As a broker, relying on repeat and referral business won’t be enough to sustain your business. Why? Well, the quantity and quality of leads will fall short of your requirements. Therefore, to be successful, you’ll need to look at alternatives.
Here’s the deal: getting the balance of leads right can mean the difference between you eating steak for dinner or having crackers. Firstly, having lots of leads doesn’t necessarily mean that you’ll be successful. Some leads won’t equate to a sale, and if you have leads that go nowhere, this can mean that you’re wasting precious time. So, qualifying your customers is a must.
It’s also vital that you get your Unique Value Proposition (UVP) right. For those who don’t know what a UVP is, it tells your customers why you’re the better option over another broker or lender. Typically your UVP includes:
- Speed of service;
- Ability to simplify the mortgage process;
- Choice of lenders;
- Professional skills;
- Ability to solve difficult situations; and
- Specialist knowledge in a particular area such as rectifying poor credit history, helping self-employed gain a low-doc loan or refinancing.
When creating your UVP, it pays to tweak this a little for the type of customer that you’re trying to attract. By tweaking your UVP you cater directly to your client’s needs and they’ll be more inclined to use your service.
Once you’ve qualified your customers and refined your UVP, then it’s time to look at your marketing mix.
Getting Your Marketing Mix Right as A Mortgage Broker
If you look at marketing critically, you’ll discover that around 80% of what you’re doing won’t generate any interest. The key to finding marketing that does work is to test out different methods. Some of the best techniques are:
- Social media – Technological advances and the introduction and enhancement of social media platforms such as Twitter, Facebook, and LinkedIn means you have access to more forms of free business promotion. So, post frequently and make these interesting and client-centric.
- The personal network– Family, friends and even acquaintances are a great way to drum up extra business. You can even look at taking business cards with you to BBQs, dinners and other get-togethers and then handing these out.
- Attend events – Property expos and events that link directly to homes can be a treasure trove of leads. Consider setting up a stall and then marketing your services at one event to test the water. If it works, then look at other similar events that you can attend.
- Logo-bearing clothing– By wearing a shirt or jacket with your brokerage logo proudly displayed on the front you’re advertising your business wherever you go. This strategy often means that people who are interested in your services will approach you, rather than you needing to introduce yourself to them.
- Letterbox drops– Make-up pamphlets, postcards or business cards and then walk around your local area dropping these off. This technique also enables you to get fit and to become familiar with your local area and people in the region.
- Newsletters – Create a monthly or quarterly newsletter. This approach enables you to keep in touch with your existing clients and to build rapport. You can share market reports, RBA updates, and the latest buying trends and home renovation ideas.
- Email marketing– In most cases, a mortgage broker offers their services for free as the lenders on their panel pay them at the time of loan settlement. This set-up represents a bonus for you, as you can take advantage of the professional advice and all the other benefits associated with a broker without paying a cent.
- Engaging video promotion – YouTube is an excellent way to promote your business. You can record short, but personality packed informational videos focusing on one topic that helps viewers to solve problems. These videos not only generate leads, but also make you a valuable resource.
- Create a blog – One of the easiest ways to build up your credibility is to start an industry blog. This initiative displays your business and your personality. Plus, it helps to improve your search engine ranking.
- Guest blogging – Many reputable mortgage industry blogs are in search of brokers to write a guest post for their site. Many of these blogs allow you to add a bio to your article, which will further add to your credibility and improve your search engine rankings.
- Google Business Pages– Take the time to set up a Google Business Page. This approach will improve your Google ranking and chances of being found by customers using their laptop, iPad or mobile.
- Designing a website – It’s important that you have an online presence. But, you need this website to be search engine friendly, so prospective clients find your business easier. Also, your site needs to speak volumes about you and your business in an instance. Just remember that most prospective clients will make up their mind about you and your services within a minute of finding your site. So, a modern, upbeat design that personifies your service is vital. Without it, you’ll reduce your chances of securing leads. If you’re going to create a website, then it needs to include your:
- Credit Representative Number and Credit Licence Number;
- Professional body memberships;
- Awards and accolades;
- Client testimonials; and
- Reference library – often clients find home loan finance confusing, so make it easier for them to find out more. This strategy also improves your search engine ranking, makes you the go-to-person for mortgage advice, and helps to generate a professional image.
Want to find out more about becoming a mortgage broker with eChoice? With over 25 lenders on our panel, superior CRM, client retention and opportunity development programs, we are a partner for growth and business building.
Make eChoice your aggregator of choice and maximise your industry potential.