The 3 Steps To Marketing Like The Big Dogs From Home As An Independent Loan Officer
Youre an independent loan officer that works from home, but you still want to sell like youre backed up by the Big Dogs. That is not so hard when you know how to market. Sure, if you could market with XYZs big-time budget, then you could get more leads and close more loans. But, what if you dont have that kind of marketing budget? There is still a way to get those leads; you just have to get smart about it – like the Big Dogs.
It all comes down to RESEARCH. The hardest part is figuring out what to sell to whom. A one-man band with 30 different products to sell needs to know HOW to promote, WHAT to promote and WHO to promote to.
1) Research which product you need to market.
When you start researching, you cannot go off of assumptions because you know what they say about a-s-s-u-m-e (makes an ass out of u and me). What you have to do is go through your client list and tabulate what product you sell the most of. First calculate what product you sell the most of and then calculate what product you make the most money on. Those are the two products that you start with. However , if what you sell the most of is what you make the most amount of money on, then that is pretty fantastic but not likely. Youll probably find two products. Usually, you really have to do a sincere survey. You are looking to market the product that makes you the most income the quickest FIRST. Thinking it is a particular product rather than doing an empirical study is not marketing smart – because you may be wrong – believe it or not. When you are operating from home, you need to be twice as smart for your marketing.
How you do it?
Create a spreadsheet and go through all of your past closes over the last few years. List them out: Product A, B, C, D get every close you made over the past few years and mark down what the product was and what you earned off of it.
Example:
Product A earned 1% Product B earned $900 Product C earned % Product D earned 1500. 00
You will be able to see exactly what product you are selling the most of and what product you are making the most money on. Then you can start marketing to your bread and butter first. Once you have consistently marketed that product for a while, then you can supplement your marketing strategy and market the other product, the one paying the biggest commission while keeping the campaign continuing on your bread and butter. Marketing smart means marketing first what you sell the most of, the fastest. That is an important datum it sums it all up.
Now that you know which product to start with, you have to know who is going to buy it, which comes to our next step.
2) Research to find who the audience is that you are going to sell to.
Not all audiences are the same. Take for example the Will and Grace Show. Not everyone would want to watch that. Just like there is a totally different target audience for The Lawrence Welk Show. (If you never heard of these, then more than likely you arent their audience. ) Case in point: you have to determine who your audience is, which is called a market. A market is a type of audience, a type of user. So, figure out everything you can about that particular market that buys your bread-and-butter product. And you already have access to all their data age ranges, credit scores, credit rating, income, etc . Tip: do another spread sheet.
Once you have the demographics of the people that buy your easiest-to-sell product, then get a list of that particular type of audience. You can go to a list company that you feel good about and have gotten recommendations for, and buy a list of people within that criteria.
The reason you want to do such a thorough job of actually finding away who you are marketing to is the fact that 40% of your marketing strategies success (success meaning whether you get a good response) depends on your list. Apart from, it is your listing and the postage that are going to become the most expensive parts of your normal mail campaign. We cannot stress enough the significance of a good make a list makes all the distinction between marketing smart andwell, if you are not targeting your public, you arent really marketing at all.
Once you research away who your target market is,
3) Determine what to say to them.
The one thing about people in a certain profession or a certain industry is that they are typically in their industry for such a long time and know so much of their profession that they learn to think that individuals know just as much as they do or should know just as much as they do. Most people are not educated in your particular product. Many people do not know there are all types of rates and products that are available to them depending on the credit, income, etc. That people are not always illiterate hicks from Country-Bumpkinville! They may be educated people, nevertheless they have lots of other things they deal with everyday that occupy all their time, e. gary the gadget guy., picking up the kids from school, dealing with the boss at the office, and so on. Not everyone is viewing Alan Greenspan every day!
Another thing you need to know, before you decide what it is you need to say in your message, is it is very hard in order to educate folks they do not want to be informed necessarily. You need to learn the actual button is that will folks will respond in order to, that will get all of them to can be found for financial loans or refinancing or what-have-you. A button is really a term, phrase, picture, and so forth that will elicits emotional response. Individuals may well not understand No PROJECT MANAGEMENT INSTITUTE, nevertheless they understand fast money. What is it regarding them that could make your own message mean something?
This is all analysis. To determine what you want in order to say, you have in order to determine what folks will certainly react to. You dont actually want to say, I am the best broker actually that can match upward any product with any kind of customer! although that might appear like a wise decision. First of all, the lot of men and women dont actually know very well what a mortgage agent does!! So dont declare. You have to marketplace differently in order to types associated with people.
People have various agreements and fixed suggestions and experiences. For instance: Someone that has purchased several homes has a lot more experience on that collection than someone who offers never purchased a house. If you found the product you sold the most of was to first-time home buyers, then you know they have little or no experience with mortgages. But everybody wants to own their own home; so what you want to say to them is You CAN own your own home its EASY!, or something of the sort. Look at it from a different angle. One person, who is really into boats and is reading Nova Online Speed Machines, would understand a jet hydroplane with a lightweight composite hull and a jet engine that could deliver 5, 500 horsepower with the afterburner lit. But another guy, who have never ever owned a boat just before, may just think that is definitely another fast motorboat and hes looking to be able to buy is a quickly boat – without each of the engineering details. You have got to get a message around to your marketplace of which is going to talk to them. Put simply, they will are going to know it and RESPOND.
Functioning out of your residence, you dont have accessibility to the Big Mortgage loan Banks Marketing Department. Once you dont have a marketing and advertising expert hinting what to be able to do, you may continue to need that authorities aid. From the tender again, do analysis to get that aid or assistance. Continue typically the internet to find typically the biggest lenders web internet sites. Get on their email list. Look at their marketing and advertising materials to help you see just what they send you not necessarily you as broker, however you as a potential consumer. Not only have you been exploring how you are generating one of the most money, but likewise research how a Big Puppies are bringing in typically the clients. What are typically the materials these are sending to the end-user? There is no need to reinvent the wheel. Find out what is working and do that. A lot of those Big Dogs are doing postcards.
Heres your assignment:
Now that you know, 1) which product you sell the most of, 2) which product you make the most money on and 3) what the successful big lenders are doing; start by mailing postcards (repetitively) to the first audience that buys Product (1). And you will start producing the kind of leads that buy the product that sells the easiest. Then, while still marketing Product (1), start mailing postcards (repetitively) for Product (2) and you will start getting leads that will buy the product that will pay you the highest commission. You will first get leads from the most-volume product and then while you are still getting those and closing them fast, you will get leads that pay the highest commission. Make sense?
To recap:
Research
Pick your marketing media I recommend postcards. You will get a lot of bang for your buck with that type of media.
Find a resource for mailing lists.
Get inside that publics mind and BE them and figure out what they would want to know. This, by the way, is a trade secret. If you can get inside your publics head and look at it from their viewpoint, then you can be a genius in your message. It is actually BEING them and looking at things from their viewpoint. Consider Joe Blow who provides never refinanced. Someone together with average credit could possibly end up being interested in a reduced cost equity personal credit line thus he can get funds out of his residence. Getting money communicates to be able to people.
Distribute postcards consistently getting a specific concept across to your customers that communicates their key.
If you want to be able to sell like the Key players, then learn some marketing and advertising; get yourself educated. In fact, this will likely make you endure out instead of working with the pack regarding inexperienced, uneducated marketers (youre competition). Good Luck!