Invoice Finance, Crowdfunding And Payday Loans
To summarise a piece of our recent market research, we asked a sample of existing invoice finance users if they had seen advertising for invoice finance, crowdfunding and payday loans.
The results were as follows - the percentages are those that said they had seen advertising for each product type:
- 100% - had seen payday loan adverts.
- 90% - had seen crowdfunding adverts.
- 14% - had seen invoice finance adverts.
Conclusions About Crowdfunding & Payday Loans
This suggests that whilst payday loans and crowdfunding are generating a high market awareness, invoice finance is falling way behind, 7 times less awarensss than that for payday loans.
Whilst one might argue that payday loans cater to a different market i.e. consumer finance, crowdfunding and invoice finance are more comparative.
These finding are compounded by the fact that all the respondents were existing users of invoice finance who one might expect to be extra sensitive to advertising concerning products that they already use. Despite this there is a clear gulf in the results with invoice finance being an almost "secret source of business finance".
Source: FundInvoice IF & Crowdfunding Advertising and Promotion Survey - January 2016 (100 respondents, all existing invoice finance users of a variety of different invoice finance companies)