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7. DEVELOP AFFECTIVE MATERIALS
Next step you will need to develop marketing to get the phone to ring. Whatever approach you choose, you will need to make sure you identify how you will overcome the issues identified for your target market. Not so much loan program as much as solutions (benefits) adapted to those clients. Now communicate in the material that you are available, and what are your solutions.
Be creative but keep the focus on the target market. What will get them to pick up the phone and call you? Create effective direct response advertisements by including these key marketing tips. Grabber – The ad needs to grab the readers’ attention. Ask yourself, “What is it I do that really benefits the borrower?” Interest – Having the reader answer “Yes” to questions works well and makes it easy for them to say yes to your call to action or services. Conviction – You must create a belief that you can help them achieve their goal. Testimonials and success stories work well. Call-to-action – Somewhere in your ad you need to instruct the prospect what action to do next. Call, email, complete response card, or so on. Creating a fear of loss with limited time offer will also motivate action. Easy – It should be easy to reach you. Use toll free phone number, website address, and email.
You have to believe in what you’re selling. You are selling yourself, your company, and your services. You need to believe you will give the best service for the borrower, and not just close the loan for commission. When the focus is on the borrower, the money in your pocket will follow. Selling yourself should be easy. Wouldn’t you do business with you? If your answer is no, we offer an ethics and law course. If the answer is no because you’re new, then focus your sales efforts on selling your company. It’s OK to be new and learning the business. Just make sure you have a mentor to review the information you are telling the borrower. SIX BUYING MOTIVATORS
What motivates a person to purchase? Their desire for gain, fear of loss, comfort and convenience, security and protection, pride of ownership, and satisfaction of emotion. The loan originator must peak the interest and inspire the prospect to proceed with the loan and make a decision to proceed with the loan triggering one of these motives in the prospect. What will motivate your target market? TYPES OF ADS
There are two main types of advertising and a method to combine both ads. Brand or Image marketing promotes name recognition, and gives you the opportunity to sell your reputation or your company’s mission. This type of ads goal is to build awareness and interest. Call-to-action or product marketing promotes the reader to do something or act on the offer. The ads goal is to present an offer and prompt a person to act. Whole or Total approach ad incorporates both goals. Uniformity of advertising will allow brand or name recognition. Ads may use the same layout, font, logo, and/or slogan, picture, or other repetitive feature to the ad which will allow the reader quick recognition of who is the advertiser. Beyond the repetitive advertising features, the ad is designed to meet your advertising strategy goal.
An advertising strategy should include the answers to the following questions: • Who is your target market?
• What do I want the target market to know about me, my services, and/or my company?
• Present one clear idea. Clear single focused communication will be understood the best.
• Convey benefits not features. When you think of feature, ask yourself – “which means” what?
• Why am I better than the hundreds of other loan originators?
COMPLIANCE WITH LAWS
Stay in compliance with advertising and lending laws. I would suggest a law class if you do not know an advertisement implying a rate or payment requires an APR, or that Fair Lending Laws require no discrimination and the display of the ECOA house symbol. There are also laws that prohibit you from not taking an application for a borrower that wants to make application for a home loan. Always ensure all advertising meets the federal and state law requirements to avoid fines and un-professional approach to the market. 8. THE BUYING CYCLE
The phone rings. You’re in the buying cycle. Now is the time to sell. What are you selling? First, you are selling yourself, then your services (money), and your company. Don’t over sell with this initial contact. Remember this is for building interest to come in for an appointment. If needed, have your script ready so you don’t stumble and sound incompetent on the phone. Give a short pitch, and then ask if you can ask them a few questions. Screen the calls to determine viable prospects, and set appointments to meet the prospects that are serious about purchasing or refinancing. Make the decision if they should be brought in for an appointment, set up in future follow-up for a call back, or cut loose. STEPS IN THE BUYING CYCLE - 1ST step-Awareness – Get the phone to ring. You’re not trying to close the sale, just get a call. Do not make your marketing so busy that the message to call you is lost in the information. The message to call will need to touch the motivation of the target market.
- 2nd–Peak Interest–Screen the call and get the appointment, build rapport.
- 3rd – Inspire action to use you for their loan. At the loan application, convey value.
- 4th –Decision to close the loan
Then the cycle starts back to awareness. You expect referrals, and for them to use you again in the future. Your clients will react to your advertising in steps. People do not work with you because you make them understand every step; they work with your because they feel understood and trust you. No one wants to be sold; they want to make an informed decision to buy. 9. MARKET TRACKING
All marketing material should be tracked. If you receive no calls from a flyer you’ll know to not use it again, or you may want to reuse one that was successful. There are many ways to track. Some use an extension, code word or name for prospects to ask for such as Fred, even though there is no one in the office named Fred. The code word will let you know which marketing material generated the lead. You can also just ask how they heard about you and note on feedback worksheets. Feedback worksheets work well, and make analyzing results easier. Having a 1-2% return on a mass mailing is average. After analyzing the results of a marketing campaign, evaluate and make adjustments for future marketing campaigns. 10. DEVELOP A PROSPECT INTO A CLIENT AND REFERRAL SOURCE
The last step in marketing is the appointment, make sure you listen. Listen to what their concerns and fears are and then focus your presentation based on their personal needs. You need to create desire to use you for their home purchase or refinance. If you convey value and instill trust, they may not shop you. Testimonials and other success stories may help if they relate to issues the borrower is also facing. A problem with many sales people is they talk themselves out of the sale. They are too busy talking, and they forget to listen. Experts have proven the best communicator is a LISTENER! How do you show them you are listening? Meet or address their needs or concerns they have told you they have. Good luck with your 2008 marketing campaign.
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