Mortgage Marketing and the 5000-foot view Part 1 of 2
I see lots of loan officers try to market themselves and, in speaking with many every day, I find myself shedding light on marketing concepts that are so simple yet so overlooked. Many are not making the most of their marketing dollars. What does it take to keep your resources at a minimum and still see great results? It’s easier than you think! It amazes me what people think marketing is vs. what marketing actually is, and this is the biggest obstacle to successful mortgage marketing with the least amount of effort and expense!
Let’s look at the borrower: Who is the borrower? Are there different types? Is the borrower one type of individual before they close and someone else after they close? Statistically yes, however, do they become different people after the close? Of course not! What about the person who can’t get approved? Are they somehow different than the person who was funded? When that unfunded borrower has changed their circumstance and now has the attributes to get funded, are they now different? The answers change depending on the purpose for asking the question. This difference is critical and is the reason most marketing fails more often than it succeeds.
This causes loan officers to spend money on marketing that produces minimal results, and eventually see marketing as a necessary evil at best, all the way to seeing it as a money/time-wasting nightmare at worst. I talk with people who feel the latter more often than not, and it’s easy to fix.
What we need to do is step back and take a 5000-foot view at the borrower or prospective borrower as one group. By looking from that height, a couple of things become clear: The most obvious would be that the borrowers have a certain income level or they’ve expressed interest to buy or refi or any of the analysis one could look at. It starts to become unnecessarily complicated and it doesn’t have to be. Ninety-nine percent of the time, the element missing from all the clever questions and answers is what’s ALWAYS missing from mortgage marketing programs and gimmicks out there. That element is the loan officer. In other words, IT’S YOU! You are the common denominator! And let me say for the record that you are advised NOT to forget this!
P.T. Barnum said, “There’s a sucker born every minute,”
Now let’s look at this from a different angle: You purchased your mortgage marketing trick bag and you’ve got scripts on how to talk to real estate agents. The sales pitch says, “We’re seeing 185% increase in buyers by making videos, reading scripts and doing pranks” (more on that later). You’ve seen it before; all the activity that gets mistaken for achievement. Here’s the question: What do you say to the person who closed 20 days ago vs. those only looking to buy or refi? Which script should you use? Should you use multiple marketing campaigns? One for closed loans, one for birthdays, one for anniversaries? The number of lists becomes endless! Maybe a fancy video is the answer? Maybe doing a fake talk show with you as the host? Maybe a 90-day challenge? If you have to speak to each segment of your marketing audience differently, then you aren’t marketing yourself correctly. Marketing companies thrive on the idea that you need segmentation for mortgage marketing and this is the problem.
Maybe it’s time to take a step back and give your marketing a 5000-foot view? Marketing gimmicks and tricks are a waste of time and resources.
P.T. Barnum said, “There’s a sucker born every minute,” and the less informed and less educated will continue to search out the magic trick or gimmick for instant success, and, in the meantime, spend a lifetime mistaking activity for achievement. Some remain less informed and less educated by convincing themselves that learning what it takes to market correctly takes too much time. In the second half of this article, I’ll take the whole ball of wax and condense it into two simple obstacles that are easy to overcome, and will make your marketing efforts successful for a lifetime.
If you can’t wait until next month’s installment of the 5000-foot view, I suggest you schedule a free Marketing Needs Assessment. The assessment takes about 15 to 20 minutes and you’ll see exactly what you’ve been doing in a whole new light.
The Marketing Needs Assessment helps to clarify your marketing goals, examine past marketing efforts, along with the results, and we’ll take a brief but serious look at what can be improved. You’ll get insight as to what works and why, and your marketing will go from activity to achievement. If you aren’t turning your clients into ambassadors for your mortgage business, believe me, someone else certainly will. The assessment takes about 15-20 minutes and it will be time well spent.