Mortgage Marketing and The 5,000-foot View (part 2)
In Part 1 of the “The 5,000-foot View”, I briefly covered some of the approaches that are being tried in the name of mortgage marketing. More specifically, I examined those approaches that are shots in the dark at best, and useless at worst; tricks, gimmicks, skits, fake talk show segments, etc. Why are these approaches problematic? First of all, they take the loan officer out of his or her element and put him in a place that is either fake or disingenuous. Like the loan officer with “secret strategies” that attract all the loans and mesmerize real estate agents to the tune of tens of millions of dollars a year in sales, yet they spend all their time doing marketing seminars to sell memberships. There’s something a little off about that. It’s disingenuous, to put it bluntly, and it’s fake!
What’s not fake is the interaction across the table during the application process; the questions that need to be answered once the loan process starts, the additional documents that might need to be submitted, the occasional nervous call from a borrower looking for updates, etc. Each of these requires real interaction with a real person who has real needs and wants to feel comfortable and at ease, knowing that so much in their life is dependent on the pending loan, and that relates directly to the Loan Officer helping them through the process.
Looking at your sphere of influence from a “5,000-foot view,” it can be tough to categorize everyone into loan types, credit ratings and loan programs when the average loan officer has only about 250 people in their database.
What remains is a scarce set of data points to base a marketing strategy upon. If you’ve got 10,000+ names in your database, sure, but a couple of hundred names? With an email campaign, the results can be dismal and you may have already experienced this. The “5000-foot view” shows us exactly what all your clients have in common: they all did business with you. YOU are the common denominator, and the only way to market to them is through your relationship with them.
Time doesn’t allow for a visit to every home or even a phone call once per month to a couple of hundred people, unannounced. I mean, you could, but you’d be doing little else. Unfortunately, emails across the board have an open rate of about 10% on a good day, a click-through rate of about 3%, and a conversion rate for loans and refinance of about .02%, if that.
To put it as bluntly as I can, you’ve got to communicate with your clients. …You’ve got to reach out to your client base regularly, and you need to share yourself, share your knowledge and become family.
As a marketing company, we could sell all kinds of things like so many others do, and make the idea of “variety” appeal to you, so you’ll choose something that’s not boring or maybe something that appeals to your academic level of the loan industry. However, that’s not the solution to your marketing problem. Doing what works is what’s most important. Our job at Exodus is to keep you communicating with your client base like you’re supposed to be doing. So stop for a moment and take the “5,000-foot view” of your marketing plan. You should be clear on what works and what doesn’t. And this is why you should do a FREE Marketing Needs Assessment. We’ll take a look at what you’ve done, what you’ve been doing, and show you what works and why.