For many years, Enterprise has described itself a Certified Development Company that makes SBA 504 loans. This self-identification is certainly accurate, if not inspiring. When really considering who we are, we are far more than just a commercial lender making a very specific, niche SBA loan. If Enterprise Development Corporation followed the old school, 4P’s of Marketing (Product, Price, Promotion and Place) we would simply be a 504 lender whose interest rate is set by the SBA. We promote ourselves to bankers in the Mid-Missouri area. This marketing mantra is not only dull, but also very limiting. Any organization that looks at itself with such a narrow focus may be missing an opportunity to expand their marketing reach.
Collin Bunch, with the MO Small Business Development and Technology Center, suggested Enterprise Development undertake a great exercise to help define our marketing cycle. It was very enlightening to force ourselves to push the normal boundaries of our “box.” Here are the results from the exercise:
Enterprise Development Corporation’s Marketing Strategy
So what does this mean? The exercise made us realize that we are so much more than a niche lender. We offer banks and borrowers much more than a loan. For example, we offer borrowers the opportunity to own instead of rent, which allows them to build wealth and guarantee future prosperity. There is an emotional value to what we do. We sell possibilities. We offer banks the opportunity to share risk and provide them with SBA lending expertise. A banker, hopefully, recognizes us a resource to make deals that they might not normally make.
The other pieces of the exercise challenges you to identify key marketing partners and how to work with them. It seems easy, but determining the motivation and message for each partner was very challenging.
The “What do you need question” was also interesting, simply because, on the surface, it appears that we have everything we need; nice equipment, a nice office and reasonably good communication mediums. However, what we realized is that to fully maximize our potential, we need to change the culture. We needed to recognize that we are not an arm of the Small Business Administration (which we are not). We are a small business that is selling much more than a non-descript, arcane loan program. As I talked about in a previous paragraph, we provide possibilities. The culture of the organization is already shifting to that message. I would recommend every organization go through a similar brainstorming exercise.
Collin Bunch, with the MO Small Business Development and Technology Center, suggested Enterprise Development undertake a great exercise to help define our marketing cycle. It was very enlightening to force ourselves to push the normal boundaries of our “box.” Here are the results from the exercise:
Enterprise Development Corporation’s Marketing Strategy
So what does this mean? The exercise made us realize that we are so much more than a niche lender. We offer banks and borrowers much more than a loan. For example, we offer borrowers the opportunity to own instead of rent, which allows them to build wealth and guarantee future prosperity. There is an emotional value to what we do. We sell possibilities. We offer banks the opportunity to share risk and provide them with SBA lending expertise. A banker, hopefully, recognizes us a resource to make deals that they might not normally make.
The other pieces of the exercise challenges you to identify key marketing partners and how to work with them. It seems easy, but determining the motivation and message for each partner was very challenging.
The “What do you need question” was also interesting, simply because, on the surface, it appears that we have everything we need; nice equipment, a nice office and reasonably good communication mediums. However, what we realized is that to fully maximize our potential, we need to change the culture. We needed to recognize that we are not an arm of the Small Business Administration (which we are not). We are a small business that is selling much more than a non-descript, arcane loan program. As I talked about in a previous paragraph, we provide possibilities. The culture of the organization is already shifting to that message. I would recommend every organization go through a similar brainstorming exercise.
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