Engage in mortgage marketing sometimes feels like a dog with its head outside the car window, ears flapping, eyes glazed, and no idea of where he's going. Now a days with the expansion of the internet, search engines and social media, there are so many ways that you can market your mortgage business as a loan officer, most of these marketing techniques works, but what determines if a mortgage marketing method will work for you or not is how well are you implementing this method?
Now I will be the first to admit that marketing is not rocket science. But I will also be the first to tell you that marketing is an art that uses some scientific disciplines (such as market research and statistical analysis) and not a science in and of itself. Not understanding the art of marketing is often the difference between failure and success.
In this article we will cover list of the most common and costly marketing mistakes made by loan officers. Avoiding these mistakes will not only help you know where your business is going, it will also enable you to attract the right set of core clients and It will help you clear your mind and focus on a mortgage marketing strategy that works for you.
Messages do not speak to your prospects - clients have problems for which they seek solutions. Your marketing messages need to be concise and clear about what you can do for them and what benefits they will gain from doing business with you. If your messages are all about you, then it is hard for prospects to understand the WIIFT (what's in it for them).
Messages do not speak with your clients - successful mortgage marketing is a two-way dialogue with your clients, not a one-way barrage of messages from you to them. Your marketing should aim to solicit feedback and input from clients, particularly about other problems they currently have or are likely to face in the future. By understanding and anticipating client needs you can develop new products and services, or form new partnerships, that provide the solutions your clients will purchase.
Marketing materials are not professional looking - your marketing materials need to project your professionalism. Photocopied flyers and brochures are for amateurs. It is simple to design and print quality flyers, information sheets, and promotional materials using services like VistaPrint.com.
Advertising in the wrong media - find out which media your clients are using and put your presence there. Where do your clients turn for information? That's where your advertisements should be.
Promoting features over benefits - clients do not buy services, they buy solutions. Tell them what you can do for them and what benefits they will gain. A feature is your 10-year career. A benefit is that you will relieve the pain in my back. A better benefit is that you'll teach me how to prevent or minimize back pain in the future.
Assuming your audience understands what you offer - your clients are not likely to understand the intricacies of one treatment over another. They seek advice from you and the practitioner who does a better job of explaining each treatment and the options available is the one most likely to have repeat clients.
Communicating too many messages - you have a lot to communicate about your services. However, too many scattered messages cause confusion. Don't try to tell everything in each brochure or advertisement. Focus on one or two key points each time and then point your prospects and clients to a place where they can get more information (like your website).
Failure to cover rational and emotional buying criteria - clients use both rational and emotional criteria when making any critical purchase decision. Your messages need to appeal to both these aspects.
A business that is not properly positioned - there's a huge difference between a Real Estate Agent and a Mortgage Loan Officer. I am sure in your mind's eye your own business is different than the other competitors in your market. Understanding this difference and being able to communicate it is at the heart of positioning. How you position your business will have a direct impact on the types of clients you attract.
Failure to continually market the business - loan officers often make two major mistakes when it comes to marketing: a) reducing marketing expenditures during soft economic times and b) failing to invest in marketing when business is good. Marketing is not a tool that can be turned on and off like a tap. A sustained marketing effort is needed in both good and bad times.
Not collecting and capturing information on your clients - your client base is one of the most strategic assets in your business, yet very few loan officers understand how to leverage this asset. Your clients often have rich and exciting lives that you could tap into, if only you knew more about them. This impacts not only your ability to create new products and services for them, but also your ability to leverage clients for referral business.
Not using satisfied clients for referrals - a great number of your new clients come to you as referrals from friends and family, yet very few loan officers take a structured approach to using satisfied clients as a channel for new business. Many professionals are reluctant to ask for referrals or even to provide an easy method for clients to recommend them. That's a shame as there are many subtle and soft approaches that work equally as well as bluntly asking clients to give referrals. But like most other marketing tactics, this requires a structured approach.
Not understanding why clients leave - very few businesses survey lost clients to find out why they have taken their business somewhere else. This is a major mistake. Surveying lost clients can identify problems in your practice that you are unaware of, as well as new services offered by others that are taking your clientele away. It is best to use an outside resource to survey lost clients and it is a practice that should be conducted at least annually.
Putting your operational needs before those of your clients - there are a wide range of choices and options available to clients today. One of the key things clients value is flexibility, and if your operational procedures cannot provide the flexibility to meet changing client needs, then their business will go elsewhere. Remember, clients are the reason you are in business, and hence your policies and procedures should be designed with client needs in mind, not just the needs of your staff.
Not having a Web presence - the Internet has become the number one place where people seek out information, even for local providers and services. Not having your own website results in lost business and a missed opportunity to provide in depth information about your products and services on a 24/7 basis. Also, an email newsletter is an inexpensive way to keep your name in front of your clients and prospects on a regular basis, while also enabling the effects of viral marketing to take place when your readers pass on your newsletter to friends and family.
In today's world, with so many choices and options available to clients, if you do not take care of your clients, someone else will. The best way to take care of your clients is to create true value for them. This is best done by ensuring everyone in your organization has a passion for clients and by developing a better understanding of clients and their unique needs.
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