You know me! I just love posting mortgage marketing ideas! Today’s post is going to take a close-up look at what it takes to get some business going in today’s market. Some of this is going to sound a bit contradictory. But just stick with me here ok? Times are rough for a lot of originators these days, we already know that.
But I would like to touch on a few points First point being that ‘rough times’ are also hidden opportunities. Case and point, here’s an email I received from someone I used to run a Google Adwords campaign with a while back. He sent me this message about 30 – 40 days ago:
“Hey Chad, I know you used to bid on Google Adwords a while back quite a bit. I was checking some keywords this morning and thought you would find this interesting. Last year your top 2 keywords were about $4.15 per click to maintain the #2 and 3 spots. This morning I saw that the exact same keywords are just $1.85 per click! Too funny! Not much competition these days.”
This is so true. It’s not too often that a marketer gets to cut his costs in half (And more) while reducing competition at the same time! When times are great, everyone wants to leap on board the boat, and snatch all the low hanging fruit while it lasts. But what happens when things shift? These same opportunity seekers react as if they received a mean left hook to their ever so fragile glass jaw!
In other words – They effectively disappear leaving a larger slice of tasty market pie for you, and those who are in this for the long run! The idea here is things are actually easier in a “rough” market than they are in a “great” market – With a few stipulations of course! (I’m using the the word “easy” as a relative term here folks) Things can be easier for you, but only if:
- You take the time to find a niche
- You find a unique way to deliver your message
- You hold something back from your message
This is a lot of work up front, you can already see that for yourself. All great mortgage marketing ideas require this. But this is great news for you because most loan officers are perfectly content to keep searching for their magic bullet instead of doing all of this work. (Or they are off nursing their broken glass jaw waiting for the next market cycle) But things change. Your momentum kicks in, your tired stop spinning, and before you know it, you barely recognize your career!
But how do you get to this point? How can you put the 3 steps mentioned above into practice? Well, when looking for your niche, I want you to look for people that have a powerful driving force to use your services. Who would you rather sell to? Someone who’ll refinance if the price is right, or someone who needs a loan ASAP? Search for niche markets that really have a need.
Next I want you to think about how you can stand out. With everyone pushing the same money from the same source, only a select few are going to be heard. The people that are going to be heard, are those who craft their message to be delivered in a unique way. (Apply this process to your current mortgage marketing ideas instead of always starting from scratch)
For example:
- Phone calls
- Emails
- Door to door
- Networking Groups
- Lumpy Mail package
- Teleseminar
- Webinar
- Online video
- Podcast
- Video Email
- Blog
That list could easily be doubled. (I sent a mailer to realtors in a bright red “firecracker” mailing tube! Our open ratio? Over 90%! Same message, different delivery!) Your delivery mechanism in today’s market is every bit as important as the message itself. Take this into consideration when building your marketing plan. Let’s look at the final factor – Why you should hold something back.
Please stop giving away the farm! If you give away all the great information out of fear of not impressing the client, then what’s left to get them moving when they start to stall? Running out of bait is not good for fishing. (Would you believe I live in the city after a comment like that?) This keeps your prospects looking forward to your next communication… Which reminds me. I just wrote a great plan about how to get in front of 28,000+ prospective leads in just 10 – 17 days without spending a single penny… Doh! We’re all out of time… I guess you’ll just have to stop by if you want get the details. 
See? More mortgage marketing ideas are on the way! I resisted giving away the farm there!
CW – Click here for our 3 step process – mortgage direct marketing
Spot on about not giving away the farm. Key to good marketing is to make the clients think that you’re doing them a favor by offering your services. For that, you need to dole it out slowly, until the client is literally begging to sign up.
These are certainly some valuable suggestions in a time where lenders are not so willing to hand out their cash and less people able to afford to purchase a home. The main point to be made here, in my opinion, is that there is an extraordinary opportunity here for a home buyer to get a great deal.
I think the real key is to stick to the standard principles of marketing. Remember to follow up. There are so many people I speak with in my coaching groups and don’t follow up. They call, email, or snail mail one time and if they don’t get a response, they move on.
It’s so important to follow up. Once you plant the seed, even if they’re not ready for you then, in two weeks when you call, they might be. It’s all about matching timing with opportunity.
Yeah some great ideas. Dont give away the farm.
great post, you have to give enough information to spur a response
Interesting post. Our company has been doing much of the same, though we have had little luck with seminars. No one shows up and it’s always a mess…
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