Grow or perish... as you well know, in mortgage business there are only two options. And while we are constantly being bombarded with the latest marketing options, gimmicks, trends and opportunities, it seems that in the current market the simplest things are often the best.
The key to generating more leads, in the current economic climate is community. Your prospects want to feel as if there is a face behind the corporation. Gone are the days of big brands and monolithic empires - community is in, and it's the perfect time for loan officers to prosper.
Get personal, get ego-centric and build your own personal brands. It's time to revel in your loan officer status - as someone famous once said (on a totally unrelated topic), "Say it loud and say it proud." Become the public face of your business, give information away, be generous, and position yourself as an expert. Then the leads will come.
1. Email Marketing
There are three vitally important aspects of email marketing.
The first is your database - these people (whether you've met them or not) are your bread and butter. Look after them, your database is your most important business asset and should be treated that way. People who have subscribed to your database are giving you permission to market to them infinitum (or until they choose to unsubscribe). You are creating a lifetime relationship with these people and they deserve your respect, attention and care. Guard your database like you would guard your wallet.
The second is content - the people on your database have willingly given you their contact details, they have willingly agreed to accept (and most times read) your emails, in return for this they deserve good quality content that is pertinent, up-to-date, regular and interesting. Remember, content is king, and your database will reward you if you if you shower them with the kind of information that they want to read.
Not sure what to include? Then ASK your database. Surveys are a great way for you to find out exactly what your database wants, thinks and feels. Ask them their opinions and then reward them with your findings.
The third aspect is purpose - the flexibility and range of email marketing can mean it's placed in the box as an all-rounder - rather than the specialist tool that it is. Before you start writing your campaign, think about the end result - why are you sending this campaign, what do you want people to do/act/feel, and who is your target market. Once you have answers to these questions, you can start to write - but not before.
Here's a few ideas that you can use email marketing in your business:
2. Public Relations and Publicity
Aside from email marketing sent directly to your clients and prospects, the best way to communicate widely with your market is through the media.
This includes newspapers, magazines, TV and radio, in both the traditional and online format. One of the easiest ways to communicate with the media is through preparing and distributing a media release directly to them. The information contained in the media release has to be of interest to the reader.
And when we say reader, we are referring not only to your intended prospect, but also the editor or journalist to whom you have sent the release. They don't want to hear garbage or a sales pitch. They want news.
But remember, Public Relations requires strategy. If you send the same, or a similar message, to the media over and over again, eventually they will get sick of hearing from you and will stop opening your emails.
If your media release contains grammatical and spelling errors, it becomes illegible and doesn't maintain your professional image - it may not get picked up. And finally, before you even contemplate sending that Press Release, you need to ask yourself...
3. Partner referrals/Affiliate Programs
Another low cost, but brilliant way of instantly multiplying your customer database is through an affiliate program. Start by searching through your contacts and selecting businesses that complement yours (who are not in direct competition) and who you have a good relationship with.From there you can set up a partner referral arrangement or a more formal affiliate program - please note: software products are available to make the management of affiliate programs automatic and easy, contact us if you'd like to know more.
The end result of an affiliate program is a three-way benefit - you get new clients, your affiliate gets a commission, and your new customers do too - because you have provided them with excellent customer service that goes above and beyond their expectations to meet their needs. And what's more, you can set up reciprocal affiliate programs so the benefits can go in reverse too!
4. Search engine optimization
In today's world, we rely heavily upon our websites to promote our businesses and to communicate with our prospects - both on a local and global level. The best way is to ensure that your clients can find you via a search engine, such as Google. There are many Search Engine Optimization (SEO) techniques that you can use to improve your rankings and get more traffic from search engines. How far you take your optimization depends on your business and your budget.
5. Event marketing
One of the most popular ways forms of sales lead marketing these days is by event marketing. Effectively, this works by hosting a seminar, webinar or teleseminar on a topic of interest to your customers. Those that attend will find it useful and be further exposed to your business, its products and services.
Event marketing gives you the opportunity to cross and up-sell your other products, whilst introducing your clients to your main product/service range.
Be warned though, traditional advertising is not necessarily the most effective form of sales lead generation (people are well used to being bombarded with various advertising messages and are getting very good at "switching off" to it) and is certainly not the most cost effective method of sales lead marketing. Look instead at new twists on traditional media - such as advertising on websites, eNewsletters and blogs.
Remember, whilst marketing for leads is one of the most important tasks that you will undertake in the promotion of your business, it is vital that you test the waters first. A strategy or medium that works gang-busters for another business may fail miserably for you. Always test and measure the effectiveness of any chosen media, as well as the creative that you're using to entice your prospects. Also, don't be limited by the "herd-mentality" just because your industry traditionally doesn't do email marketing, for example, doesn't mean it won't work for you. As long as there is no legislative or ethical objections to the use of a particular media - then test it. You never know, you may uncover a goldmine.
6. Mortgage Marketing Pros
Last but not least, mortgage marketing pros offers a wide range of ideas, strategies, systems and tutorials for loan officers to be able to generate more mortgage leads.
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.