I have a question for you. The games of pool, Blackjack and baseball all have something in common. What is it? Ok, I know, that was a terribly obvious question and answer, but I wanted to start this article by making a point. All games have rules that must be followed.
If we want, we could even take this thought a step further and apply it to nearly everything in life. Rules are everywhere and for good reason! Without rules governing most activities in life, we would have chaos. This same train of thought applies to our marketing activities as loan originators.
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Have you taken the time to learn the rules of successful marketing? Are you familiar with the consequences of violating these rules? The answer to this last question for most will be yes, as most of us at one time or another has experienced the frustration of empty pipelines or unsuccessful marketing campaigns.
Perhaps a quick review of some of the more commonly violated rules would be helpful?
Rule #1
With so many opinions and perspectives floating around, it is difficult to label any one rule as the most important. So we won't go that route today. Rather, I am listing these marketing rules, or guidelines as equally important. They have to be in some sort of order though right?
Guideline number one is this: You must know who you are marketing to. Sounds fairly simple right? Or is it? I'm going to ask 3 simple questions that I want you to answer as quickly as you can.
Where are your prospects most likely to live? What are the top 3 concerns of your primary niche? What is the primary age group of your niche market?
If you can answer these three questions, then I applaud you. Would you believe that most loan officers could answer only one of the questions listed above? This concerns me because these are very simple questions that could be answered with a little research and record-keeping. If we are paying so little attention to our marketing efforts and our client base that we struggle to answer even the most basic of questions, then is it any wonder the industry is in a state of panic right now?
Some would argue that we don't need to know such things about our niche in order to market effectively, but I strongly disagree! Marketing has everything to do with understanding your target. If you don't know where to find your prospects efficiently, and what they are most concerned about, then your marketing approach will amount to little more than hit and run techniques and a scatter gun approach.
Please do yourself a favor and set aside some time for getting acquainted with your market.
Rule #2
Rule number two is every bit as important as rule number one. Even with the best research the world has to offer in hand, you must follow this guideline if you wish to be successful. Consider number two as a logical progression of rule number one. You must go where the prospects are.
Fishermen always do their best to drop their lures in the most densely populated areas of the lake, so why aren't we doing the same? Once you know who your most likely prospects are, why not market in a way that will put you in front of the largest possible group? For instance, if you are marketing to first time home buyers, have you put some thought into where most first time home buyers are going for information?
Are they going to the internet? If so, what sites are they likely to be visiting? Perhaps they are also thumbing through local real estate classifieds and publications? What is likely to get their attention? Take some time to look at the tools and resources available, and then view these destinations and publications through the eyes of your prospect. What do they see, and what would stand out?
Spend some time surfing the internet looking for likely destinations. Message boards, blogs, classified ad sites and more can be found all over the web. As you uncover likely destinations for your niche market, you will begin to notice similarities between the sites that have managed to attract your target prospects.
Your odds of meeting with success will increase substantially once you begin fishing in the right places.
Rule #3
Have a strong call to action! You may have noticed that I put an exclamation point at the end of the last sentence. I felt that this statement needs to be yelled from the highest roof tops and pounded into our heads again and again. I am speaking so strongly about this topic because this rule seems to be overlooked so frequently.
Many well designed and planned marketing strategies have met their demise due to violation of this rule. Without a strong call to action, even the best ad copy will fizzle. If you don't tell your prospect what they should do next, then why should they do it? What is in it for them? How will they even know what to do?
Lately, it seems that more and more loan officers have forgotten that they are in sales! We've grown so afraid of asking for what we want, or of telling our prospects what to do next. It's as if we are afraid they will be offended and go elsewhere. I have to tell you though, if your prospect is so easily herded to your competition because of a simple question or direction, then this was not a very reliable prospect to begin with.
Sure we have to temper everything we say and avoid coming on too strong, but this by no means translates into becoming a glorified order taker! You must be straight forward and honest with your prospects. Tell them why you are here, and how they will benefit from taking action.
For instance, if you were sending an email to your database of potential home buyers, what would be their motivation to contact you? Do you offer a free report or information that clears up some of the common misconceptions about purchasing a home? Or perhaps you offer information that will help them negotiate the best deal when it is time to sign a contract?
The bottom line is you have to offer some reason for them to contact you. Prepare a value statement ahead of time, and tell your prospect what action they must take to benefit from this value.
Follow these basic rules of marketing and review your current campaigns. If you have been dissatisfied with the results of your marketing in the past, then you will be well served by this review. Remember that success comes to those who show persistence, effort and consistency. Oh, and by the way... Consider that rule number four!
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