As a loan officer there are many ways that you can do to promote your mortgage business for free or at low cost. There are some creative and lower cost ways to promote your mortgage business that even work when the economy struggles. Perhaps your mortgage business will find a few of these alternative suggestions useful, especially, if you find something interesting AND THEN go out and try it!
1. Business Partnerships - Cross Mailings
Find other complimentary businesses that have mailing or contact lists that you can "Trade." If you are not in direct competition, you may be able to offer your list to another company for the use of their client list. This is easier said than done, in the beginning. But a win-win situation can have mutual benefits over time.
Sometimes a more gentle way to begin this courtship of someone else's list is to allow them to contribute information or an ad in your newsletter in exchange for having your information go out to their newsletter list. Obviously, you must find organizations that have large, up to date, and productive lists. This cross promotion will take more than one casual contact to get business, so be prepared to have a relationship with your new promotional partner. Remember to support your partners interests to their lists, and to yours. This builds rapport and trust.
2. Pick Your Top 100 Partners (interview and cross promote)
Would you like to have 100 other business people recommending your business? Of course you would. Start making a list of everyone you do business with (and why you do business with these people.) Then think of every business that you might do business with, especially, if they are professionals who might have clients that you want to work with.
Keep this list growing and changing Be prepared to replace people or add to your list if you find a better business partner or have a low producing partner. Regular contacts to update your information with these Top 100 partners will keep this relationship warm.
It is important to acknowledge any referral and thank them appropriately for business, even consider offering a "finder's fee" or a thank you "gift certificate" for another of your partner's restaurant or service business.
3. Conduct Information or Research Surveys
It is very difficult to contact new prospects when all you can think to do is ask for business. Consider conducting an information gathering survey. I contact human resource professionals in a "targeted" organization and request time to conduct my interview. I am gathering information for future articles or for a research project which always relates to the type of business services I offer. This is a good way of meeting people with less pressure than in a sales call. You can "qualify" the new potential client by asking questions including, does your targeted future client use this type of service/product, do they have a budget, what do they require in the product/service, and who is the decision maker in their organization, regarding this service/product... (At the end of this interview, ask for permission to contact other people in their organization, including the decision maker, and ask if you can use this new "friend" as a reference.)
Planning this survey is important because you must structure it in a way that gently builds toward your most important information (the name and contact info for the "decision maker.") You must be prepared to deviate from your set questions to build rapport and because important insights may develop from this interview process that take you in unplanned important directions.
These surveys are best conducted by telephone to gather information, however, you may have to be prepared to email or fax your survey to busy people. If you must use email or faxes, make it clear that you would like to follow up and get clarity after you review their surveys with a "brief" call. (Calls are better for getting the essential contact information that you require to move up within a targeted organization.)
4. Grab E-mails
Get e-mails at your website. Exchange their contact info for a free newsletter or free information or guides on how to purchase a house for example. At every promotional events or class or presentation you offer, send around an e-mail list sheet to get people who want more of what you may offer. Ask every one you speak with by telephone for their e-mail contact info, and, if you can add them to your FREE e-mail newsletter list. Be creative and do not let any opportunity for gathering contact info slip away... Remember the bigger your list the more value you hold!!!
5. Grab Business Cards
Like e-mail contact info, gather every business card you can. Before getting their card, ask about their business. Find out if they want partner with you in business or promotion or to exchange information. Qualify them as potential clients or as promo-partners and write this down on the back of their business cards. Go to networking meetings, chamber of commerce gatherings, service club meetings, political events, conventions, whatever... Be creative and go through the numbers... Not everyone will be a good fit, but everyone knows people who might benefit from your product or service.
6. Mailing Labels - Email Signatures
Every e-mail you send out should have an automatic signature at the bottom with your name and contact info, AND information about your business product or service! Every mailing label you send out, even on bills that you are mailing to your telephone company, needs to have a business promotion that can tell everyone who handles that piece of mail something about your business. Though a simple technique, it can get you results. So be sure that you put your website info on the return address label.
7. Ask for referrals before you start work
After you sign up a new client, but before you start work, ask them if they would be willing to provide you with a testimonial if you can meet, or exceed, their expectations. Do not wait to you have completed the work. Prepare them in advance. Then, do a great job for them and ask for your testimonial (and referrals!) (In most cases, you may have to coach your client on exactly what was so great about the product or service that you provided. This may help to "round out" a promotional campaign that you are developing.)
8. Creative Media Promotion - Media Expert
You have information and experience that most people may not have access to, so you are an expert! Make sure the local, then national, media knows that you are available to give background information regarding your area of expertise. Send press releases out that are newsworthy and interesting for public news consumption. ("Interesting" to the public, not just to you.) Create a media list of e-mails to reporters, writers, producers, and "on-air talent" who you can send out regular updates of current developments in your field. Stay in touch, because you will never know when they will need background information for a project that they are working on.
It takes work so begin slowly. Find media outlets: newspapers, radio and TV stations, and magazines who you may want to work with AND the best contact people at each specific organization. If you have success locally, ask for references to contact regional or national media organizations.
9. Write Articles - Linkedin.com for example...
Writing articles for the internet can be beneficial to you in many ways. I started writing articles to get outside "links" going back to my website to help with search engine rankings. Getting your website's ranking to come up on the first page or two of a "Google" search can be very rewarding to your business success and getting more incoming links helps to increase your rankings.
Writing articles also demonstrates your expertise and can get your name out into the world wide web. If your articles are useful, and popular, then you will get traffic and potential for business.
I am a strong believer that if you offer information and provide service, people will find there way to your business and that you will be able to create a situation that will be mutually beneficial.
10. Get Coaching to create a specific program for your Mortgage Business
When you read an article like this, you will get a lot of good ideas. Most of us can benefit from getting assistance in tailoring this input for the unique qualities of your business. Small businesses need coaching in certain areas to get their business systems working efficiently. Larger businesses hire consultants to add to their profitability. No matter whether you are with a larger or a smaller organization, outside expertise and perspective can save you time and money.
Many people in business know all about what it takes to create success but often lack the accountability and the follow through to take the steps necessary to accomplish their goals. Coaching partnerships can make this work for you and help to allow you to reach your dreams. Consider getting the assistance that you deserve.
Finally, as you finish reading this article find the most useful suggestions and make a plan to implement them. It is not enough to know what to do, you got to get out there and "just do it!" "Follow up on the new ideas and then follow through!" Most loan officers resist change and doing something "new" but often a new method will wake up your business and give you what you need, even in a slow business economy.
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