Reading all these stories of success may have you dreaming of your own future. Yet you may not be sure how to jumpstart your own production. Then may I give you my proven marketing methods discovered over my twenty-eight years in the mortgage industry. These steps have taken me and my staff to top producer and top income earners in every management and sales position I’ve held. [Read Part One]
Setting production goals are a great start in making a marketing plan. Preparing goals for your market approach saves time and frustration. If you don’t have goals sheets for planning your marketing approach, you may access free Sales Goal Sheet Templates at http://www.mtgtna.com/. Goals allow you to focus your efforts and budget.
BROCHURES – These can be nice for hand outs, and make the company look more professional with a brochure that outlines their services. Professional services and templates on the internet can help with development. When approaching professionals and human resource departments, a brochure works well to let them know the benefits of using you, your service, and your company. Benefits outlined in the brochure will need to be for your target market, and again not the shot gun approach of everything you have ever done.
E-MAIL MARKETING CAMPAIGN – Although there are costs and work involved in setting up an e-mail marketing campaign, there are clear benefits. You can purchase a data base if you do not have one, but the norm is to be invited to use someone’s email. The point is that once you get started, you will find e-mailing to be cost-effective.
FLYERS – Do not make a flyer that will attract all possible prospects. Do not let the flyer become too busy or misleading. The flyers should have a message that will meet the marketing goal, generally to generate action by the targeted market. The flyer will need to hit on the estimated motivation of the target market. What specific services will the potential borrower want from you, the mortgage professional?
GIFTS – There are gift baskets, wine with customized company name labels, plants, seed packets, fruit baskets, new home welcome baskets, and many other ways to spend your marketing dollars. There are also regulations on gifts from people in the mortgage business, so keep gifts under $50. If you give a present to one client, you should give a present to all. Excessive or expected gifts may be considered an illegal inducement or referral fee.
MAILING CAMPAIGN – There are costs involved in this approach, and the return is estimated at 2-3% being a good response. There are marketing services for a fee that will handle the mailing for you. These services make mailing campaigns easy as long as your database is up-to-date and accurate. Data bases can be purchased, but may not be current or may be over-used by other loan originators. Farm lists from title companies can also be used for your data base. What type of mailer will you use?
POSTCARDS – An effective mailer as most people will read the postcard before they throw. Postcards also cost less to mail. You have a very brief area to get your target market to take action, so make sure the message is simple and action requesting is clear. Call me!
GREETING CARDS – Holiday cards, birthday cards, and thank you's are all great to keep in touch with past clients. It also gives you another chance to ask for referrals, keep your data base current, and just basically keep your name in the fore front of their mind.
INVITATION – Invite past and potential clients to special events, “Homebuyer Seminar”, open house at your office, or holiday party. Have a door prize (less than $50 in value). Your client will get one chance in the drawing for every person they bring. How about a welcome to the neighborhood party you throw for your new client and their neighbors.
NEWSLETTERS – Newsletters can maintain communication between you and your clients. Marketing service companies can develop a newsletter for you, or you can write them yourself. Keep in mind that most newsletters are informational and do not normally ask for the business like marketing material.
NEWSPAPER/MAGAZINE PRINT-ADS – These can be expensive, but if your target market reads the paper or magazine the cost may be off set by the amount of applications it generates. Ask for a Media Kit to determine circulation and demographics of their readers. Ads should not be too busy. Keep it simple as you are just trying to get the phone to ring. Sometimes doing the ad in black with white writing can help it stand out from the other newspaper print ads.
PROMOTIONAL ITEMS – Pens, calendars, pads, rulers, game schedule charts, magnets, key chains, go more for useful rather than unique although both are great. Recipe cards are unique and often kept. T-shirts, polo shirts, hats, and bags are nice, but can be expensive and are considered inducements which are illegal. Why are you giving them the promotional item? The answer may help you decide what to use, if anything.
RADIO ADVERTISEMENT – Radio advertising on your local station is not too expensive, especially sponsoring the weather or traffic reports. You’ll need to run the ad at least six months. What radio station will your target market listen too? What time?
FREE ADVERTISING – there are many sources of free advertising. The following is a small list:
- Word of mouth, referrals is the best.
- Newspaper article written about you, or a press release.
- Speeches and programs for civic groups.
- Teach a course on home financing at the community college.
- Business card on bulletin boards at stores and community centers.
- Write newspaper article or column
- Speak at Real Estate meetings.
- Speak at high school career day programs
- Three foot rule, anyone within three feet gets your card and presentation.
What more can you think of?
