7 innovative industries with asset finance opportunities despite the COVID-19 downturn
While many industries are reeling from the effects of covid-19, others are thriving in this new environment – creating opportunities for bespoke asset financing solutions.
COVID-19 will have a lasting impact on many industries, with the lockdown and economic downturn leaving many Australian businesses wondering whether they will come out the other side of the pandemic. And yet some sectors have thrived during the outbreak – the change in circumstances driving increased demand or government funding.
For asset finance brokers, this means there is a significant opportunity to offer financing solutions to the companies that are most in need during this period. Here’s what you need to know about identifying potential clients and transforming them into new business during COVID-19 and beyond.
Which industries are thriving?
- Healthcare and pharmaceuticals. Healthcare will always be considered an essential service, with an increase in hospital patients and the massive worldwide effort to develop a COVID-19 vaccine driving demand for medical equipment, IT technology and treatment drugs.
- Manufacturing. Innovative manufacturers are adapting their production lines to the current demand for things like ventilators, hand sanitiser and personal protective equipment.
- Online education. The increase in remote learning for schools, colleges and universities has made technology and equipment indispensable. This includes education software, digital platforms and laptops.
- Food and beverages. While panic-buying has largely subsided, online grocery sales have soared – with revenue forecast to increase by 56% this year.1 Spending figures also show a massive rise in the purchase of alcohol.2 This has led some producers to expand their operations, product lines and distribution.
- Agriculture. With Australia’s borders closed for the time being, there is increased demand on local farmers to grow and supply crops for supermarkets and retail channels. Even though consumption at restaurants has fallen, home consumption has risen.3
- Delivery and logistics. The growth in online retail has been felt right across the supply chain, from warehouse and logistics to couriers and parcel delivery.
- Construction. Governments have pledged support to the building industry, both at a federal and state level – with cash grants for home renovations and stimulus packages, such as Victoria’s Building Works, which aim to get thousands of construction projects off the ground.4
Turning opportunities into leads
One thing all of these industries have in common is that they’re successfully adapting their products and services to meet the changing needs of Australians. To use a COVID-19 buzzword, they’ve worked out how to “pivot” their business purpose and are focusing on growth areas with the largest demand. You can assist by helping your clients in these industries identify what type of equipment will make this transition as efficient and economical as possible. This could be as straightfoward as a targeted email campaign outlining the types of broking you offer.
Even though you probably can’t attend or host networking events for the foreseeable future, there are unlimited opportunities to generate leads online. The good news is, you don’t have to be a digital expert – you just need to understand your target audience and connect with them, using everyday tools such as social media and Google. To learn more on marketing your business during COVID-19, register for our Melbourne Business School module ‘Marketing during COVID-19' HERE.
The key is to develop relevant and engaging content that will help potential clients find you online – and advertising is just one of a wide range of tools you have at your fingertips. For example, blogs can be a lead generator as they can be used to position yourself as an specialist in your field. Just make sure they always link to a contact form so interested readers can get in touch. Our Business Growth Webinars specifically focus on marketing your business, find a webinar that suits you HERE.
Instead of client seminars, you might consider running a webinar to educate business owners around their financing options. You can end by asking attendees to “like” your Facebook page or subscribe to your newsletter – to help turn these touchpoints into ongoing relationships. And, when it comes to your social media, you want to create content that stands out and is shareable – such as informative videos that draw people in.
You should also be looking at your website and LinkedIn profile and giving them a refresh, if necessary, to make sure they clearly introduce potential clients not only to your expertise but also the value and services you can offer them. Finally, don’t forget to ask your existing clients for referrals, as word-of-mouth remains one of the simplest and most effective strategies for growing your business’ reputation across an industry.
5 tips for successful lead generation
Create a unique value proposition. You want your ideal client to see you as the superior choice over banks and brokers with name recognition. Your CVP should offer specific benefits that will appeal to your defined target market.
Provide strong proof elements. Lead generation is about establishing trust – which is why proof points are so important. You can use elements such as awards, client testimonials and online reviews to vouch for your services.
Offer a lead magnet. Potential clients will be more likely to provide their contact information if they are receiving something of value in return. In exchange for their email address, you could offer a free resource such as a toolkit, report, fact sheet or webinar.
Optimise your SEO. Search engine optimisation is a vital tool for driving traffic to your website or blog posts. Think of specific terms that potential clients are likely to search for, then try to tailor your content around these keywords.
Have a powerful call to action. Each piece of marketing and communications, whether a newsletter, blog post, or webpage, should end with a call to action that clearly states what you want your potential client to do next.
Check out our award winning learning and development program, to find a digital event to help you thrive during this time of uncertainty.