By Doren Aldana
If every dollar you spend on marketing isn’t generating more than that amount, then your marketing sucks. Don’t believe me? Let me to prove it to you. I recently received an email from an ex-coaching member who asked to be removed from our email list because she’s leaving the business. She explained that, “It’s not worth it and I may have a very nice ‘paying’ job that has more of a ‘consistent’ income which for me is very important.” Sound familiar? What’s interesting, is that just a few months prior she had cancelled her marketing training membership saying she was just “too busy” to take advantage of it. Now, three months later she’s throwing in the towel – not because she’s not a great mortgage broker, not because she doesn’t love the business, but because her marketing sucks!
So, out of sympathy, I replied back and gently told her that, “The secret to generating a ‘consistent’ income in this business is that you must focus on becoming a masterful marketer.” Apparently, she didn’t like that answer. Here’s an abridged version of her response: “I am not leaving because I am not a masterful marketer. It does take time to do ‘marketing’ and quite honestly I have tried and spent a lot of money trying to ‘market’ my services. It has not brought any results. I cannot sit and spend all my time ‘marketing’. I am the sole income earner, and over the 8 years I’ve been in this business I’ve done well but after the recession and all the new rules and regulations that have come into effect… more and more brokers are not making a lot of money and are leaving the business.” Notice how she shifts the blame from herself to circumstances out of her control (i.e. not enough time, the recession, new rules, etc.) and then pulls the “everyone’s doing it” card to justify her position. This is how losers think.
You see, what this well-intended, talented young lady failed to recognize is the TRUTH about what business she is really in. She – along with countless others who call it quits in this business – thought she was in the “Mortgage Business” and her primary function was providing mortgage services. Thus, she considered marketing as optional luxury at best or imposed drudgery at worst. Conversely, all Top Producers understand that the #1 most important ingredient to their success is effective (profitable) marketing. They see themselves as marketers first, service providers second. They understand that they could be the best underwriter in the world but if they don’t have any clients, they’re out of business! Until and unless you “GET” the fact that you’re in the “Marketing” business you’re going to have skinny kids and a skimpy bank account.
At this point you may be thinking, “OK, Doren. I get that I’m in the marketing business, but how the heck do I market effectively?” Good question. Here are three surefire strategies for building a rock-solid, consistent income regardless of market conditions:
1. Mortgage Referral Systems. Most mortgage professionals rely solely on word of mouth advertising. There’s only one problem with that: it is governed by happenstance! Imagine relying on the lottery to pay for your child’s post-secondary education. Sounds ridiculous, doesn’t it? Well, if you think about it, it’s just as absurd to rely on the off chance that maybe, just maybe, your clients or referral partners will refer you business this month.
Referral systems, on the other hand, provide you with predictable, consistent, reliable results. And here’s the best part: once they are installed they can often run almost 100% on autopilot!
Here’s an example of a time-tested referral system:
• Monthly Direct Mail Newsletter. By sending this newsletter to your prospects, clients and referral partners every single month like clockwork, you will build “Top of Mind Consciousness” so when the time comes that they (or someone they know) need a mortgage, YOU will be the only one they turn to! If you’d like to see newsletter content ideas, click here.
BTW – if you think you can do just as well with email instead of snail mail, think again! Go read this eye-opening article from the Wall Street Journal, explaining why large companies are still holding fast to snail mail. When it comes to bottom line results, snail mail is still KING!
2. Joint Venture Alliances. The typical mortgage broker will call on Realtors and Financial Planners asking, “If I could provide your clients with superior rates and service, would you feel good about referring me?” That approach would work just fine if you were the only one calling on them. But unfortunately, everyone and their dog is saying the same thing.
The key to attracting more referrals from your referral partners is to come up with a unique value proposition that makes you an irreplaceable asset on their team. One of the best ways to accomplish this is by providing them with turnkey tools/systems that actually help them to:
• Attract more quality prospects
• Covert more prospects into closed deals
• Generate more raving fans, referrals and repeat biz
• Increase profits without working more hours
If you can help them accomplish at least one or all of those four objectives, you will become their HERO!
For instance, let’s say you wanted to attract more Realtor referrals. Instead of chasing them around with rate sheets and doughnuts, you would offer them a complimentary Call Capture Hotline to help them generate more buyer leads so they can sell their listing faster and for top dollar. Watch an explanation on how this works.
3. Lead Generation Systems. These should be highly targeted consumer-direct marketing campaigns designed to generate a profitable, consistent stream of qualified mortgage leads from specific niche markets. Examples of possible niches to go after are first time homebuyers, reverse mortgages, debt consolidation, renovation loans, etc.
An effective lead generation campaign should include the following:
a) A free offer – such as a free guide, free report, free CD, free analysis, free consultation, free recorded message, etc. The key is to provide them with a valuable free offer that will get your ideal prospect to respond.
b) Focus on the benefits – the prospect will receive when they take advantage of your free offer – use a bulleted list to delineate all the juicy benefits they can expect to gain.
c) A call to action (CTA) – that tells the prospect precisely what they need to claim your offer.
d) Tracking device – that allows you to track the exact number of leads, apps, deals, commissions and ROI from every marketing campaign you run. Remember, you can’t improve that which you don’t measure. If you’re not holding every marketing dollar accountable, you’re driving blind with no dashboard! That’s not smart.
Below is an example of a direct-mail postcard that contains all of the four elements I just mentioned. Can you find them?
NOTE: if you’re a Gold member of above, you can get instant access to a killer ready-made 3-Card campaign, including a customizable version of this exact card by clicking here.
In conclusion, there are many strategies for attracting mortgage clients, but nothing is more profitable than marketing by referral. Referral systems are the single, most profitable way to grow any mortgage business, FAST. When you have systems that consistently generate hot, pre-sold referrals, you control your future. Discover how to use autopilot referral systems to turn your business into a cash gushing machine. Learn more about our newly updated and enhanced Autopilot Referral Systems Here.
*All we ask is that you cover a portion of our shipping and handling charges to mail it out to you. Fair enough?
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