Rapid growth attributed to an unwavering respect for and understanding of the customer with Prospa’s Beau Bertoli

When Beau Bertoli decided to build a business putting loans into the hands of small business owners, he and his co-founder, Greg Moshal, both had firsthand knowledge of their potential customers’ pain points. So they decided to knock on the doors of small business owners in Sydney’s key shopping strips and ask them if what they were thinking was on the money. Their idea was quickly validated and Prospa was born. This is the story of how they then built Prospa in to the fastest growing business in the Asia Pacific region in just a few short years.

“It’s easy to send money out in our business; we just need to make sure we would get it back! We were able to put up a really good base of initial customers, lend out a few million dollars … and as we were getting repayment history from them, we kept on asking what did you like? What didn’t you like? What do you wish we were providing that you weren’t? And that (right there) informed a whole lot of ways to improve our business. ”

– Beau Bertoli,
Prospa

There’s loads more tips and insights just like this that will help you build that beautiful business of yours into the empire it deserves to be. Hit the PLAY button above to listen now, or subscribe free to hear the full interview. You’ll also find the full interview transcription below.

If you have questions about rapid growth, then you’ll get this answers in this interview, including:

• How consumer research very quickly validated their idea?
• How they got Prospa to market?
• How they’ve built Prospa in to Asia Pacific’s fastest growing business in just a few years (according to the Financial Times).
• Where the name Prospa came from?
• Plus plenty more.

When Prospa’s co-founder Beau Bertoli decided to make it easy for small business owners to get funding, he and his business partner both had firsthand knowledge of their potential customers’ pain points.

Beau had run a retail business selling motor scooters, worked in property development and developed a business selling telematics systems for fleet managers, before spending seven years working with a listed financial services company. And Greg, had been a serial entrepreneur for years.

So sit back (with a notepad and pen) as Beau explains how consumer research very quickly validated their idea, how they got Prospa to market, how they’ve built Prospa in to Asia Pacific’s fastest growing business in just a few years(according to the Financial Times) … plus plenty more.

Here’s what caught my attention from my chat with Prospa’s Beau Bertoli:

1. Ask yourself if you’re truly solving (in the easiest way possible) the major problem your customers are facing.
2. Make time for face-to-face conversations with your customers.
3. Put aside four days a year aside to go offsite and work on your business.

But the marketing gold doesn’t stop there, in this episode you’ll also discover:

• Some marketing ideas from two listeners who’ve gone ahead and implemented some thinking they’ve picked up on their favourite marketing podcast ;0)

Resources mentioned:

• Prospa’s official website
• The Financial Times article listing Prospa as the #1 fastest growing business in the Asia Pacific region
• Interview with the eMyth’s Michael Gerber
• Trustpilot website

Please support these businesses who make this show possible:

DesignCrowd is the world’s #1 custom design marketplace where, with access to 550,000 designers, you’ll get the perfect design every time. Get $100 off your DesignCrowd brief here.

American Express Business Explorer Credit Card … it’s the credit card that ensures your business expenses reward you. Search Amex Business.

Prospa is Australia’s #1 online lender to small businesses. You can quickly apply online for loans up to $250,000, get a fast decision and in most cases receive the funding in under 24 hours. Call 1300 882 867.

If something in this episode of Australia’s favourite marketing podcast peaked your interest, then let me know by leaving a comment below.

This post was provided by marketing speaker Tim Reid who is the host of The Small Business Big Marketing Show, Australia’s #1 marketing podcast, also heard on Virgin Airlines. Subscribe FREE on iTunes or Android