before if you just run on assumptions you will mostly end up meeting leads that are inaccurate and do not capture the right details about the person involved in the buying process.

How to create buyer personas?

One of the most common ways for creating buyer personas is to send surveys using Merchant Cash Advance software to all in your present customer base to find out what they specifically need, where their challenges are, and how your MCA firm can solve those problems to make your prospective customers more successful.

After that, in the next step, you need to apply that knowledge to your buyer personas and use that learning to converse with your prospects in a more pertinent and engaging way.

You can also provide incentives to the participants of your survey for completing their task so that it can help you to find more data. Since the more data you have the better and accurate will be your buyer personas.

Nevertheless, what questions should you need to ask for creating your buyer persona survey?
The question may vary according to your unique business and its specific customer base. However here are a few general MCA related questions to get started, which are mostly used by our Merchant Cash Advance CRM users in the alternative funding business:

  • What is your gender, age, marital status, nationality, and other demographic info?
  • What is your sale per day in your business?
  • What is your role and job title in your organization?
  • How long you have been employed with your company?
  • Where is your retail outlet/company located?
  • What are the biggest challenges that you face while applying for a bank loan?
  • How many employees are there in your organization?
  • Which technology and tools you use every day?
  • Do you use CRM software for enhancing your customer relationship?
  • Have you applied for any bank loans/ if so when?
  • Why you prefer alternative funding over bank loans?

Well, these are just samples of the kind of questions that you could ask for a survey of your MCA customers when you want to create an ideal buyer persona for Merchant Cash Advance business by storing vital information of your present customers in you MCA CRM database.

However, always remember to keep your survey to 15 questions or less, since otherwise, your response rate will plummet down.

Moreover, do not ask for your participant’s names and other general personal information (as you already have them in your MCA CRM software) in the survey, as those data will be irrelevant to the task at hand.

Now, once you get all the information that you need, you can start looking for commonality in your participant’s responses and then start building your buyer personas based on the common traits that you will find in your customer base.

Remain cautious, when you send your survey to capture information for building your ideal buyer personas. Do not tell the customers your original purpose for sending the survey. Instead, tell your survey participants that you would like to understand better who your customers are so that you can serve them more efficiently, as per their requirements in the days to come.

Conclusion

Therefore, instead of shooting in the dark any more create buyer personas for your business as it is something that differentiates average companies from the exceptional ones.

Moreover, do not hesitate to create multiple buyer personas and save them in MCA CRM software platform. We as one of the most popular vendors of MCA CRM software have seen some companies that have 10 or more buyer personas in their system.

In a gist, armed with an accurate and solid buyer persona representative of your MCA firm will not only be able to reach out to your prospective customers and engage them more easily, but it will also aid in building trust with your prospect and therefore close deals more quickly, while maintaining a competitive edge in your MCA market.

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How Lead Scoring Benefits Businesses Using Merchant Cash Advance Software

If you are using MCA business and is using Merchant Cash Advance software for your alternative funding business, what should you do next after attracting a high volume of leads? Remember, not all leads are the same, and therefore, separating the good leads from those that are not can be really challenging. This is exactly where if you are using an easy to use Merchant Cash Advance CRM solution like ConvergeHub, solid lead scoring comes into play. According to a report published by APSIS, only 44 percent of companies are presently using lead scoring systems to grow their business.

If you are using MCA business and is using Merchant Cash Advance software for your alternative funding business, what should you do next after attracting a high volume of leads? Remember, not all leads are the same, and therefore, separating the good leads from those that are not can be really challenging.

This is exactly where if you are using an easy to use Merchant Cash Advance CRM solution like ConvergeHub, solid lead scoring comes into play.

According to a report published by APSIS, only 44 percent of companies are presently using lead scoring systems to grow their business.

Just 56% of B2B organizations verify valid business leads before they are passed to Sales- MarketingSherpa Click To Tweet

Therefore, before it gets too late you as a user of MCA CRM software should maximize this methodology and leverage your alternative lending business from your competitors by unveiling meaningful insights to improve your sales processes and your funnel.

In fact, lead scoring is a time-honored process, which most often exceeds expected benefits such as sales productivity and effectiveness, increased conversion ratio, and measurable ROI.

However, even before we delve into how we can build an awesome lead scoring model for your MCA business, let us talk primarily about whether you should have it and if so why.

Candidly, lead scoring is truly a tedious process, therefore, it is most essential to determine if lead scoring is suitable for your MCA business, to ensure that you do not waste time, money, and effort dedicated towards it.

Why Implement Lead Scoring in MCA business?

The most intriguing factor about lead scoring techniques is it does not come as a “one-size-fits-all” methodology. In fact, not every business needs an advance lead scoring model for their business. Nevertheless, lead scoring provides your business with a scientific and automated means to rank your leads, in a quantifiable manner, to calculate their perceived value in your organization.

Let us look at an example:

Suppose Jack, an owner of a large departmental store, visits your website. Since you do not know about him yet, he starts from the score of 0. However, as he interacts with your website more his scores increases subsequently. Per say, information about his title (+10 Points), he requests a cash advance demo (+10 points), he is from a large retail outlet (+5 Points). Now, once your lead reaches a certain point (based completely on your individually created criteria), where Jack is deemed sales-ready, it is time to send your sales team to reach out and convince Jack to convert him into your customer, by closing the deal.

The lead scoring technique is most often used with Merchant Cash Advance CRM software for improving the sales process, align marketing and sales, prioritize leads and lastly for creating higher quality conversions.

Now, to determine if lead scoring is required for your cash advance business, here are some questions you should consider as a user of MCA CRM platform, which aids in implementing the lead scoring methodology.

–Do you have a very high volume of leads flowing in from several channels, than your sales team can follow up within a specific time?

– Do you have enough information in your MCA CRM database for lead scoring?

–Do you have a particular content from a lead nurturing strategy, which needs to be delivered to a lead at a specific time in their buying journey?

–Do you feel that your sales processes can be more effective and efficient than what it is now?

If your answer is affirmative for all or most of these above-mentioned questions, then we would readily recommend that your alternative funding business organization is ready to start with a lead scoring system.

Otherwise, we would suggest you to primarily focus on generating more leads, establish an SLA (Service Level Agreement) between your marketing and sales teams, and collect and track the right information from your forms and website.

If you do not have enough leads to start lead scoring for your business, do you know ConvergeHub offers FREE LEAD GENERATOR Tool, which is a free lead generation software that you can easily download from ConvergeHub website?

Implementing a lead scoring methodology is extremely difficult to do manually (using spreadsheets) as a lead’s activity can change every day. Therefore, you need Merchant Cash Advance software or online lead management software, like ConvergeHub, which has an excellent lead management system to implement the modeling we will discuss below.

Basic Framework of Lead Scoring Setup

According to SiriusDecisions, 90 percent of B2B (Business-to-Business) companies are applying lead scoring. However, on the other hand, only 40 percent of sales reps have said to have found value from it. Although various factors can contribute to the failure of this remaining 28 percent, we are sure if you start on the right foot when implementing this system, the lead scoring methodology is always beneficial, especially as your business grows in years and becomes more complex over time.

Demographic Lead Scoring

Primarily, you need to outline what your MCA business needs by identifying your ideal lead. To begin, you need to select the demography based on your lead’s characteristics. Like, who are more likely to purchase your offerings compared to others? Is it small or large enterprises? In what industry/business and in what level?

Using lead capture forms helps you to collect this data. You can easily capture four basic demographics:

  • Job title or role
  • Number of employees or size of the business
  • Industry or business type
  • Department

Assign points based on your ideal lead. For example, for company type, you may assign higher points for B2B and lesser for B2C leads. This also works for the lead’s industry (like retail, small shop, large departmental store, among others) and seniority (like the owner, the floor in charge, sales rep and others).

Behavioral Lead Scoring

The second type of data that you need is how your lead interacts with your website. This process of lead scoring is based on the actions that the lead performs to indicate their interest. While in this behaviors such as opening an email, attending a webinar, or request a demo gets a higher score, similarly unsubscribing from your email list or webinar or canceling a demo request gets negative points and consequentially that lead goes further down the sales pipeline.

Here are some examples of the type of interests you can observe from your leads:

  • Web pages they viewed
  • Emails they opened
  • Content they downloaded
  • Webinars they signed up for

Apart from this, it is also important to consider your leads activity levels before you consider and mark your leads with the help of lead scoring as sales-ready.

Here are some examples:

  • Number of web pages viewed
  • Number of forms completed
  • The typical sales cycle for your company

How to Build a Killer Lead Scoring Model

Now once you have completed your basic framework, you can combine the information found in both these data, to paint a complete picture of your lead.

Note: It is always best to keep a separate and a combine sore of the two data. Because although the demographic data normally remains stable, the behavioral data can always change over a certain period of time. 

As we mentioned earlier that lead scoring is a tedious process, therefore getting your demographic and behavioral data is just the start of the lead scoring process, after which you need to proceed with the following:

  1. Identify your criteria

Now, that using your lead scoring framework you have created a foundation of your Marketing Qualified Leads (MQL), whereby your MQL are more likely to convert into a customer, compared to other leads based on their demographic and behavioral data. To set up a lead scoring process, you will have to assign points or scores as a basis for your lead scoring methodology.

For this, it crucial that your MCA organization to extract insights, use lead intelligence and analytics of your Merchant Cash Advance CRM software, to find the unique attributes including customer base, sales cycles and key differentiators that focuses on your efforts on finding high-quality leads, which results in more conversions.

  1. Assign values

It has often been said by many that figuring what the score should be may be one of the hardest parts of the lead scoring process.

In most of the cases, the threshold for the lead scoring scale ranges in-between 0 to 100 (but you can also set any value as you like).

In ConvergeHub Merchant Cash Advance CRM software, you can easily segregate the leads into three main categories: Hot, Warm, and Cold.

Leads that have a score of over 80 can be considered ‘Hot’, while leads that get a score between 30-80 can be denoted as ‘Warm’, while ‘Cold’ leads should have a score below 30. Although, you can always customize the range based on your company’s individual preferences and needs.

  1. Determine sales-ready score

The main point of implementing a lead scoring process is to identify the leads that are ready to accept your alternative funding services. Therefore, by identifying leads, which are sales ready (with a score in-between 80-100) your sales reps can prioritize whom to follow up with to maximize their time.

According to MarketingSherpa:

When 73% of leads are not yet sales-ready, this is where this process becomes more crucial, as you have to make sure your sales team will only reach out to the lead once the opportunity is right. Since the lead score can change every day, a tool such as an easy to use CRM solution featuring lead scoring updates the score instantaneously based on your criteria.

  1. Test your model

These three steps mentioned above are the most crucial factor to cover while implementing a lead scoring methodology in any business. However as lead scoring models are never sacrosanct or set in stone, it is only by testing in real-world scenarios; you can get a hands-on and more reliable results. So monitor your MCA lead scoring model for a few months and then if needed revise the scoring criteria and the lead scores against each of these criteria by analyzing past leads before finalizing your lead scoring process.

  1. Aim for continuous growth and improvement

A lead scoring model that is based on data collected with the help of Merchant Cash Advance CRM software for the growth of your alternative lending business is a real game-killer.

Always be open for improving, testing, and tweaking your lead scoring model, since although developing a lead scoring system takes time, but its effects can always be improved.

Therefore, involve your sales department and check in monthly or every fortnight to make sure everything is working fine, since behavioral lead scoring needs to be reset over time, to identify scores that need to be redefined according to the behavioral data of the leads, which can change over a certain period of time.