Mortgage Marketing and the Value of Consistency
Whether it’s mortgage marketing, real estate marketing or any other business, it happens the same way with each undulation of the business cycle. For whatever the reason and circumstance, the same principles apply when things aren’t as rosy during a down period in the industry like the housing crisis of 2008. I watched this occur during that period along with the change in the pay structure. Many loan officers and real estate agents were losing their minds, and trying to talk about marketing with these folks was like herding cats. They would scramble to find the next big thing, the next groovy trick, the next gimmick, all while trying to find it for free. I’ve been in the direct marketing industry serving mortgage and real estate professionals for about a decade now and the one thing that is unmistakable are the true entrepreneurs. I remember one individual by the name of Josh Mettle. In a conversation about marketing we had in 2009, he said, “Hey man, you can either die along with everyone else, or you can reinvent yourself and move forward.” He wasn’t the only one who understood that concept along with understanding one other element that breeds success. What I’m talking about is consistency. When I was a kid I learned early on that if you want to start a fire (or torture an ant) you had to hold the magnifying glass still. The sunlight needed to be amplified by the glass to concentrate the heat. It was the only way to get the fire started. What seemed like a magical idea at the time (the fire, not the torture of the ant) reveals an eloquence in its simplicity, and this simple concept eludes even the most eager in their quest for marketing that works.
Mortgage marketing requires consistency and if you consistently say nothing to your clients you consistently see poor results. While a monkey can consistently bang on a typewriter and eventually spell a word, banging out a sentence will be far less likely.
When creating a marketing campaign based on a particular product, you can highlight the product — say a new style of furniture, a cutting-edge electrical device or a new recipe for a sandwich. We’re not selling furniture or sandwiches or electronic devices; we’re creating relationships! The platform made available by the newsletter is by far the best way to have a continual meeting with your client base on regular intervals, allowing you to frame the subject and direction any way you see fit. Last month we talked about what to say to your clients and while the possibilities are endless, it’s probably a good idea to reflect back and read what to say to your sphere of influence.
You don’t want to consistently give your potential client base a dose of “I only want to sell you something.” They will always see impersonal marketing as you just caring for them when you want to drum up business. While this isn’t completely bad, it’s pretty bad when you are in a referral marketing model and, like it or not, mortgage marketing and real estate marketing are EXACTLY that. If someone wants to buy a house, they call someone they know. If they don’t know anyone, they’ll call someone they trust and if that person doesn’t know you, guess what? They know someone else, and that ain’t you! And that’s a problem we want to avoid upfront without a break in consistency. If you don’t have a consistent line of communication outside of the email marketing fallacy, then you aren’t creating ambassadors for you and your business.
It’s like I always say: “You can’t start a fire if you wave the magnifying glass around. You’ve got to hold it still!”
Next time we’re going to look at direct marketing vs. email, television, radio, the yellow pages, etc. We’ll look at some ROI numbers and the stark reality of the social media marketing model. This is going to be an interesting survey, so keep your eye open for it.
If you have a question on any of this, feel free to contact us using the contact link at the top of the page here or…