Today I finally took the time to write out step by step My 7-Step Marketing Plan for the MyMortgageCommunity.com members.
It took me a couple hours to finalize it but I feel the finished product gives you a solid foundation of laser specific coaching on how to get the most opportunity from your current database, sphere and referral partners and some new strategies to implement that you may be missing from your own plan.
The lack of consistent marketing is the #1 hottest issue right now with most originators I talk to inside the Community. 99% of the originators (from rookies to veterans) are lacking a solid system for generating qualified prospects in today's tough market.
STOP NOW and schedule a regular, recurring appointment inside your time management system (i.e. Outlook, ACT!, etc.) to work on your marketing. Each of the below steps should also be calendered as recurring appointments but if you don't do this 1st step you most likely won't get to any of the steps below!
Ο Step 1 - Every workday by 6pm - Get at least 2-3 referrals from those you have contact with during the day. Don't let the sun set before you get some business from the business you already have right in front of you. Everyone can introduce you to someone if you ask the right way. See sample one-line referral generators below...
1. (Post Closing Call) "Bob, do you have any other questions about your new home mortgage?" (Answer questions then say) "Hey Bob, before I let you go I have a quick question for you. Is there anyone you know that could benefit from knowing a trusted mortgage professional like myself?"
Note: Don't forget to follow up with the person if they say "not right now" as this will be the typical response. Simply say "I'm sorry Bob I don't mean to put you on the spot. Would it be okay if I followed up with you in a couple of days to see if anyone came to mind. Remember, it doesn't have to be someone who needs a home mortgage right now. It could simply be an introduction to a friend, co-worker, family member or other professional like a Realtor, Financial Advisor, CPA or attorney that you think may benefit from knowing us and may need a great mortgage advisor in their Rolodex".
2. Sally, do you know of anyone else who's in the market to purchase, sell or refinance a home in the next 6 months?
3. Cheryl, do know of a high quality real estate agent (financial advisor, CPA, attorney, builder, contractor, insurance agent, etc.) in your neighborhood that is someone I could trust my clients to?
4. John, over the next few weeks my team and I are going to strive to make this home loan process the best customer service experience you've ever had. In doing so we hope to earn your respect, future business and referrals. At the closing of your loan I'm going to ask you if we met and exceeded your expectations to make sure we hit our goal. Would that be okay with you?
Note: Once they agree to this you have permission to ask at the closing for a testimonial and a referral! Be sure to follow up and ask if you met or exceeded their expectations. If you did, you can just remind them of this conversation and then ask for the referrals!
Ο Step 2 - Every Tuesday, Wednesday and Thursday from 4:30pm-6:30pm call 5 past prospects, clients, referral partners or members of your sphere and complete the standard F.O.R.M. (family, occupation, recreation, money) call format or annual review script. Be a friend and an advisor who cares about your clients and their financial future during these tumultuous times. Offer them a 10-minute Interest Savings Analysis and Identity Theft Screening as a standard operating procedure for all of your VIP clients to review their financial situation and to offer money saving strategies and credit score maintenance/improvement tips.
Note: Regardless of whether they say yes or no to your "10 minute analysis" you still should ask for a referral to someone else who might need a similar review or may have questions about interest rates, current programs, or special government programs just released to lower monthly payments. Remember: be sure to FOLLOW UP with those who put you off! Ask and you get...don't and you won't!
Ο Step 3 - Everyday Friday morning from 9am-10am - Add 5 new names and their corresponding contact information to your client and referral partner database (see more info on database marketing below). These can be current or past prospects, recent closed loans, friends, relatives, new referral partner prospects or other members of your sphere. Add only those you'd like to work with in the future and make sure they are people who know who you are. For example, don't just add random names from the Chamber of Commerce directory but rather people you've met, been introduced to or know already.
Ο Step 4 - Everyday Friday from 2pm-4pm - Do something to WOW your current/past clients and referral partners to provide the ultimate customer service experience. Repeat business and referrals come by making the home loan experience exceptional. Just meeting customer expectations (or not meeting them) is obviously not enough. See a sample list of WOW type of activities on the Customer Service Checklist. Spend time regularly adding value to others and they will return the favor as hard work and excellent customer service seldom goes unrewarded!
Ο Step 5 - On the first Monday of every month between 4pm-6pm send a monthly mailing and email to your database with a program flyer, follow up letter, newsletter, postcard, article, coupon from strategic partner, etc. Be sure to include a specific call to action with a deadline on all contact (i.e. Call today for FREE report on "X", trivia question, limited time special offer, register today, etc.).
Remember: Added value/retention/branding type marketing is good but direct response marketing and asking for the business pays the bills. You need to add value and ask for opportunities on a consistent basis and balance them based on the relationship you have with the client/partner.
Special Note: MyMortgageCommunity.com has partnered with the NewsletterPro Marketing System to give every member four personalized newsletters every single month to send to their clients, sphere and referral partners via email or mail. These newsletters are written by Dave Hershman, a 30 year industry expert and they are branded with your picture and contact information. Click here to see samples of these newsletters or watch the tutorial here.
Helpful Database Management Resources:
- If you don't have a database use this simple Excel Spreadsheet.*
- Don't know who to include in your database? Here's a list of groups you might find helpful.
- Click here to view over 50 different letter and free reports in the member only section.
- Read this quick article on Newsletter Marketing.
- Watch Bliss Sawyer's recent webinar on Database Marketing.
* Most loan origination software programs allow you to create a database report from all of the contact information you have on file. If you don't know how to do this or need someone's permission to create a database get an appointment scheduled to do so and make it happen!
Ο Step 6 - On the 3rd Monday of every month between 4pm-6pm send a monthly specific mailing and email to your REFERRAL PARTNER database with a PARTNER FOCUSED program flyer, follow up letter, newsletter, postcard, article, coupon from strategic partner, etc. Be sure to include a specific call to action with a deadline on all contact (i.e. Can we meet this Tuesday or Thursday for lunch to discuss?, Do you know of anyone who needs help with raising their credit scores?, Do you know of a great financial advisor/CPA who would be open to using these types of strategies with their clients?).
Helpful Referral Partner Marketing Resources:
- If you don't have a database of referral partners? Use this simple Excel Spreadsheet and the Loan Application Addendum to start building your team of Strategic Advisors.
- Click here to view a sample Strategic Advisory Directory you can use to promote your strategic partners to other advisors you're networking with and these Approach Script
- Watch the recent webinar on 7 Steps to Building Profitable Referral Partnerships for more details on how to find, attract and build an annuity stream of referrals from synergy partnerships.
Ο Step 7 - Every Wednesday from 12pm-2pm spend 2 focused hours on building new referral partnerships and adding value to those you've already developed by fulfilling the 7 different roles listed below. This should give you an opportunity to have lunch with 1 partner every week!
Advisor roles you can play to add value to referral partners:
- Revenue Enhancer: Share articles, educational CD's, sales tips (see sample Sales Update from NewsletterPro), special programs that help them make more money and be great with customer service and communication so they don't have to spend any extra time on the home loan process!
- Recruiter: Be a connector! Recruit more relationships from every deal they send to you and the ones you generate with your efforts and marketing. Use this Loan Application Addendum and treat it like part of the loan application. Don't let anyone go through an application without giving you the name of at least 1 person. If you're asking for referrals and introductions you can give others a connection to these individuals as well. If you don't...you won't!
- Mentor: Educate your partners on what's new, what's up and what's not in the world of home mortgages. Check the Mortgage News section of MyMortgageCommunity.com and be the one they look to for mortgage advice. Use email updates (only to those who opt-in), phone calls, lunch and learns and direct mail to keep them up to date.
- Advocate: Attend their association meetings (to support their causes, learn their unique selling proposition and competitive advantages to reinforce their message to the clients they refer to you during your conversations. (See quick reference list below)
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- www.Realtor.org (National Association of Realtors)
- www.nahb.org/ (National Association of Home Builders)
- www.naifa.org (National Association of Insurance and Financial Advisors)
- www.fpanet.org/ (Financial Planning Association)
- www.napfa.org (National Association of Personal Financial Advisors)
- www.iarfc.org (International Association of Registered Financial Consultants)
- www.aicpa.org (American Institute of Certified Public Accountants)
- www.garrettplanningnetwork.com (Hourly Fee Only Financial Advisors)
- www.shrm.org (Society of Human Resource Managers)
- Publicist: Help them market their businesses (see free report below) by allowing them to write an article for your monthly email or newsletter mailing to clients, include them on your Strategic Advisory Directory and send an updated copy every quarter to your database.
Note: Don't forget to ask your referral partners to introduce you (see sample introduction letter here)!
* See 50+ marketing strategies for Realtors in this 118 ebook from HouseValues.com
- Loan Broker: Be the one they call regardless of the loan type or program. The ultimate advisory relationship is when your partners look to you for advice anytime they (and/or their clients) think or hear about borrowing money. Know people who know people and you'll become an advisor regardless of your expertise in the marketplace.
- Purchasing Agent: Offer to review any loan scenario they or their clients receive regardless of the circumstances to ensure they are getting the best possible terms. You can also step it up and offer a guarantee that you will beat any offers you review or you'll give the client a gift certificate for $50 to a local restaurant.* (Check local and state laws to determine what you can and cannot offer)
* See a sample Guarantee Flyer here
Other Consumer Direct Marketing Activities:
Once you have mastered this basic Marketing Action Plan you can then choose to add additional consumer direct marketing strategies that compliment these existing relationships (such as online strategies, public seminars, direct mail campaigns, print or broadcast media advertisements, etc.). However, if the above Marketing Plan is done correctly there shouldn't be much need for lots of direct marketing tactics and consumer ads. You will have graduated to a self sustaining business model where the business system generates the leads automatically and no additional marketing strategies will be required unless additional staff members are added.
To receive a complimentary personal coaching and strategy session on your marketing plan with a David Bush please call 800-818-8286 or
click here schedule your complimentary session!
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