Founder of Astute Ability Group on finding a lucrative niche market in… horse floats.
Founder of Astute Ability Group on finding a lucrative niche market in… horse floats. Mhairi MacLeod has grown her boutique finance broking business by tapping into an unsuspecting niche market
Founder of Astute Ability Finance Group, Mhairi MacLeod, has transformed her boutique finance broking business based on the Central Coast of NSW to a specialist finance broking business offering services nationwide.
Founder of Astute Ability Finance Group, Mhairi MacLeod, has transformed her boutique finance broking business based on the Central Coast of NSW to a specialist finance broking business offering services nationwide.
How? Horse floats.
“Customers didn’t have much choice other than a personal loan, so we began doing secured loans against the horse float. We started off by just testing the market, but it really is incredible how much business we have generated through this niche.”
It was after a few previous enquiries about financing for horse floats that MacLeod realised it was a market she may be able to tap into.
“We did have the odd enquiry and over the years I had organised the loans for a few myself. Then I found a magazine called Horse Deals, so I took it into one of our brainstorming sessions and asked my team what they thought we could get out of it.
“The first reaction was about financing the cars or trucks that would tow the horse floats, but I was starting to look at the bigger picture – what are these cars and trucks towing? We then just took it from there.”
MacLeod and her team soon discovered that it was big money, too. Horse floats can range anywhere from $10,000 to $150,000 to buy new. Astute Ability Finance now has relationships with horse float manufacturers who refer clients who want custom-made floats.
“We get the customers pre-approval while the float is being built, so when it is completed, we can settle the loan within 24 hours.”
MacLeod says Facebook has been the main driver behind building this niche and generating leads and referrals.
“We started by joining equine groups and engaging in conversations with them. We would talk to them about the safety of their horses and how important it is to have a good quality horse float.
“After we had started discussions with these groups and engaged with their emotions this way, we then started running some Facebook advertisements. Facebook has been a fantastic feeder for this new niche for us. It really has helped.”
Since January 2014, MacLeod says her business has grown by 17% through horse float finance alone and they are now starting to get more and more business from interstate as it continues to grow.
“This is big growth for us. We now have one person who takes enquiries just for horse floats. We are getting lots of business from interstate now too, particularly from Queensland and South Australia.”
MacLeod’s top tips for brokers who are using Facebook as a tool for their business is to “keep it social”.
“It is not about putting a generic ad out there and hoping you get someone, it is a real community.
“It can be a powerful tool to build trust with your clients. Brokers have to get involved with the communities they want to target and give them something back. For us, it was safety tips on horse floats or sponsoring horse shows, for example. We recently sponsored the Bellingen horse show. It is more than putting out an ad or liking a page, it is about being proactive, building rapport and contributing to that sense of community.”
This article originally appeared in Issue 11.23 of Australian Broker magazine.
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She differentiated her business by finding a niche and then harnessed the power of social media to get the word out.
“We started targeting finance for horse floats in January this year and it has just taken off. It is incredible the amount of enquiries we are getting from it. Everyone does finance for home loans or cars, but finance for the equine sector wasn’t really being serviced or looked after.
“We started targeting finance for horse floats in January this year and it has just taken off. It is incredible the amount of enquiries we are getting from it. Everyone does finance for home loans or cars, but finance for the equine sector wasn’t really being serviced or looked after.
“Customers didn’t have much choice other than a personal loan, so we began doing secured loans against the horse float. We started off by just testing the market, but it really is incredible how much business we have generated through this niche.”
It was after a few previous enquiries about financing for horse floats that MacLeod realised it was a market she may be able to tap into.
“We did have the odd enquiry and over the years I had organised the loans for a few myself. Then I found a magazine called Horse Deals, so I took it into one of our brainstorming sessions and asked my team what they thought we could get out of it.
“The first reaction was about financing the cars or trucks that would tow the horse floats, but I was starting to look at the bigger picture – what are these cars and trucks towing? We then just took it from there.”
MacLeod and her team soon discovered that it was big money, too. Horse floats can range anywhere from $10,000 to $150,000 to buy new. Astute Ability Finance now has relationships with horse float manufacturers who refer clients who want custom-made floats.
“We get the customers pre-approval while the float is being built, so when it is completed, we can settle the loan within 24 hours.”
MacLeod says Facebook has been the main driver behind building this niche and generating leads and referrals.
“We started by joining equine groups and engaging in conversations with them. We would talk to them about the safety of their horses and how important it is to have a good quality horse float.
“After we had started discussions with these groups and engaged with their emotions this way, we then started running some Facebook advertisements. Facebook has been a fantastic feeder for this new niche for us. It really has helped.”
Since January 2014, MacLeod says her business has grown by 17% through horse float finance alone and they are now starting to get more and more business from interstate as it continues to grow.
“This is big growth for us. We now have one person who takes enquiries just for horse floats. We are getting lots of business from interstate now too, particularly from Queensland and South Australia.”
MacLeod’s top tips for brokers who are using Facebook as a tool for their business is to “keep it social”.
“It is not about putting a generic ad out there and hoping you get someone, it is a real community.
“It can be a powerful tool to build trust with your clients. Brokers have to get involved with the communities they want to target and give them something back. For us, it was safety tips on horse floats or sponsoring horse shows, for example. We recently sponsored the Bellingen horse show. It is more than putting out an ad or liking a page, it is about being proactive, building rapport and contributing to that sense of community.”
This article originally appeared in Issue 11.23 of Australian Broker magazine.
Related articles:
How to reach a $60 million settlement target...in your first year
The quickest way to ruin a referral partnership? Ask for a referral
