Are you new to the mortgage industry or looking for insight on how to market yourself effectively? Below are a few practical tips/steps to help you build your database a get your marketing off to a “smart” start!
Step 1: Build or Clean up Your Database
· Make a List of Everyone You Know: Don't just list business contacts; include everyone from your dentist to your coffee barista to your child's daycare provider. There are opportunities for business everywhere you look.
Up Your List: Now you need to determine who in your database is a past client, a warm prospect, a friend, a cold prospect, a referral source or a business contact. Split
· Include Special Dates: If you can, be sure to include birthdays, anniversaries, hobbies and favorite restaurants in your database. This information will give you all the more opportunities to contact these folks in the future.
Step 2: Reach out to Past Clients
Past clients are gold and should be handled accordingly. These people have worked with you before and trust you. Therefore, you should keep in touch with this group regularly. Statistics show that 93% percent of purchasers are satisfied with the professional they used, but only 11% will buy from them again - because they don't remember their name. Another reason to keep in touch is, they may not be ready to work with you right away but their friends or family may... and if you stay in touch they will remember your name and have your info ready to refer you. Here are some ideas:
· Offer up a Recipe: Even if you don't like to cook, your clients may enjoy it. Sending a new recipe flyer each month to your past clients not only keeps your name in front of them, but it also offers them something of value.
· Tips Are Great: Send a list of Home Tips to your clients each month. Everyone is always on the lookout for helpful and easy ways to upkeep and improve their home or ideas for activities with family or friends or even travel tips, whichever is appropriate. Add some value and fun to their lives.
Step 3: Consider Prospecting a Niche
Are you passionate about a certain target market? Do you love helping first time homebuyers? If so, let them know! Become the expert in your area and begin building trust. Here are three niche markets you might want to consider:
Step 4: Build Referral Relationships
Most mortgage originators who are to producers have proven that almost half of their business comes from their referral sources. If you aren't building strong referral relationships, you could be missing out on over half your business! Here are a few ideas to help you grow your referral source business:
· Keep Them Informed: Send industry news to referral sources often. They have their own industry to keep tabs on, so help them be up-to-date on your industry by shooting them an email or calling them to tell them existing or new industry news. The News Summary is a great tool to use – and it’s FREE!
· Send your referral a Referral: One of the best things you can do is send a referral. Show them you are serious about helping them build their business. You will likely receive a referral from the ones that are serious about helping you too!
Step 5: Supplement for More Profit
Once you are consistently contacting your past clients, prospecting a niche market, and building relationships with referral sources, you may want to begin marketing in non-traditional ways. Here are a few ideas to get you started!
· Start a Blog: Write about personal and business related topics. Send an email reminder to your clients each week reminding them to read it!
· Sponsor a charitable event: Invite your database to participate with you and sponsor a charity for a good cause.
- Give away FREE stuff: in, or outside of your office. Make sure your business card is attached!