SearchLab Digital

BACKGROUND

Introduce your business and what you do there.

I am the vice president of business development. Our business is located in Massachusetts and focused on lending to small and medium-sized businesses nationwide across a multitude of verticals. We primarily lend short-term, non-stakeholding capital injections and working capital notes. We also offer the same capital notes, or equipment-based lending, to franchises across the country. We offer lines of credit and SBA financing. We are really a one-stop, full-service business finance entity.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with SearchLab?

There are a lot of competitors in our space, and it is getting more and more saturated as time goes on. We needed to differentiate ourselves, and wanted a company we could trust to build our brand. They needed to transform us into a go-to spot for someone looking for the financing products that we offer.

SOLUTION

What was the scope of their involvement?

When SearchLab first began work, our website needed a complete overhaul and revamp. Essentially, we needed to completely scrap what we had and start from the ground up.

They built our website and platform and designed our complete SEO strategy, which had not previously existed. They developed a PPC advertising campaign for us, then directed a lot of the internal call leads that we might send out on a direct mail campaign or any other type of campaign. They have determined where these leads are coming from. More importantly, they are generating more leads for us through these SEO and PPC efforts.

Realistically, they control our entire online marketing presence fantastically well. They coordinate with our in-house marketing team, but we look to them to lead the way and direct us. We can give them insight into our market—telling them what we need, how we need to be differentiated, and what our product offerings will be—but they fine-tune our broad, rough ideas and add finesse to the final product.

We hold manufacturers and restaurants in a high regard because our company prefers to focus on them. We wanted to corner the market of people who search for small business lending to restaurants or manufacturers. These are typically big-ticket purchases like large pieces of equipment. SearchLab worked with that need. 

We’re a small fish in a big pond, but we'll pop up if you search for the type of financing we provide. We’re not just listed along with other brokers in our space, but also before most other banks. That has made a huge difference for us. We have acquired many clients after targeting this niche market.

What is the team composition?

We speak with one of their managing partners a lot, but we spend a lot of time with quite a few people there. The head of our marketing team also speaks with that managing partner quite frequently, but a lot of individuals are involved in our conference calls. I consistently speak with their Director of Client Relations, usually for a quick meeting to see how everything is going. We speak once a month or every few months.

How did you come to work with SearchLab?

We pursued a lot of different opportunities to find someone to manage our online presence. We wanted to find a company whose online presence we felt comfortable with. SearchLab was highly rated and seemed like a reputable company. We wanted to present ourselves in the way that SearchLab presented themselves, so we felt closely aligned with them. Naturally, they were one of our early and first calls.

How much have you invested in them?

We spent between $80,000–$120,000.

What is the status of this engagement?

We began working with them in 2016, and the work is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They put together and send over a report for us every month. I know it is accurate because we used to verify them; at this point, I just know they are correct.

Our sales have gone up dramatically. They have covered the investment we made with them and continue to deliver results on a monthly and annual basis. It was a big, expensive project for us to undertake as a small business, but it has certainly worked out for the better. We are very happy that we decided to partner with them to develop our online presence. The ROI is well over 700%, which is fantastic.

How did SearchLab perform from a project management standpoint?

During these projects, they are in the driver’s seat. If you give them an idea or task that you would like to be accomplished, they work on it, mock up a few examples, and get back to you. Depending on the scope and effort, that can take anywhere from a week to four weeks. Some of our ongoing projects are still being constantly tweaked.

They are very proactive in response to your needs. We end up using a lot of ideas they give us. They have familiarized themselves with our market space after working with us for such an extended period of time, which has helped a lot. During the initial conversation, we gave them some ideas. Now they use their expertise and knowledge of our marketplace to give us interesting ideas during our monthly calls. They reach out to us on a consistent basis.

What did you find most impressive about them?

The professionalism that their team displays, and the way that they treat our team, is second to none. Their follow-through and execution speed sets them apart from the rest. They do what they say they are going to do, not just quickly but also completely. They bring opportunities and ideas to the table, and they have a far greater knowledge of our market space than we ever anticipated. Now we have realized what they can do, and we’re thriving off the synergy that has created.

Are there any areas they could improve?

When we first received their monthly reports, they included a lot of technical jargon that completely went over our head. In a way, the report was too detailed; we couldn’t figure out what most of it meant. They make a lot more sense now that we know what they mean, but it took quite a few calls and meetings just to figure out what was going on. A lot of people might have a hard time with it. If we could generalize those a bit, it would go a long way.

Do you have any advice for potential customers?

Make sure that you have weekly or monthly sync-up calls, especially in the beginning. They are extremely valuable. At first, I didn’t have my entire marketing team jumping on these things. Because we gave a 110% effort on the backend at the beginning, it almost runs itself now.

They will get to know you, and you will get to know them. Although it seems elementary, spend the time to teach them and introduce them to your market space. No one wants to do that, but they can only do their job well if they know where you stand in the market and what you are trying to do. Spend the extra time and dive in with them. It will be worth it in the end.