Cash advance store specialize in payday loans and target a certain segment of the population that generally lives from paycheck to paycheck. This segment includes low-income families, college students and single parents, but could include almost anyone who needs cash in a pinch. The key to marketing a cash advance store is to bring about awareness of the store prior to the cash need.
College students are cash strapped. Cash advance stores can capitalize on this market by getting the word out, on campus, about their offerings. This can be done in a number of ways. Purchasing advertising in college newspapers is a quick way, without actually going on campus, to gain visibility. Companies like Campus Media Group have contacts at these newspapers nationwide and can negotiate rates and positioning for your advertising. They also have access to other opportunities, such as on-campus events. Consider becoming a sponsor on a pre-existing campus tour to minimize costs.
Families have urgent needs that require fast cash. Local churches, youth sports and community centers are all places where you can lend your support. Offer to sponsor a church dinner that hosts families from around the community. Sponsor a little league team. Advertise and leave brochures at the local community center. Some of the best marketing requires a little money, but a lot of person to person contact. Find a church near you through Worship Quest, a nationwide church directory. Reach out within your community to discover your local little league teams and connect with your community centers.
Reaching out to your community shows them that you care and makes them more likely to remember your business when they need you. Consider being a Toys for Tots drop off point. This program, sponsored by the United States Marine Corps, is well-publicized. Hold a drop off event where the Marines will be present at your store. Give everyone who donates some take away items, like a shopping list that attaches to a refrigerator with a magnet and a pen, both with your store name, address and phone number. Offer a premium item, like a $5 gift card, as an incentive to take out a holiday pay day loan.