One loan that we advertise our company with was a loan for a professional poker player, who wanted to use the funds to compete in the WSOP. If you are familiar with the WSOP, then you would know that the initial amount that they need to enter is not high at all. So, we saw a great opportunity of both advertisement and profit that is over 100x what the initial amount borrowed was.
Instead of lending the money like an ordinary customer, we decided to sponsor the player for that year’s tournament. We knew that if we were able to sponsor the player rather than give him a loan, we could get free advertisement for our business for poker addicts who wanted to repeat the process in nearby casinos, and we could take a cut of the purse if he ended up winning the entire thing.
Now, the poker player hadn’t successfully won the tournament, or won enough where we felt we needed to take a percentage of the purse that he took home. The real winner for us was in the sponsorship advertisement that we received from the customer.
Anyone that has watched the WSOP would know of us, since the player had worn a t-shirt of our business to advertise us directly rather than any other sponsorship techniques. We were able to get away with this being a smaller company than most sponsors, and the player himself being a lower profile than some of the other professionals.
While we lost money from this deal, we had made a large amount back in new customers throughout the years that specifically noted that they saw our website and company information from the player in the tournament rather than through digital marketing or other techniques that are popular for loan companies. Any way to advertise for a business is a good way, especially if people remember it.