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Eight Dirty Little Mortgage Marketing Sins That Kill Business Growth
ittle things make a big give me a call back. He did his
difference. That’s true in homework and I received email
marriage, parenting, and in listing all his activities and
marketing yourself as a mortgage how much time he spent on them.
professional. Too often as
entrepreneurs we get caught up in With an immediate glance I could
the "thick" of "thin things" and tell exactly what his problem was
we lose touch with what really - - he had forgotten what
drives success in our business. business he was in. After
reviewing his activities it was
In the little time we have clear that he was in the "putting
together I want to remind you (or out fires" business because
surprise you) of eight deadly that’s where most of his time was
marketing sins that mortgage spent. Rather than working "on"
professionals commit that could his business he was working "in"
be crippling your business his business.
growth.
This mortgage professional (and
Sin #1 - Working "In" Your you) should be spending more time
Business Instead of "On" Your working "on" your business doing
Business things like "planning and
marketing," which have a higher
I was working with a consulting long term payoff.
client recently who was in a
sales slump. I decided to perform In his popular book, "7 Habits
a very simple diagnostic. I for Highly Effective People"
simply asked him to send me Stephen Covey hammers this point
detailed list with all of their home using his famous "Time
activities for the next three Management Matrix." Dr. Covey
days, email them to me, and then emphasizes that too many business
owners spend their time doing their competitors. Wouldn’t you
"urgent - but not important" like to increase your sales by
activities when they should be 30%?
spending their time on
"non-urgent- but important" Here are a few tips to help you
activities. create your marketing plan.
Non-urgent - but important Tip # 1 - Start your plan
activities, such as planning and choosing a specific niche market
marketing, generate continued and to focus your marketing efforts
sustainable long term growth.
Tip # 2 – Identify your niche
Sin #2 — Failing to Create and market’s problems, fears and
Use a Marketing Plan frustrations
Last year I was speaking at a Tip # 3 - Create a marketing
national mortgage conference and message that offers free
had about 100 mortgage information (i.e. special report)
professionals in the room. I that is relevant to your to your
asked the crowd to hold up their target market
hands if they had a current
marketing plan that they use and Tip # 4 - Break your plan down
refer to on a consistent basis. into mini-plans such as "referral
Only three hands went up! marketing plan", "advertising
plan", and "postcard marketing
Even I was shocked. Studies have plan."
shown that small businesses that
create and consistently use Tip # 5 – Block schedule 30
marketing plans experience an minutes every week to review your
average of 30% higher sales than plan.
done and you need to move quickly
Sin #3 — Failing to Implement on to the next prospect. While
Systems that’s true, your next prospect
A system is a business process might have just walked out the
that generates predictable, door!
consistent, and replicable
results day after day. If you Many mortgage professionals tend
want to see a good example of a to think, "My client just
system simply visit a fast food financed their home through me -
franchise like McDonalds or - they’re not going to buy
Wendy's. Notice how they do the another home any time soon so why
same things, the same way, every waste my time on them. Let’s find
single time. a new prospect." The fact is that
you should be getting 60% to 70%
Unfortunately, most mortgage of your business from your
professionals never take the time current clients through referrals
to "systematize" their business, and repeat business.
which results in duplication,
waste, chaos, and ultimately lost In your marketing plan you should
sales. Sin # 1 is partly to blame be including customer
for not getting around to appreciation events, monthly or
creating and implementing quarterly newsletters, and
systems. greeting cards all designed to
stimulate repeat business. In
Sin #4 — Not Marketing to Your addition, every small business
Client Database should implement systems that
Many mortgage professionals generate "multiple streams of
believe that once you “close the customer referrals." If you need
deal” and the happy client walks more ideas for referral systems
out the door, then the deed is you might want to visit
www.AutopilotReferralSystems.com. immediately via the phone or your
website so that you can track
Sin #5 — Not Testing and your response.
Tracking Your Marketing
Efforts This strategy also allows you to
capture your prospects contact
John Wanamaker's famous 1886 information so that you can
quote sums it up very well: continue to follow up with them.
"I know that 50% of my Sin #6 — Not Following Up with
advertising is wasted... Your Prospects
...I just don't know which
half!" Studies have shown that 81% of
all sales happen on or after the
There’s nothing worse than fifth contact. If you’re a
spending money on a marketing mortgage professional and you’re
campaign and not knowing whether only doing one or two follow-ups
it worked. It’s even worse when imagine all the business you’re
you continue to spend money on a losing.
marketing campaign that you think
is working, but really isn’t. Not following up with your
prospects and customers is the
The only way to invest in your same as filling up your bathtub
marketing efforts with confidence without first putting the stopper
is to test a campaign, track it, in the drain!
and measure your results. That’s
why I recommend always offering Here are 4 keys to developing a
something of low risk, like a successful follow-up system:
special report, seminar, or audio
CD to get people to respond 1. Create a lead capture system
that is accurate and reliable. marketing message using media
2. Develop compelling follow-up like radio, bus stop ads,
marketing literature that will non-targeted unaddressed mail
drive traffic to your website or drops, and general newspaper ads
phone calls. to "spray" their message to
3. Systematize the process so everybody and "pray" that enough
that the process happens day in people see or hear it to make it
and day out, the same way every worth the investment.
time.
4. Automate the system as much as Instead of spraying and praying,
possible using a contact narrow your focus onto a specific
management system and/or an niche market that actually has a
outside mailing house to do your need for mortgage financing and
mailings. then market to people just like
them. If your ideal prospect is
Sin #7 — "Spraying and an apartment renter paying 900+
Praying" per month, then find the
apartment complexes where those
Believe it or not, not everyone people live and market only to
is a good prospect for your them. Your response rate will go
mortgage services. If that’s the up and your cost per sale will go
case, why would you spend your down when you begin to target
precious marketing dollars trying your market.
to reach them? It doesn’t make
sense. If everyone is your Sin #8 — Not Differentiating
prospect then no one is your Yourself
customer.
Did you know that your prospect
Unfortunately, too many mortgage receives, on the average, over 3,
professionals send general 000 marketing impressions a day!
With all that clutter that you strategies and ideas to create
have to compete with, how do you your own unique and compelling
make your mortgage business stand message.
out?
Conclusion
How do you differentiate your
business in a way that separates It’s true the majority of
you from the competition? Is it mortgage professionals are
with ads that say, "best rates", committing one or more of these
"best service ", or "unbiased marketing sins, but you can
advise?" Everyone else is saying repent and improve. My challenge
the same thing! You need to to you is to take just one or two
differentiate your business in a sins that you’re committing and
way that stands out from the focus on improving them. When
crowd and gets noticed. you’ve got them nailed move on to
another sin and overcome it.
A simple way to do that is to Business success usually results
keep a close eye on the marketing from commitment to making small
that really captures your incremental improvements over
attention and make a note of it. time.
Then borrow and modify those
About the Author:
Doren Aldana, a Mortgage Marketing Coach, is dedicated to helping mortgage professionals attract more clients with less effort. Pick Up Your Copy of a special 21-part Audio Seminar FREE at http://www.mortgagemarketingcoach.com
Read more articles by: Doren Aldana
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