marketing

Are all Top of Mind (TOM) strategies the same?

Image by TeroVesalainen from Pixabay

There are many strategies to keep Top of Mind (TOM) with your clients, prospects, and centers of influence. But not all TOM strategies pack the same punch.

Let me explain.

Emotional TOM strategies pull at the heart (as people will always remember the way you make them feel). Logical TOM strategies are necessary but satisfy the head.

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Seven low cost marketing ideas to grow your mortgage broking business

It does not take much to grow your audience

Whether you have been in the mortgage industry for a while, or just starting out, marketing your business does not have to be a big budget production.

There are many inexpensive ways to build your brand and your customer base.

Some of these ideas have been tried by our brokers, and they certainly don’t involve a lot of capital.

With a little bit of ingenuity, innovation, industry connections, and some work, here are seven marketing ideas you can use to grow your business.

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Why you need to focus on your existing customers

You should have a Customer For Life approach in your business

Photo by Matheus Ferrero on Unsplash

The mortgage industry traditionally is focused on acquiring new customers.

All you need to do is take a look at the way banks and lenders advertise their latest home loan rates, and how they treat their customers.

Here is one I found amongst a prominent bank’s fine print about the interest rates advertised:

Interest rate discounts for LVR 90% or less are available only for new owner occupier borrowings and new to bank security property.

The corollary being that if you are an existing customer, these new rates being advertised are not for you.

The message being that: to get a better deal, you should refinance or complain.

Not very customer-centric is it? Despite what the bank is no doubt try to promote.

And as a mortgage broker, finding new customers is a great rush. It reminds us of the days when we were hunter-gatherers, the thrill of the chase, the high-fives and fist-bumps, plus the winning feeling when your customer says yes to going ahead.

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What is the value of your brand?

Photo by Emiel Molenaar on Unsplash

Warren Buffet was reputed to have said: “If you gave me $100 billion and said take away the market leadership of Coca-Cola in the world, I’d give it back to you and say it can’t be done.”

Essentially what Warren was saying is that the brand and reputation of Coca-Cola was worth more than $100 billion.

When you look at it that way, Coca-Cola makes more money than Pepsi (the brand) or any type of cola or soft drink on the market. The value of its brand is such that it allows Coca-Cola to charge a premium for its beverages.

Taking a leaf from their book, what is the value of your mortgage business? I mean what is the value of your brand? Do you have a reputation?

And like all small businesses we all struggle to build our reputations and brands. How do we project confidence in our services? How do we get our “name” out there, above the noise of the market?

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What are your customers buying from you?

What do your customers buy from you?

Clients buy your confidence before they buy a mortgage solution (or mortgage product) from you.

When a client makes a purchase from you, all they have to base their decision on is your words. But it’s not what you say, it’s how you say it!

You may be the smartest and the most technically competent mortgage broker around, but if you don’t portray confidence, you will struggle to convert prospects into clients.

Research suggests that “what” you say has a 20% impact on your message. Compared to “how” you say it which makes up the remaining 80%. In other words, if you don’t portray confidence in what you say, you will struggle to convert prospects into clients.

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How good are your conversions?

 

How good is your follow up process and follow up system?

Put the TV on mute and pay close attention to this article.  It will make you money!

Do you know the number one reason a successful broker has a high conversion rate?

Yes, skill is one attribute.  But nothing, and I mean nothing, beats a broker with a super-charged follow-up system.

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Give to get – the secret to getting more referrals

Give to get - the secret to getting more referrals

 

What are you doing this week to find new business for your key referral partners?

To succeed in this game, you need to think differently.

Most mortgage brokers focus on sourcing mortgage leads.  After all, that’s the business we’re in right?  Wrong.

Of course the service we provide is mortgage broking.  That is obvious.  However to win in this game you need to understand that you are in a relationship business.

Take a good look at the most successful brokers and I’m sure you’ll agree that they stand out for one reason.  They have lots of friends.  Lots of business contacts.  Lots of people on their database.

One way to receive mortgage leads is to help others with their own business.  Of course, you only want to refer people who you trust with your clients, and those who you know will reciprocate.  But I can tell you from experience, when you help someone else, karma has a way of paying you back, many folds.

 

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How to build your one-page A4 business plan

Succeed with a business plan

 

One of the things we do at Masters Broker Group is helping our brokers build successful and sustainable mortgage broking businesses.

A key element to creating a successful business is to have a plan and a strategy.  According to a Harvard Business Review article a startup business with a documented plan is more likely to succeed and, more critically, become cash-flow positive.

Usually whenever someone mentions a business plan, the convention is for a 100-page tome. Unconventionally, we suggest that you put your plan onto one A4 page.

Here are some reasons why your business plan should not need more than one page:

  • The mortgage business is a simple business. You have no inventory, no stock, no samples and none of the requirements for handling inventory.
  • Most mortgage brokers start out with only one employee – you.
  • Lenders always pay their commissions on time.  You don’t need an accounts receivable division to follow up invoices.
  • The lending and real estate environment changes so quickly it makes no sense planning for more than 12 months ahead.  In my opinion it makes no sense trying to forecast more than 1 year ahead.

When you have to condense your business plan down to one A4 sheet, it makes you think more critically about your business goals. There is no space for BS. You are forced to only write down what you are going to achieve, creating that roadmap to reach your business goals in a brief, succinct, clear, to-the-point document.

You can download a copy of our A4 business plan from our website here.

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Let’s do lunch

Networking over lunch to build relationships

 

Here’s my tip to help you with a lead generation idea:  Do you have any lunch appointments set for this week?

If not, get on the phone today and set up a lunch meeting with someone.  If you can score two lunches then great.  But as a minimum, you need to have at least once lunch set up for later this week.

Lunch with who?  Here are some ideas to help you:

  • A prior work colleague
  • An old friend you haven’t seen in a while
  • A relative
  • Someone you see often in your neighbourhood
  • A local business person such a Real Estate Agent

When I started out in mortgage broking, I made it a habit to lunch with at least one different person every week.  Most weeks I would lunch with two people, but as a minimum I would lunch with at least one person, and it was someone different every week.  I did this religiously for 6 months.  The results were amazing!

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What’s your number?

 

What’s your number?  No. Not your phone number.

What do you want this year?
– What’s your settlement target?
– How much money do you want to make?
– How many leads do you want/need?
– How many appointments do you need/want?
– What will your trail book look like at 31 Dec?
– How much upfront commission will you earn?

If you can’t answer the above questions with precision, then ask yourself:  “Are you really serious about your business?”

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