Payday loan businesses both large and small are doing a lot of things right, profits are strong and many have a very positive outlook.

But, what more can be done to improve the customer’s experience with your company?  Are payday businesses taking stock in what really matters to their customers beyond just the loan transaction?

Where is the customer going after they leave you?  What is going to be done with the money?  Just about all you need to know can be learned by following the trail before and after they come to see you.

Once you have studied customer behaviors, how about taking that knowledge and investing it in programs that are custom tailored to those pathways?  Create a full suite of customer programs that target the issues that cause customers to need your service in the first place. Then compliment that with programs aimed at your customer’s journey after they leave your store.

Examples of programs that might fit this mold: in-store instant bill payment, ATM, internet access for customers, credit improvement, debt consolidation, fax machine usage, rewards programs, gas cards, gift cards, lottery tickets, coupons, text communications, job boards, resume services, child care, health care services, legal representation, etc.

Seek relationships with 3rd party companies who have partner, referral, or affiliate programs.  You will not just be providing additional benefits to your customers, but you can also generate some serious revenue.  These companies are out there, I know of many and they are working hard every day to get involved with our industry.

Trusted payday lenders are uniquely positioned to improve the lives of their customers and a well organized array of programs will only further that value.  It will make your business competitive, interesting, and maybe even cool!  Think about the positive impact that will have on new customer flow, referrals, and bad debt…

There is a lot of legwork that goes into finding the right programs, and ideal 3rd party vendors.  C.A.B. Consulting and Brokerage does have existing relationships in these areas, if you would like to discuss options and learn more, email Michael at cabconbrokerage@gmail.com or call 214-293-8676.