When it comes to mortgage marketing, or real estate marketing, I’m always interested in and fascinated by stats and comparisons. Here’s an interesting illustration of the confusion when it comes to social media platforms. I remember when everyone jumped on the bandwagon for the “next big thing”, the next social network, the next magical online BNI. This graphic is hideous and is the epitome of the social media marketing confusion that only grows and grows.
The Epitome of Confusion
In reality, your past client isn’t caught up in any of this. They go to work, they come home, they want to live their lives and be happy. We’re fortunate in that we are not only free-to but encouraged to pursue happiness. For the majority, if not ALL of your past clients, that’s what they want to do. I’m sure that’s what you want to do too! When it comes to referrals, they aren’t coming from people ensconced in social media and the myriad of “platforms” out there. What happens is, when you take a past client, try to turn your relationship with them into a marketing program, then run their name, email address, or your connection to them through a retail marketing model. It doesn’t work. They don’t turn into referral sending robots because you exist, they tune out. In all of the social media marketing out there, when it comes to mortgage marketing or real estate marketing to past clients, none of it seems to generate natural and reliable referrals. Much time and energy is spent trying to twist social media into a pretzel when all you need to do is maintain the relationship you developed with your past clients when the transaction is through. It’s the same for both the Loan Officer and Realtor. Referrals come from relationships, not digital marketing programs. A retail marketing strategy designed for small-ticket retail purchases doesn’t generate referrals.
This is why we don’t sell marketing automation to loan officers and real estate agents. It’s a top-heavy expense that simply doesn’t work, being pushed out through inexpensive digital means. The profit goes to the digital marketing companies and the referrals are paltry at best.
It’s a recurring and proven fact, that those LO’s and Agents that send monthly newsletters do infinitely better than those who don’t. We’ve got an incredible amount of clients who would never do without their newsletter. Our testimonial page carries a fraction of those people’s stories. I’ve always said, the tragedy is 100% of the real estate industry doesn’t use the Exodus Marketing newsletters and believe me, we’re working diligently to fix that however, 100% of our clients are successful with them!
Probably the biggest disconnect between digital, online, social media, and email marketing to success when it comes to past clients is, your past client doesn’t have a buyer’s journey so none of the buyer’s-journey-centric sales and marketing models work. It’s like trying to herd cats, you simply can’t. (Learn more about the buyer’s journey here.)
If you’re spending money on marketing so a past client will refi or sell/buy again, that’s not going to happen for 10 to 12 years, maybe 5 if you’re lucky. What you have, is the relationship you developed during the loan/sale process. This is your connection, this is your sphere of influence, these are your ambassadors. We’ve proven over and over, year after year, month after month that be having a newsletter in your clients home within the first 30 days of the loan closing, keeps you part of the home buying experience. That’s where the newsletter is instrumental in generating referrals as no other marketing medium can.